According to FAF's recently released operating results, the company's revenues increased from $928 million for the second quarter of 2001 to $1.09 billion for this year's second quarter. Revenues for the entire first half of 2002 also rose substantially when compared with last year's figures--jumping 26%--from $1.69 billion in 2001 to $2.14 billion this year.
"We are pleased with our operating results for the second quarter, as business continues to be very good for First American, particularly in the residential resale markets," says the firm's president, Parker S. Kennedy. He adds that refinance-related orders in this year's second quarter declined from 2001's record-setting heights, but were "still above normal levels."
Net income for the second quarter of 2002 also dropped, decreasing from $54.5 million for last year's second quarter to $40.1 million for the same period this year. The second quarter 2002 figure reflects a $13.6-million pre-tax investment loss relating to the write down of WorldCom bonds.
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