FNF Sees Loss on Title Units, Some Improved Results

Fidelity National Financial Inc.'s acquisition of LandAmerica's title underwriting subsidiaries resulted in a loss that pushed FNF into the red for the fourth quarter but still left the company with improved year-to-year results for the period. FNF lost $1.7 million ($0.01 per share) for the fourth quarter 2008, an improvement over its loss of $44.9 million ($0.21 per share) for the same period in 2007. The fourth quarter 2008 results include the nine days during the period it owned the former title underwriting subsidiaries of LandAmerica Financial Group. Those units - Commonwealth Land Title, Lawyers Title and United Capital Title - were responsible for a net loss of $2.8 million. Otherwise, FNF would have earned $1.2 million ($0.01 per share) for the first quarter. For the full year, FNF lost $165.8 million ($0.79 per share) compared with profits of $129.8 million ($0.59 per share) for 2007. FNF chairman William P. Foley II said through the end of January, the company has "eliminated approximately 1,500 of the 5,500 employees we inherited" from the former LandAmerica firms and closed 125 offices. This, he said, has given FNF run-rate savings of $180 million. More good news, Mr. Foley said, was that FNF's per day open order counts doubled between November and December. In January, they improved even further to 14,200 new open orders per day.