JACKSONVILLE, Fla., Oct. 26 /PRNewswire-FirstCall/ -- Fidelity National Title Group, Inc. (NYSE: FNT - News ), the nation's largest title insurance company and a majority-owned subsidiary of Fidelity National Financial, Inc. (NYSE: FNF - News ), today reported operating results for the three-month and nine-month periods ended September 30, 2005.
"This was a great financial quarter as we begin operating as a publicly traded company," said Chief Executive Officer Raymond R.Quirk. "We produced $0.98 in earnings per share and more than $200 million in cash flow from operations. Order volumes were solid and we were able to make some necessary headcount reductions late in the quarter as we enter the normally seasonally slower fourth quarter. We will remain focused on staffing and productivity in order to maximize the margins we earn in the business."
Fidelity National Title Group, Inc. is the nation's largest title insurance company. The Company's title insurance underwriters -- Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- issue approximately 31 percent of all title insurance policies in the United States. Through its direct operations and agencies, the Company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada. In 2005, FNT also acquired Service Link, a leading provider of title and closing services to major financial institutions and lenders, including six of the top 10 lending institutions in the United States ranked by loan origination volume. More information about Fidelity National Title Group can be found at http://www.fntg.com .
FNT is a majority-owned subsidiary of Fidelity National Financial Inc., number 261 on the Fortune 500 and a provider of products and outsourced services and solutions to financial institutions and the real estate industry. More information about FNF can be found at http://www.fnf.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.
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