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Fidelity National Financial, Inc. Reports Third Quarter 2012 EPS of $1.03 and Pre-Tax Title Margin of 14.4%; Book Value per Share Grows to $20.50

JACKSONVILLE, Fla., Nov. 5, 2012 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, mortgage services and other diversified services, today reported operating results for the three-month and nine-month periods ended September 30, 2012.

  • Pre-tax title margin of 14.4% versus 12.2% in the third quarter of 2011, a 220 basis point, or 18%, increase over the prior year 
  • Open orders of 706,000 for the third quarter, an increase of 110,000, or 18%, over the third quarter of 2011; open orders per day of 11,200 for the third quarter versus 9,300 open orders per day for the third quarter of 2011; open orders of nearly 11,700 per day in October 2012, the strongest monthly performance of 2012
  • Commercial revenue of $91.8 million, a 7% decline versus the third quarter of 2011, driven by a 10% decline in fee per file offsetting a 3% increase in closed orders
  • Remy operating results are consolidated beginning August 15, 2012; fourth quarter 2012 will mark the first full quarter of financial results from Remy
  • Recognized a $78.9 million pre-tax gain on the consolidation of Remy, and a $48.1 million pre-tax bargain purchase gain related to tax attributes acquired in the O'Charley's acquisition; total net effect was an $88.9 million, or $0.39 per diluted share, contribution to third quarter earnings
  • Acquired control of J. Alexander's Corporation on September 25, 2012; closed acquisition on October 29, 2012
  • Income tax rate declined to 30% due to the consolidations of American Blue Ribbon and Remy and the impact of losses at Ceridian

Consolidated ($ in millions except per share amounts)


Three Months Ended

September 30, 2012

Three Months Ended

September 30, 2011

Total revenue

$2,039.9

$1,201.1

Net earnings attributable to common shareholders

$233.3

$74.3

Net earnings per diluted share attributable to common shareholders

$1.03

$0.33

Cash flow from operations

$184.5

$68.4





Nine Months Ended

 September 30, 2012

Nine Months Ended

September 30, 2011

Total revenue

$4,966.7

$3,566.7

Net earnings attributable to common shareholders

$454.7

$196.8

Net earnings per diluted share attributable to common shareholders

$2.02

$0.88

Cash flow from operations

$377.0

$55.3

The following are summary financial and operational results for the operating segments of FNF for the three-month and nine-month periods ended September 30, 2012 and 2011:

Fidelity National Title Group ("FNT") ($ in millions)


Three Months Ended

September 30, 2012

Three Months Ended

September 30, 2011

Total revenue

$1,459.7

$1,186.8

Pre-tax earnings

$210.7

$138.1

Realized gains (losses)

--

($7.2)

Adjusted pre-tax earnings

$210.7

$145.3

Adjusted pre-tax margin

14.4%

12.2%


 

Nine Months Ended

September 30, 2012

 

Nine Months Ended

September 30, 2011

Total revenue

$4,036.3

$3,530.9

Pre-tax earnings

$532.3

$388.1

Realized gains

$4.6

$13.5

Claims recoupment impairment

$10.8

--

Adjusted pre-tax earnings

$538.5

$374.6

Adjusted pre-tax margin

13.4%

10.6%




 

Month

Direct Orders Opened

Direct Orders Closed

July 2012

240,300

155,400

August 2012

248,200

174,000

September 2012

217,500

150,600

Third Quarter 2012

706,000

480,000




July 2011

157,400

113,300

August 2011

232,900

130,900

September 2011

205,700

134,600

Third Quarter 2011

596,000

378,800

 


Open

Commercial

Orders

Closed

Commercial

Orders

Commercial

Revenue

(millions)

 

Commercial

Fee Per File

3rd Quarter 2012

18,200

12,000

$91.8

$7,700






3rd Quarter 2011

17,800

11,700

$99.1

$8,500

- The preceding table only includes commercial activity from FNF's commercial offices in the national commercial division and does not attempt to capture potential commercial activity in our local offices.

