Fisker (TG:FIS)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Fisker Charts. Click Here for more Fisker Charts.](/p.php?pid=staticchart&s=TG%5EFIS&p=8&t=15)
JACKSONVILLE, Fla., Feb. 8 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of outsourced products and services to a variety of industries, today reported operating results for the three-month and twelve-month periods ended December 31, 2005.
4th Quarter 2005 4th Quarter 2004
Total revenue $2.43 billion $2.10 billion
Earnings per diluted share $0.64 $0.98
Net earnings $115.2 million $174.9 million
Tax on FNT distribution $100.0 million --
Adjusted net earnings $215.2 million $174.9 million
Adjusted earnings per share $1.20 $0.98
Cash flow from operations $270.6 million $245.4 million
Full Year 2005 Full Year 2004
Total revenue $9.67 billion $8.30 billion
Earnings per diluted share $5.43 $4.21
Net earnings $964.1 million $741.0 million
Tax on FNT distribution $100.0 million --
Gain on sale of minority
interest in FIS ($318.2 million) --
Adjusted net earnings $745.9 million $741.0 million
Adjusted earnings per share $4.20 $4.21
Cash flow from operations $1.311 billion $1.171 billion
"This was a great finish to a very exciting year for FNF and all of its shareholders," said Chairman and Chief Executive Officer William P. Foley, II. "2005 was a year where we spent a great deal of time and effort attempting to maximize the value of the assets of FNF, create shareholder value and provide the investment community with greater transparency in assisting it in its efforts to best value the individual operating subsidiaries that comprise Fidelity National Financial. We have completed the initial transformation of FNF into a holding company with four distinct operating subsidiaries, Fidelity National Title Group, Fidelity National Information Services, Specialty Insurance and Sedgwick CMS. FNT became public through the October 2005 distribution of 17.5% of the stock of Fidelity National Title Group to FNF shareholders. FIS became public through the merger with Certegy that was completed on February 1, 2006. Having both FNT and FIS as publicly-traded subsidiaries provides greater transparency for the investment community in its efforts to value the two largest pieces of FNF. We are also focused on continuing to grow our specialty insurance operations, both organically and through potential future acquisitions. Our fourth operating subsidiary is Sedgwick CMS, which was acquired on January 31, 2006. We believe there are realistic opportunities to add to our Sedgwick CMS investment through further acquisitions in the outsourced claims management marketplace. Finally, at the FNF holding company level, we now have $340 million in available cash, after the Sedgwick CMS acquisition, and no debt on the balance sheet. As we move through 2006, we will remain focused on the same goals of maximizing the value of FNF's assets, creating shareholder value and providing greater transparency to the investment community."
The following are summary financial results for the operating subsidiaries of FNF for both the three-month and twelve-month periods ending December 31, 2005 and 2004:
Fidelity National Title Group ("FNT")
4th Quarter 2005 Full Year 2005
Total revenue $1.587 billion $6.316 billion
Pre-tax margin 12.9 % 13.7 %
Net earnings $126.4 million $539.0 million
Net earnings per share - $0.73 per diluted $3.11 per diluted
diluted share share
Cash flow from operations $102.0 million $697.5 million
Return on average equity 20.7 % 20.9 %
Fidelity National Information Services ("FIS")
4th Quarter 2005 4th Quarter 2004
Total revenue $708.4 million $679.7 million
Organic growth rate 7.9 % N/A
Net earnings $45.5 million $34.4 million
EBITDA $186.9 million $139.3 million
Free cash flow $64.7 million $65.5 million
Cash earnings $63.4 million $55.3 million
Pre-tax operating margin,
(excluding interest expense) 15.4 % 9.0 %
Full Year 2005 Full Year 2004
Total revenue $2.776 billion $2.346 billion
Organic growth rate 5.3 % N/A
Net earnings $196.6 million $189.4 million
EBITDA $746.5 million $552.3 million
Free cash flow $257.2 million $250.3 million
Cash earnings $275.3 million $254.9 million
Pre-tax operating margin
(excluding interest expense) 16.1 % 13.4 %
Specialty Insurance
4th Quarter 2005 4th Quarter 2004
Total revenue $184.2 million $69.2 million
Pre-tax margin 50.5 % 12.5 %
Pre-tax earnings $93.1 million $8.7 million
Full Year 2005 Full Year 2004
Total revenue $438.0 million $242.8 million
Pre-tax margin 30.5 % 13.0 %
Pre-tax earnings $133.5 million $31.6 million
FNF presents its financial results in accordance with Generally Accepted Accounting Principles ("GAAP"). However, in order to provide the investment community with a more thorough means of evaluating the operating performance of its operations, FNF also reports several non-GAAP measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), net earnings plus depreciation and amortization less capital expenditures ("Free Cash Flow") and net earnings plus other intangible amortization, net of income tax ("Cash Earnings"). 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.
