Wow!! ANFI 10.70 fabulous Q! Another NFI here...Tuesday April 30, 7:03 am Eastern Time
Press Release
SOURCE: American National Financial, Inc.
American National Financial, Inc. Reports Record Earnings and Revenues For the First Quarter Ended March 31, 2002
ORANGE, Calif., April 30 /PRNewswire-FirstCall/ -- American National Financial, Inc. (Nasdaq: ANFI - news), a diversified real estate services company, announced record net earnings and revenues for its first quarter ended March 31, 2002.
-- For the 2002 quarter, earnings were $5.8 million or $.72 per diluted
share, compared with earnings of $2.3 million, or $.26 per diluted
share for the 2001 first quarter.
-- Revenues for the 2002 quarter increased $16.4 million or 57.5% to
$44.9 million as compared with revenues of $28.5 million for the 2001
first quarter.
Michael C. Lowther, Chairman of the Board and Chief Executive Officer of American National Financial, Inc. said, "Clearly we are very proud of our record first quarter. It was not only a reflection of continued high transaction volume, but more importantly, it was indicative of increased operating efficiency.
We also look forward to the growth of our underwriter, National Title Insurance of New York, Inc., as a result of our new Las Vegas operation and other agency related activities."
Carl A. Strunk, Executive Vice President and Chief Financial Officer of American National Financial, Inc. added, "Our profit retention (pretax earnings less investment related profits as a percentage of gross revenues less investment related income) was 16.5% in the 2002 quarter compared to 8.8% in the comparable 2001 quarter. Our increasing balance sheet strength also provides us the opportunity to pursue value adding acquisitions."
American National Financial, Inc. (ANFI) provides title insurance services and other real estate-related informational services through its subsidiaries in California, Arizona, Nevada and New York through approximately 85 branch offices. The Company also underwrites on a national level through its National Title Insurance of New York, Inc. (National) subsidiary, which is licensed to issue title insurance policies in 34 states, the District of Columbia and the U.S. Virgin Islands. National has offices in New York, Florida, Pennsylvania and Tennessee. ANFI, as part of its overall services, provides ancillary services such as real estate information, trustee sales guarantees, exchange intermediary services, document research services, notary signing services, property management and appraisals. A complete description of the subsidiaries is available at the Company's web site ( www.anfinc.com ).
This press release contains forward-looking statements. The words "believe," "expects," "intend," "anticipate," "will," and "project," and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of
Thanks to Kendall on Guidance and Visibility for this one...great earnings compared to est. of .30 should move this well over the 52wk high imho....tuna |