Restaurant Group ($ in millions)


Three Months Ended

September 30, 2012

Nine Months (Partial)*

Ended

September 30, 2012

Operating revenue

$297.9

$550.8

Total revenue

$347.1

$671.4

Pre-tax earnings

$43.0

$105.7

Depreciation & amortization

$10.7

$20.0

Interest expense

$1.2

$2.0

EBITDA

$54.9

$127.7

Realized gains

($49.2)

($120.6)

Transaction and integration costs

$4.5

$14.4

Adjusted EBITDA

$10.2

$21.5

Adjusted EBITDA margin

3.4%

3.9%

* Covers period from May 11, 2012September 30, 2012

      Remy ($ in millions)

Three Months

(Partial)** Ended

September 30, 2012


Operating revenue

$143.0


Total revenue

$222.1


Pre-tax earnings

$79.5


Depreciation & amortization

$6.8


Interest expense

$3.6


EBITDA

$89.9


Realized gain

($78.9)


Inventory step-up adjustment

$8.5


Adjusted EBITDA

$19.5


Adjusted EBITDA margin

13.6%


** Covers period from August 15, 2012September 30, 2012

"This quarter again highlights the strength of our title business in an environment of steady, consistent order volumes," said Chief Executive Officer George P. Scanlon.  "Open and closed orders were primarily refinance driven and generally similar to the second quarter of this year, and we generated another strong 14.4% pre-tax title margin.  Additionally, we also saw a 7% increase in open resale orders versus the third quarter of 2011, continuing the improvement in purchase volume we have seen throughout 2012.  We are excited about our future earnings potential as we begin to see more meaningful and sustained improvement in the residential purchase market.

"We are also excited to begin to consolidate our Remy operations and report them as a distinct segment.  For the partial quarter, we reported operating revenue of approximately $143 million, adjusted EBITDA of $19.5 million and an adjusted EBITDA margin of 13.6%.  We also reported our first full quarter of operations for American Blue Ribbon in the third quarter.  Operating revenue was $298 million and adjusted EBITDA was $10.2 million.  We continue to believe that the increased transparency of these separate segment disclosures for both Remy and American Blue Ribbon will allow investors to more easily value these operations."

"On September 25, 2012, we acquired control of J. Alexander's and closed the acquisition on October 29, 2012," said Chairman William P. Foley, II.  "We believe that J. Alexander's will be a great addition to our upscale casual dining lineup and look forward to its revenue and earnings contribution to our restaurant group.  Additionally, in August we acquired an additional 1.5 million shares of Remy, giving us a 51%, majority ownership stake in the company.  We are confident that holding majority ownership positions in both Remy and American Blue Ribbon will allow us to better create future significant value for our shareholders from both of these investments."

Conference Call
FNF will host a call with investors and analysts to discuss third quarter 2012 results on Tuesday, November 6, 2012, beginning at 11:00 a.m. Eastern Time.  A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com.  The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com.  The telephone replay will be available from 1:00 p.m. Eastern Time on November 6, 2012, through November 13, 2012, by dialing 800-475-6701 (USA) or 320-365-3844 (International).  The access code will be 266992.

About FNF
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services and other diversified services.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States.  FNF also owns a 55% stake in American Blue Ribbon Holdings, LLC, a restaurant owner and operator of the O'Charley's, Ninety Nine Restaurant, Max & Erma's, Village Inn, Bakers Square and Stoney River Legendary Steaks concepts.  In addition, FNF also owns a 51% stake in Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles.  FNF also owns a minority interest in Ceridian Corporation, a leading provider of global human capital management and payment solutions.  More information about FNF can be found at www.fnf.com.

Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include earnings before interest, taxes and depreciation and amortization (EBITDA) and adjusted earnings before interest, taxes and depreciation and amortization (Adjusted EBITDA).

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided above.