Fidelity National Financial, Inc. (NYSE:FNF), number 261 on the Fortune 500, is a provider of outsourced products and services to a variety of industries. Through its majority-owned, publicly-traded subsidiary, Fidelity National Title Group, Inc. (NYSE:FNT), FNF is the nation's largest title insurance company, with nearly 31 percent national market share. Through its majority-owned, publicly-traded subsidiary, Fidelity National Information Services, Inc. (NYSE:FIS), FNF provides an industry leading suite of data processing, payment and risk management services to financial institutions and retailers. Through its wholly-owned subsidiaries, FNF is also a leading provider of specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its minority-owned subsidiary, Sedgwick CMS, FNF is a leading provider of outsourced insurance claims management services to large corporate and public sector entities. More information about the FNF family of companies can be found at http://www.fnf.com/ , http://www.fntg.com/ and http://www.fidelityinfoservices.com/ and http://www.sedgwickcms.com/ .
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward- looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)
Three months ended Twelve months ended
December 31, December 31,
2005 2004 2005 2004
(Unaudited) (Unaudited)
Direct title premiums $559,102 $537,681 $2,261,499 $2,128,902
Agency title premiums 659,357 579,408 2,683,545 2,610,426
Total title premiums 1,218,459 1,117,089 4,945,044 4,739,328
Escrow and other
title-related fees 292,550 263,211 1,157,022 1,042,243
Total title and escrow 1,511,009 1,380,300 6,102,066 5,781,571
Transaction processing
services 658,204 596,956 2,570,372 2,118,672
Specialty insurance 180,663 68,007 428,939 239,256
Interest and investment
income 50,099 21,404 146,519 70,874
Realized gains and losses 19,595 17,835 53,876 36,961
Gain on sale of minority
interest in FIS 0 0 318,209 0
Other 12,312 10,565 48,957 48,668
Total revenue 2,431,882 2,095,067 9,668,938 8,296,002
Personnel costs 828,435 727,856 3,224,678 2,786,297
Other operating expenses 428,544 438,270 1,716,711 1,599,894
Agent commissions 501,920 444,347 2,060,467 2,028,926
Depreciation and
amortization 108,081 105,844 406,259 338,434
Claim loss expense 147,236 80,457 480,556 311,146
Interest expense 52,326 16,721 172,327 47,214
Total expenses 2,066,542 1,813,495 8,060,998 7,111,911
Earnings before income
taxes 365,340 281,572 1,607,940 1,184,091
Income tax expense 218,814 104,182 573,391 438,114
Minority interest 31,362 2,524 70,443 5,015
Net earnings $115,164 $174,866 $964,106 $740,962
Net earnings per
share - basic $0.66 $1.01 $5.58 $4.33
Net earnings per
share - diluted $0.64 $0.98 $5.43 $4.21
Weighted average
shares - basic 173,292 173,478 172,839 171,014
Weighted average
shares - diluted 178,608 178,124 177,597 176,000
Direct operations orders
opened 771,800 825,500 3,615,400 3,680,200
Direct operations orders
closed 595,900 616,600 2,487,000 2,636,300
FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
Three Months
Ended Corporate
December Consoli- Elimina- Specialty and
31, 2005 dated tions FNTG FIS Insurance Other
Gross
operating
revenue $2,362,188 ($49,577) $1,526,346 $707,683 $180,663 ($2,927)
Interest and
investment
income 50,099 0 41,018 1,566 3,521 3,994
Realized gains
and losses 19,595 0 19,179 (813) 11 1,218
Total
revenue 2,431,882 (49,577) 1,586,543 708,436 184,195 2,285
Personnel
costs 828,435 0 481,976 330,115 12,407 3,937
Other
operating
expenses 428,544 (30,032) 235,419 189,815 31,851 1,491
Agent
commissions 501,920 (19,545) 523,652 0 0 (2,187)
Depreciation 37,065 0 18,065 18,776 151 73
Amortization 71,016 0 10,833 58,976 1,198 9
Claim loss
expense 147,236 0 100,421 1,644 45,276 (105)
Interest
expense 52,326 0 11,270 39,421 209 1,426
