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Earnings

January 29, 1988

Fidelity National Financial, an Irvine-based parent of three title insurance companies, reported record net income of $4.8 million for the fiscal year ended Oct. 31, twice the $2.4 million net income earned the previous year. Revenues for the fiscal year rose540227374from $70 million the previous year. Net income for the fourth quarter, however, fell 93.6% to $128,000 from $2 million the previous year. Quarterly revenues rose 12.4% to $25.3 million from $22.5 million. William P. Foley II, Fidelity's president, said the lower fourth-quarter earnings were caused mainly by expenses related to the company's relocation to Irvine from Scottsdale, Ariz., by costs in acquiring Western Title Insurance in San Francisco and by a $700,000 addition to reserves.

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