Fidelity National Doubles Its Net
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IRVINE — Fidelity National Financial Inc., a provider of title insurance and title-related services reported Tuesday that net income doubled in the fourth quarter on record revenue.
The company attributed the gains to a strong real estate market and low mortgage rates.
Net income for the quarter rose to $11.8 million, or 55 cents a share, from $5.9 million, or 33 cents a share, for the same period in 1996. The 1997 quarter included a loss of $1.7 million from retiring debt early, Fidelity said. Revenue rose 26% to $217.1 million from $172.2 million.
For the year, net income increased 64% to $39.8 million, or $2 a share, from $24.3 million, or $1.34 a share, for 1996. Revenue was up 17% to $746.7 million from $636.9 million.
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