Fidelity National Reports LowerEarnings
JACKSONVILLE, Fla. - (02/16/05) Financial services conglomerateFidelity National Financial Inc. reported fourth quarter earningsfell almost 20% to $174.9 million, or 98 cents a share, compared tothe same period the year before. The major cause for the decline infourth-quarter earnings was $17 million in non-recurring charges,including $6.3 million for the scotched spin-off of thecompanys financial services outsourcing unit, known asFidelity National Information Services. Fourth quarter revenuesrose slightly to $2.1 billion, from $2.04 billion for the fourthquarter last year. For the full year, net income fell 14% to $741million, or $4.21 a share, compared to $861.8 million, or $5.63 ashare, for fiscal 2003. The company said it plans to pay a specialdividend of $10 a share, more than $2.5 billion, inMarch.