Recap Boosts FidelityNational
JACKSONVILLE, Fla. - (04/27/05) -- Fidelity National Financial Inc.said first quarter earnings tripled to $445 million, or $2.51 ashare, because of a $318 million gain on the sale of a minoritystake in its fledgling financial information and outsourcingbusiness. The company sold a 25% interest in its FidelityInformation Software and Services (FISS) unit, a conglomeration ofrecent acquisitions Aurum Technologies, InterCept, ALLTELInformation Services, VISTA Information Solutions, and SanchezComputer Associates, to Texas Pacific Group and Thomas H. LeePartners for $500 million. The sale helped boost first quarterrevenues for Fidelity National by 23% to $2.27 billion. Butrevenues for the company's core title insurance and escrow unitdeclined 5%, to $1.23 billion, for the quarter; while its FISS grewrevenue 56% to $396 million. Gross operating revenue for thefinancial services conglomerate rose 5% to $1.8 billion, comparedto the first quarter last year.