Fidelity National Financial, Inc. Reports Operating Results

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Company has first quarter EPS of $0.88
RISMEDIA, April 29-Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, has reported operating results for the three-month period ended March 31, 2004.

* Revenue for the first quarter of 2004 was $1.8 billion, compared with $1.4 billion for the first quarter of 2003.

* Revenue from Financial institution processing and outsourcing was $288 million for the first quarter of 2004 versus $41 million for the first quarter of 2003, largely due to the acquisition of Fidelity Information

Services on April 1, 2003.

* Fidelity Information Services generated $237 million in revenue for the first quarter of 2004, a 12 percent increase over the first quarter 2003 FIS revenue of $211 million; FNF did not own FIS in the first quarter of 2003.

* Fidelity Information Services organic revenue growth was 3.7 percent for the first quarter of 2004 over the first quarter of 2003.

* Real estate information services revenue was $143 million for the first quarter of 2004 compared with $114 million for the first quarter of 2003

* Specialty insurance contributed $49 million for the first quarter of 2004 versus $28 million in the first quarter of 2003.

“The first quarter was a great start to a very important year for our company,” said Chairman and Chief Executive Officer William P. Foley, II. “With the widespread expectation of a slowdown in the mortgage market in 2004, we see this as an opportunity to highlight the impact that our diversification efforts can have on revenue and earnings. Our non-title insurance operations generated 26 percent of total revenue in the first quarter of 2004 after accounting for just 13 percent in the first quarter of 2003. With the acquisitions of Aurum Technologies, Sanchez Computer Associates and Bankware added to Fidelity Information Services, we have built that business into a $1.3 billion run-rate revenue base in just twelve months. We are confident that we will continue to make meaningful progress on our goal of a more balanced financial profile for the company.”

“The first quarter was a somewhat unusual start to the year,” said President Randy Quirk. “We entered the year with order counts and staffing down significantly from their peak levels of 2003. However, as the quarter progressed, mortgage rates fell and order counts increased significantly as we entered March. Those open orders provide momentum as we enter the second quarter.”

For more information, visit www.fnf.com

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