Forward Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.  The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY OF EARNINGS

(In millions, except order information in 000's)

(Unaudited)

 


Three Months Ended


Nine Months Ended


September 30,


September 30,


2012


2011


2012


2011

Direct title premiums

$436.6


$374.0


$1,218.1


$1,054.1

Agency title premiums

569.0


426.0


1,501.4


1,334.0

  Total title premiums

1,005.6


800.0


2,719.5


2,388.1

Escrow, title-related and other fees

435.5


371.9


1,252.0


1,058.2

  Total title and escrow

1,441.1


1,171.9


3,971.5


3,446.3

Restaurant revenue

297.9


--


550.8


--

Remy revenue

143.0


--


143.0


--

Interest and investment income

35.4


36.0


108.8


107.0

Realized gains and losses

122.5


(6.8)


192.6


13.4

  Total revenue

2,039.9


1,201.1


4,966.7


3,566.7









Personnel costs

472.8


397.0


1,330.4


1,169.8

Other operating expenses

332.9


280.3


942.4


805.6

Cost of restaurant revenue

257.9


--


473.3


--

Cost of Remy revenue (includes $6.3 million of D&A)

124.6


--


124.6


--

Agent commissions

432.6


326.3


1,144.1


1,033.1

Depreciation and amortization

28.4


17.5


71.3


55.6

Title claim loss expense

70.3


54.4


201.1


162.6

Interest expense

19.7


14.0


50.2


42.1

  Total expenses

1,739.2


1,089.5


4,337.4


3,268.8









Earnings from continuing operations before taxes

300.7


111.6


629.3


297.9

Income tax expense

70.6


38.9


188.8


107.3

Earnings from continuing operations before equity investments

230.1


72.7


440.5


190.6

Earnings from equity investments

5.0


3.7


12.8


7.7

Net earnings from continuing operations

235.1


76.4


453.3


198.3

Income from discontinued operations, net of tax

(0.8)


0.5


5.1


5.7

 Net earnings

234.3


76.9


458.4


204.0

Non-controlling interests

1.0


2.6


3.7


7.2

Net earnings attributable to common shareholders

$233.3


$74.3


$454.7


$196.8

Earnings per share:








    Net earnings attributable to common shareholders - basic

$1.05


$0.34


$2.06


$0.90

    Net earnings attributable to common shareholders -diluted

$1.03


$0.33


$2.02


$0.88

   

Weighted average shares – basic

221.3


217.7


220.2


219.7

Weighted average shares – diluted

226.0


222.0


224.9


223.3









Direct operations orders opened (000's)

706.0


596.0


2,024.6


1,598.1

Direct operations orders closed (000's)

480.0


378.8


1,348.8


1,102.8

Fee per file

$1,467


$1,543


$1,456


$1,493

Actual title claims paid

$97.5


$131.1


$302.3


$367.4

 

FIDELITY NATIONAL FINANCIAL, INC.

THIRD QUARTER SEGMENT INFORMATION

(In millions, except order information in 000's)

(Unaudited)

 

Three Months Ended  

September 30, 2012

Consolidated

FNT

Restaurant Group

Remy

Corporate

and Other

Gross operating revenue

$1,882.0

$1,425.8

$297.9

$143.0

$15.3







Interest and investment income

35.4

33.9

--

0.2

1.3

Realized gains and losses

122.5

--

49.2

78.9

(5.6)

  Total revenue

2,039.9

1,459.7

347.1

222.1

11.0







Personnel costs

472.8

439.3

16.4

7.9

9.2

Other operating expenses

332.9

290.2

17.9

6.0

18.8

Cost of revenue

382.5

--

257.9

124.6

--

Agent commissions

432.6

432.6

--

--

--

Depreciation and amortization

28.4

16.5

10.7

0.5

0.7

Title claim loss expense

70.3

70.3

--

--

--

Interest expense

19.7

0.1

1.2

3.6

14.8

  Total expenses

1,739.2

1,249.0

304.1

142.6

43.5

Pre-tax earnings from continuing operations

300.7

210.7

43.0

79.5

(32.5)







Pre-tax margin

14.7%

14.4%

12.4%

35.8%

--

Adjusted pre-tax margin

9.3%

14.4%

--

0.4%

--







Open orders

706.0

706.0

--

--

--

Closed orders

480.0

480.0

--

--

--







Three Months Ended  

September 30, 2011

Consolidated

FNT

Restaurant Group

Remy

Corporate

and Other

Gross operating revenue

$1,171.9

$1,158.1

--

--

$13.8







Interest and investment income

36.0

35.9

--

--

0.1

Realized gains and losses

(6.8)

