FNIS Reports Record Earnings
Fidelity National Information Solutions booked $142.3 million in revenue during the 2nd quarter of 2003, up from $92.1 million a year earlier. The company reported net earnings of $15.3 million for the quarter, up 68% from the $6.2 million in earned in the second quarter of 2002.
For the first six months of the year, FNIS says it earned $27.3 million, up from $13.1 million last year during this period, on revenues of $266.9 million, up from $186.9 million in 2002.
The company said that during the second quarter, data and valuations contributed $75 million (53%) to earnings, solutions $60 million (42%) and services brought in another $7 million (5%).
"This was another record quarter for FNIS, leveraging our operating platform in the continued high volume mortgage originations and refinancing activity," said chairman William P. Foley, II.
He said the company's performance was the strongest it had ever been in the firm's two year history.
During the second quarter, FNIS closed the purchase of Advanced Enhancement Systems, a provider of alternative and traditional valuation products and services, as well as the purchase of DPN Incorporated, a company that provides back office technology for real estate brokers.
FNIS is currently in the process of merging with majority stockholder Fidelity National Financial.
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