What do you think of this value play?
IRVINE, Calif., Sept. 13 /PRNewswire/ -- Fidelity National Financial, Inc.
(NYSE: FNF), a diversified real estate services company announced that its
board of directors has increased the Company's outstanding Common Stock
authorized for purchase under the Company's previously announced purchase
program. The new authorization will permit the Company to purchase up to
6 million shares. The Company has purchased 3,907,515 shares to date under
the repurchase program.
"With our share price selling below book value and at a price earnings
ratio of less than five to one on a trailing basis, we believe our buy-back
program represents an excellent investment on behalf of our stockholders,"
stated William P. Foley, II, Fidelity's Chairman and Chief Executive Officer.
Purchases may be made from time to time by the Company in the open market or
in block purchases or in privately negotiated transactions depending on market
conditions and other factors.
This document contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In addition, from time to time,
Fidelity National Financial, Inc., or its representatives, have made or may
make forward-looking statements, orally or in writing. The words "estimate,"
"project," "potential," "intended," "expect," "believe" and similar
expressions or words are intended to identify forward-looking statements.
Such forward-looking statements may be included in, but are not limited to,
various filings made by the Company with the Securities and Exchange
Commission, press releases or oral statements made with the approval of an
authorized executive officer of the Company. Actual results could differ
materially from those projected or suggested in any forward-looking statements
as a result of a wide variety of factors and condition, some of which are
discussed in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 1998.
Headquartered in Irvine, California, Fidelity National Financial, Inc. is
one of the largest national title insurance underwriters and also provides
diversified real estate services. The company does business in 49 states, the
District of Columbia, Puerto Rico and the U.S. Virgin Islands. Fidelity,
through its principal subsidiaries, issues title insurance policies and
performs other title-related services such as escrow, collection and trust
activities, real estate information and technology services, trustee's sale
guarantees, credit reporting, attorney services, flood certifications, real
estate tax services, reconveyances, recording, foreclosure publishing and
posting services and exchange intermediary services in connection with real
estate transactions.
SOURCE Fidelity National Financial, Inc.
-0- 09/13/1999
/CONTACT: Frank P. Willey, President of Fidelity National Financial,
Inc., 805-563-1566/
(FNF)
CO: Fidelity National Financial, Inc.
ST: California
IN: FIN RLT
SU:
*** end of story ***
|
