United States
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
April 27, 2009
Fidelity National Financial, Inc.
001-32630
(Commission File Number)
Delaware | 16-1725106 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) |
601 Riverside Avenue
Jacksonville, Florida 32204
(904) 854-8100
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On April 27, 2009, Fidelity National Financial, Inc. issued an earnings release announcing its financial results for the three-month period ended March 31, 2009. The information in this Current Report is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
A copy of the earnings release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Financial, Inc. Reports First Quarter 2009 Earnings. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Fidelity National Financial, Inc. |
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Date: April 28, 2009 | By: | /s/ Anthony J. Park | ||
Name: Anthony J. Park Title: Chief Financial Officer |
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EXHIBIT INDEX
Exhibit |
Description |
|
99.1 |
Press release announcing Fidelity National Financial, Inc. Reports First Quarter 2009 Earnings. |
PRESS RELEASE |
Three Months Ended | Three Months Ended | |||
March 31, 2009 | March 31, 2008 | |||
Total revenue |
$1.36 billion | $1.13 billion | ||
Net earnings (loss) attributable to common shareholders |
($12.4 million) | $27.2 million | ||
Net earnings (loss) per diluted share attributable to common shareholders |
($0.06) | $0.13 | ||
Cash flow from (used in) operations |
$128.3 million | ($74.9 million) |
Three Months Ended | Three Months Ended | |||
March 31, 2009 | March 31, 2008 | |||
Total revenue |
$1.26 billion | $1.01 billion | ||
Pre-tax earnings |
$7.3 million | $53.1 million | ||
Pre-tax margin |
0.6% | 5.3% |
Month | Direct Orders Opened | Direct Orders Closed | ||||||
January 2009
|
279,700 | 120,500 | ||||||
February 2009
|
206,400 | 141,900 | ||||||
March 2009
|
260,300 | 166,200 | ||||||
First Quarter 2009
|
746,400 | 428,600 | ||||||
Month | Direct Orders Opened | Direct Orders Closed | ||||||
January 2008
|
201,100 | 88,000 | ||||||
February 2008
|
188,900 | 108,000 | ||||||
March 2008
|
172,200 | 111,800 | ||||||
First Quarter 2008
|
562,200 | 307,800 | ||||||
Open | Closed | Commercial | ||||||||||||||
Commercial | Commercial | Revenue | Commercial | |||||||||||||
Orders | Orders | (In thousands) | Fee Per File | |||||||||||||
1st Quarter 2009
|
21,300 | 11,300 | $ | 49,700 | $ | 4,400 | ||||||||||
1st Quarter 2008
|
16,100 | 9,600 | $ | 72,400 | $ | 7,500 |
| The preceding table only includes commercial activity from FNFs commercial offices in the national commercial division and does not attempt to capture potential commercial activity in our local offices. |
Three Months Ended | Three Months Ended | |||
March 31, 2009 | March 31, 2008 | |||
Total revenue |
$86.8 million | $88.5 million | ||
Pre-tax earnings |
$13.2 million | $9.4 million | ||
Pre-tax margin |
15.2% | 10.6% |
Three months ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
(Unaudited) | ||||||||
Direct title premiums |
$ | 333,588 | $ | 304,779 | ||||
Agency title premiums |
575,690 | 423,436 | ||||||
Total title premiums |
909,278 | 728,215 | ||||||
Escrow, title-related and other fees |
333,355 | 261,744 | ||||||
Total title and escrow |
1,242,633 | 989,959 | ||||||
Specialty insurance |
83,384 | 84,827 | ||||||
Interest and investment income |
36,775 | 41,846 | ||||||
Realized gains and losses |
(5,309 | ) | 8,477 | |||||
Total revenue |
1,357,483 | 1,125,109 | ||||||
Personnel costs |
422,127 | 354,116 | ||||||
Other operating expenses |
326,905 | 261,081 | ||||||
Agent commissions |
461,518 | 328,009 | ||||||
Depreciation and amortization |
36,415 | 33,670 | ||||||
Claim loss expense |
95,611 | 87,505 | ||||||
Interest expense |
14,766 | 18,623 | ||||||
Total expenses |
1,357,342 | 1,083,004 | ||||||
Earnings from continuing operations before income taxes |
141 | 42,105 | ||||||
Income tax expense |
(11 | ) | 14,256 | |||||
