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FIDELITY NATIONAL FINANCIAL INC. REPORTS RECORD SECOND QUARTER AND SIX-MONTH RESULTS; SECOND QUARTER NET EARNINGS INCREASE 72 PERCENT

 IRVINE, Calif., July 30 /PRNewswire/ -- Fidelity National Financial Inc. (NYSE: FNF), one of the nation's leading title insurance underwriters, today announced record revenue and earnings for the quarter ended June 30, 1993.
 Net earnings for the quarter increased 72 percent to $8,409,000, or $.85 per share, compared to $4,889,000, or $.59 per share, for the same period in 1992. Revenue for the quarter was $141,562,000, up 74 percent from $81,269,000 for the comparable 1992 quarter.
 For the six months ended June 30, 1993, net earnings were $12,176,000, or $1.27 per share, up 73 percent over net earnings of $7,051,000, or $.88 per share, for the first six months of 1992. During the first half of 1993, revenue increased 63 percent to $248,964,000 from $153,238,000 for the same 1992 period.
 The increase in earnings per share for the second quarter and first six months of 1993 were achieved despite the issuance of additional shares in connection with the company's 1992 and 1993 public stock offerings. The weighted average shares outstanding for the three months ended June 30, 1993, increased 19 percent to 9,870,000 from 8,288,000 for the same 1992 period. For the first half of 1993, the weighted average shares outstanding were 9,559,000, compared to 8,016,000 in 1992.
 Fidelity National Title Insurance Company of Pennsylvania (formerly Meridian Title Insurance Co.), acquired by the company in June of 1992, Fidelity National Title Insurance Company of New York (formerly Security Title Insurance Co.), acquired in March of 1993, and the Northern California operations of Continental Lawyers Title Co. (now referred to as American Title Insurance Co.), acquired in April 1992, contributed significantly to the company's six-month results. Revenue contributions from Fidelity Pennsylvania, Fidelity New York and American Title during the first half of 1993 were $54,199,000, $14,025,000 and $7,389,000, respectively.
 "Our exceptional operating performance during the second quarter continues to reflect the high levels of mortgage refinancing business and an increase in residential resale activity in certain areas of the country," said William P. Foley II, president and chief executive officer. "Contributions from our recently acquired operations also reflect the company's success in restructuring and expanding formerly inefficient title operations.
 "During the second quarter of 1993 we achieved a record number of title order openings from our direct operations. Title order openings remained strong through the month of July. These order levels should have a positive impact on our third and fourth quarter revenue and profitability."
 Headquartered in Irvine, Fidelity National Financial Inc. is one of the largest national underwriters engaged in the business of issuing title insurance policies and performing other title-related services in 48 states, the District of Columbia, Puerto Rico, the Bahamas, British West Indies and the Virgin Islands through its principal underwriting subsidiaries, Fidelity National Title Insurance Co., Fidelity National Title Insurance Company of California, Fidelity National Title Insurance Company of New York, Fidelity National Title Insurance Company of Pennsylvania, Fidelity National Title Insurance Company of Tennessee, Fidelity National Title Insurance Company of Texas and American Title Insurance Co.
 FIDELITY NATIONAL FINANCIAL INC. AND SUBSIDIARIES
 Summary of Operations
 (In thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenue $141,562 $81,269 $248,964 $153,238
 Earnings before
 income taxes 12,133 8,083 17,569 11,633
 Net earnings 8,409 4,889 12,176 7,051
 Earnings per share $.85 $.59 $1.27 $.88
 Weighted average
 shares outstanding 9,870 8,288 9,559 8,016
 -0- 7/30/93
 /CONTACT: Carl A. Strunk, executive VP & CFO, or Jo Etta Bandy, VP-investor relations, of Fidelity National Financial, 714-852-9770/
 (FNF)


CO: Fidelity National Financial Inc. ST: California IN: FIN SU: ERN

JL-LS -- LA004 -- 7608 07/30/93 09:02 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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