FIS Fisker Inc

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 -- -- FIDELITY NATIONAL TITLE GROUP, 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 $541,419 $512,072 $2,184,993 $2,003,447 Agency title premiums 680,656 604,628 2,763,973 2,714,770 Total title premiums 1,222,075 1,116,700 4,948,966 4,718,217 Escrow and other title-related fees 293,969 259,925 1,162,344 1,039,835 Total title and escrow 1,516,044 1,376,625 6,111,310 5,758,052 Interest and investment income 41,018 19,336 118,084 64,885 Realized gains and losses 19,179 5,353 44,684 22,948 Other 10,302 9,221 41,783 43,528 Total revenue 1,586,543 1,410,535 6,315,861 5,889,413 Personnel costs 481,976 412,934 1,897,904 1,680,805 Other operating expenses 235,419 209,264 935,263 849,554 Agent commissions 523,652 466,056 2,140,912 2,117,122 Depreciation and amortization 28,898 26,618 102,105 95,718 Claim loss expense 100,421 64,897 354,710 259,402 Interest expense 11,270 799 16,663 3,885 Total expenses 1,381,636 1,180,568 5,447,557 5,006,486 Earnings before income taxes 204,907 229,967 868,304 882,927 Income tax expense 78,577 84,615 327,351 323,598 Minority interest (20) 356 1,972 1,165 Net earnings $126,350 $144,996 $538,981 $558,164 Net earnings per share - basic $0.73 $0.84 $3.11 $3.22 Net earnings per share - diluted $0.73 $0.84 $3.11 $3.22 Weighted average shares - basic (1) 173,463 173,520 173,463 173,520 Weighted average shares - diluted (1) 173,575 173,520 173,575 173,520 Direct operations orders opened 653,900 697,200 3,052,800 3,142,900 Direct operations orders closed 517,900 541,700 2,169,700 2,249,800 Fee Per File $1,542 $1,397 $1,487 $1,324 (1) For the 2004 periods, net earnings per share is a pro forma presentation based on the distribution of 173,520 shares on October 17, 2005 FIDELITY NATIONAL TITLE GROUP, INC. SUMMARY BALANCE SHEET INFORMATION (In thousands, except per share amounts) December 31, December 31, 2005 2004 Unaudited Cash and investment portfolio $3,762,895 $3,087,903 Goodwill 1,051,526 959,600 Title plants 308,675 301,610 Total assets 5,900,533 5,074,091 Notes payable 603,262 22,390 Reserve for claim losses 1,063,857 980,746 Secured trust deposits 882,602 735,295 Total stockholders' equity 2,480,037 2,676,756 Book value per share (1) 14.23 15.43 (1) Book value per share at December 31, 2004 is a pro forma presentation based on the distribution of 173,520 shares on October 17, 2005 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/

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