(7.2)

--

--

0.4

  Total revenue

1,201.1

1,186.8

--

--

14.3







Personnel costs

397.0

386.3

--

--

10.7

Other operating expenses

280.3

264.8

--

--

15.5

Agent commissions

326.3

326.3

--

--

--

Depreciation and amortization

17.5

16.9

--

--

0.6

Title claim loss expense

54.4

54.4

--

--

--

Interest expense

14.0

--

--

--

14.0

  Total expenses

1,089.5

1,048.7

--

--

40.8

Pre-tax earnings from continuing operations

111.6

138.1

--

--

(26.5)







Pre-tax margin

9.3%

11.6%

--

--

--

Pre-tax margin, excluding realized gains

9.8%

12.2%

--

--

--







Open orders

596.0

596.0

--

--

--

Closed orders

378.8

378.8

--

--

--

 

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in 000's)

(Unaudited)

 

Nine Months Ended  

September 30, 2012

Consolidated

FNT

Restaurant Group

Remy

Corporate

and Other

Gross operating revenue

$4,665.3

$3,927.8

$550.8

$143.0

$43.7







Interest and investment income

108.8

103.9

--

0.2

4.7

Realized gains and losses

192.6

4.6

120.6

78.9

(11.5)

  Total revenue

4,966.7

4,036.3

671.4

222.1

36.9







Personnel costs

1,330.4

1,271.4

24.7

7.9

26.4

Other operating expenses

942.4

838.4

45.7

6.0

52.3

Cost of revenue

597.9

--

473.3

124.6

--

Agent commissions

1,144.1

1,144.1

--

--

--

Depreciation and amortization

71.3

48.6

20.0

0.5

2.2

Title claim loss expense

201.1

201.1

--

--

--

Interest expense

50.2

0.4

2.0

3.6

44.2

  Total expenses

4,337.4

3,504.0

565.7

142.6

125.1

Pre-tax earnings from continuing operations

629.3

532.3

105.7

79.5

(88.2)







Pre-tax margin

12.7%

13.2%

15.7%

35.8%

--

Pre-tax margin, excluding realized gains and claims recoupment impairment

9.1%

13.4%

--

0.4%

--







Open orders

2,024.6

2,024.6

--

--

--

Closed orders

1,348.8

1,348.8

--

--

--







Nine Months Ended  

September 30, 2011

Consolidated

FNT

Restaurant Group

Remy

Corporate

and Other

Gross operating revenue

$3,446.3

$3,410.7

--

--

$35.6







Interest and investment income

107.0

106.7

--

--

0.3

Realized gains and losses

13.4

13.5

--

--

(0.1)

  Total revenue

3,566.7

3,530.9

--

--

35.8







Personnel costs

1,169.8

1,129.9

--

--

39.9

Other operating expenses

805.6

762.9

--

--

42.7

Agent commissions

1,033.1

1,033.1

--

--

--

Depreciation and amortization

55.6

53.5

--

--

2.1

Title claim loss expense

162.6

162.6

--

--

--

Interest expense

42.1

0.8

--

--

41.3

  Total expenses

3,268.8

3,142.8

--

--

126.0

Pre-tax earnings from continuing operations

297.9

388.1

--

--

(90.2)







Pre-tax margin

8.4%

11.0%

--

--

--

Pre-tax margin, excluding realized gains

8.0%

10.6%

--

--

--







Open orders

1,598.1

1,598.1

--

--

--

Closed orders

1,102.8

1,102.8

--

--

--

 

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions, except per share amounts)




September 30,


December 31,



2012


2011



 (Unaudited)








Cash and investment portfolio


$5,116.8


$4,717.4

Goodwill


1,887.2


1,452.2

Title plant


379.3


386.7

Total assets


9,735.9


7,862.1

Notes payable


1,350.7


915.8

Reserve for claim losses


1,842.3


1,912.8

Secured trust deposits


528.0


419.9

Total equity


4,616.2


3,655.9

Book value per share


$20.50


$16.57


 

SOURCE Fidelity National Financial, Inc.

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Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...