Total
expenses 2,066,542 (49,577) 1,381,636 638,747 91,092 4,644
Pretax
earnings 365,340 0 204,907 69,689 93,103 (2,359)
Pretax margin 15.0 % -- 12.9 % 9.8 % 50.5 % --
Open orders 771,800 -- 653,900 117,900 -- --
Closed
orders 595,900 -- 517,900 78,000 -- --
Three Months
Ended Corporate
December Consoli- Elimina- Specialty and
31, 2004 dated tions FNTG FIS Insurance Other
Gross
operating
revenue $2,055,828 ($36,362) $1,385,846 $674,996 $68,007 ($36,659)
Interest and
investment
income 21,404 0 19,336 460 1,195 413
Realized gains
and losses 17,835 0 5,353 4,258 (2) 8,226
Total
revenue 2,095,067 (36,362) 1,410,535 679,714 69,200 (28,020)
Personnel
costs 727,856 0 412,934 306,128 6,534 2,260
Other
operating
expenses 438,270 (24,176) 209,264 234,652 37,901 (19,371)
Agent
commissions 444,347 (12,186) 466,056 (391) 0 (9,132)
Depreciation 36,303 0 18,928 17,296 15 64
Amortization 69,541 0 7,690 61,105 600 146
Claim loss
expense 80,457 0 64,897 30 15,474 56
Interest
expense 16,721 0 799 3,878 3 12,041
Total
expenses 1,813,495 (36,362) 1,180,568 622,698 60,527 (13,936)
Pretax
earnings 281,572 0 229,967 57,016 8,673 (14,084)
Pretax margin 13.4 % -- 16.3 % 8.4 % 12.5 % --
Open orders 825,500 -- 697,200 128,300 -- --
Closed
orders 616,600 -- 541,700 74,900 -- --
FIDELITY NATIONAL FINANCIAL, INC.
SEGMENT INFORMATION
(In thousands)
Twelve Months
Ended Corporate
December Consoli- Elimina- Specialty and
31, 2005 dated tions FNTG FIS Insurance Other
Gross
operating
revenue $9,150,334 ($185,864) $6,153,093 $2,766,086 $428,939 ($11,920)
Interest and
investment
income 146,519 0 118,084 6,392 8,991 13,052
Realized gains
and losses 372,085 0 44,684 3,767 73 323,561
Total
revenue 9,668,938 (185,864) 6,315,861 2,776,245 438,003 324,693
Personnel
costs 3,224,678 0 1,897,904 1,276,557 40,451 9,766
Other
operating
expenses 1,716,711 (105,029) 935,263 751,282 135,321 (126)
Agent
commissions 2,060,467 (80,835) 2,140,912 0 0 390
Depreciation 138,593 0 69,588 68,374 413 218
Amortization 267,666 0 32,517 231,263 3,866 20
Claim loss
expense 480,556 0 354,710 1,928 124,054 (136)
Interest
expense 172,327 0 16,663 126,778 377 28,509
Total
expenses 8,060,998 (185,864) 5,447,557 2,456,182 304,482 38,641
Pretax
earnings 1,607,940 0 868,304 320,063 133,521 286,052
Pretax margin 16.6 % -- 13.7 % 11.5 % 30.5 % --
Open orders 3,615,400 -- 3,052,800 562,600 -- --
Closed
orders 2,487,000 -- 2,169,700 317,300 -- --
Twelve Months
Ended Corporate
December Consoli- Elimina- Specialty and
31, 2004 dated tions FNTG FIS Insurance Other
Gross
operating
revenue $8,188,167 ($196,151) $5,801,580 $2,331,527 $239,256 $11,955
Interest and
investment
income 70,874 0 64,885 1,232 3,315 1,442
Realized gains
and losses 36,961 0 22,948 12,874 249 890
Total
revenue 8,296,002 (196,151) 5,889,413 2,345,633 242,820 14,287
Personnel
costs 2,786,297 0 1,680,805 1,073,395 28,815 3,282
Other operating
expenses 1,599,894 (101,855) 849,554 715,796 128,706 7,693
Agent
commissions 2,028,926 (94,296) 2,117,122 3,974 0 2,126
Depreciation 124,231 0 65,508 58,203 83 437
Amortization 214,203 0 30,210 180,197 3,176 620
Claim loss
expense 311,146 0 259,402 133 50,484 1,127
Interest
expense 47,214 0 3,885 4,496 4 38,829
Total
expenses 7,111,911 (196,151) 5,006,486 2,036,194 211,268 54,114
Pretax
earnings 1,184,091 0 882,927 309,439 31,552 (39,827)
Pretax margin 14.3 % -- 15.0 % 13.2 % 13.0 % --
Open orders 3,680,200 -- 3,142,900 537,300 -- --
Closed
orders 2,636,300 -- 2,249,800 386,500 -- --
First Call Analyst:
FCMN Contact: JFleetwood@fnf.com
DATASOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and
Investor Relations, Fidelity National Financial, +1-904-854-8120, or
Web site: http://www.fnf.com/
http://www.fntg.com/ and
http://www.fidelityinfoservices.com/
http://www.sedgwickcms.com/