Earnings from continuing operations before equity
investments |
152 | 27,849 | ||||||
Earnings (loss) from equity investments |
(12,130 | ) | 1,681 | |||||
Net earnings (loss) from continuing operations |
(11,978 | ) | 29,530 | |||||
Discontinued operations, net of tax |
(327 | ) | (2,231 | ) | ||||
Net earnings (loss) |
(12,305 | ) | 27,299 | |||||
Non-controlling interests |
93 | 54 | ||||||
Net earnings (loss) attributable to common shareholders |
($12,398 | ) | $ | 27,245 | ||||
Earnings per share basic and diluted: |
||||||||
Net earnings (loss) from continuing operations
attributable to common shareholders |
($0.06 | ) | $ | 0.14 | ||||
Net earnings (loss) from discontinued operations |
| (0.01 | ) | |||||
Net earnings (loss) attributable to common shareholders |
($0.06 | ) | $ | 0.13 | ||||
Weighted average shares basic |
213,184 | 211,110 | ||||||
Weighted average shares diluted |
213,184 | 213,528 | ||||||
Direct operations orders opened |
746,400 | 562,200 | ||||||
Direct operations orders closed |
428,600 | 307,800 | ||||||
Fee per file |
$ | 1,166 | $ | 1,447 | ||||
Actual title claims paid |
$ | 56,010 | $ | 75,675 |
Three Months Ended | Specialty | Corporate | |||||||||||||||
March 31, 2009 | Consolidated | FNT | Insurance | and Other | |||||||||||||
Gross operating revenue |
$ | 1,326,017 | $ | 1,226,767 | $ | 83,384 | $ | 15,866 | |||||||||
Interest and investment income |
36,775 | 33,733 | 3,154 | (112 | ) | ||||||||||||
Realized gains and losses |
(5,309 | ) | (4,412 | ) | 290 | (1,187 | ) | ||||||||||
Total revenue |
1,357,483 | 1,256,088 | 86,828 | 14,567 | |||||||||||||
Personnel costs |
422,127 | 404,385 | 11,912 | 5,830 | |||||||||||||
Other operating expenses |
326,905 | 284,760 | 32,973 | 9,172 | |||||||||||||
Agent commissions |
461,518 | 461,518 | | | |||||||||||||
Depreciation and amortization |
36,415 | 29,238 | 1,291 | 5,886 | |||||||||||||
Claim loss expense |
95,611 | 68,196 | 27,415 | | |||||||||||||
Interest expense |
14,766 | 699 | 18 | 14,049 | |||||||||||||
Total expenses |
1,357,342 | 1,248,796 | 73,609 | 34,937 | |||||||||||||
Pretax earnings from
continuing operations |
141 | 7,292 | 13,219 | (20,370 | ) | ||||||||||||
Pretax margin |
N/A | 0.6 | % | 15.2 | % | | |||||||||||
Open orders |
746,400 | 746,400 | | | |||||||||||||
Closed orders |
428,600 | 428,600 | | |
Three Months Ended | Specialty | Corporate | |||||||||||||||
March 31, 2008 | Consolidated | FNT | Insurance | and Other | |||||||||||||
Gross operating revenue |
$ | 1,074,786 | $ | 970,717 | 84,827 | 19,242 | |||||||||||
Interest and investment income |
41,846 | 37,428 | 3,579 | 839 | |||||||||||||
Realized gains and losses |
8,477 | 2,453 | 93 | 5,931 | |||||||||||||
Total revenue |
1,125,109 | 1,010,598 | 88,499 | 26,012 | |||||||||||||
Personnel costs |
354,116 | 334,321 | 11,340 | 8,455 | |||||||||||||
Other operating expenses |
261,081 | 208,075 | 33,154 | 19,852 | |||||||||||||
Agent commissions |
328,009 | 328,009 | | | |||||||||||||
Depreciation and amortization |
33,670 | 30,089 | 1,510 | 2,071 | |||||||||||||
Claim loss expense |
87,505 | 54,613 | 32,892 | | |||||||||||||
Interest expense |
18,623 | 2,410 | 184 | 16,029 | |||||||||||||
Total expenses |
1,083,004 | 957,517 | 79,080 | 46,407 | |||||||||||||
Pretax earnings from
continuing operations |
42,105 | 53,081 | 9,419 | (20,395 | ) | ||||||||||||
Pretax margin |
3.2 | % | 5.3 | % | 10.6 | % | | ||||||||||
Open orders |
562,200 | 562,200 | | | |||||||||||||
Closed orders |
307,800 | 307,800 | | |
March 31, | December 31, | |||||||
2009 | 2008 | |||||||
(Unaudited) | ||||||||
Cash and investment portfolio |
$ | 4,644,270 | $ | 4,691,790 | ||||
Goodwill |
1,584,794 | 1,581,658 | ||||||
Title plant |
430,227 | 431,591 | ||||||
Total assets |
8,166,243 | 8,368,240 | ||||||
Notes payable |
1,304,496 | 1,350,849 | ||||||
Reserve for claim losses |
2,740,059 | 2,738,625 | ||||||
Secured trust deposits |
478,670 | 474,073 | ||||||
Total stockholders equity |
2,754,486 | 2,856,772 | ||||||
Book value per share |
$ | 12.72 | $ | 13.29 |