Fidelity National Financial, Inc. Announces Reduced Quarterly Cash Dividend of $0.15
October 22 2008 - 4:09PM
PR Newswire (US)
JACKSONVILLE, Fla., Oct. 22 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF), a leading provider of title
insurance, specialty insurance, claims management services and
information services, today announced that its Board of Directors
has declared a quarterly cash dividend of $0.15 per share, a 50%
reduction from the previous quarterly dividend of $0.30. The
dividend will be payable December 31, 2008, to stockholders of
record as of December 17, 2008. "The significant slowdown in the
title business has hindered our ability to produce the cash flow
necessary to maintain our dividend at its current level," said
Chairman William P. Foley, II. "The reduction in the dividend at
this time provides the flexibility for us to better navigate our
way through these challenging times, generates additional
significant liquidity and ensures the continued strength of our
balance sheet." Fidelity National Financial, Inc. (NYSE:FNF), is a
leading provider of title insurance, specialty insurance, claims
management services and information services. FNF is one of the
nation's largest title insurance companies through its title
insurance underwriters -- Fidelity National Title, Chicago Title,
Ticor Title, Security Union Title and Alamo Title -- that issue
approximately 27 percent of all title insurance policies in the
United States. FNF also provides flood insurance, personal lines
insurance and home warranty insurance through its specialty
insurance business. FNF also is a leading provider of outsourced
claims management services to large corporate and public sector
entities through its minority-owned subsidiary, Sedgwick CMS. FNF
is also a leading information services company in the human
resource, retail and transportation markets through another
minority-owned subsidiary, Ceridian Corporation. More information
about FNF can be found at http://www.fnf.com/. This press release
contains forward-looking statements that involve a number of risks
and uncertainties. Statements that are not historical facts,
including statements about our beliefs and expectations, are
forward-looking statements. Forward-looking statements are based on
management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future economic
performance and are not statements of fact, actual results may
differ materially from those projected. We undertake no obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise. The risks and
uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business and political conditions, including changes in the
financial markets; continued weakness or adverse changes in the
level of real estate activity, which may be caused by, among other
things, high or increasing interest rates, a limited supply of
mortgage funding or a weak U. S. economy; our potential inability
to find suitable acquisition candidates, acquisitions in lines of
business that will not necessarily be limited to our traditional
areas of focus, or difficulties in integrating acquisitions; our
dependence on operating subsidiaries as a source of cash flow;
significant competition that our operating subsidiaries face;
compliance with extensive government regulation of our operating
subsidiaries; and other risks detailed in the "Statement Regarding
Forward-Looking Information," "Risk Factors" and other sections of
the Company's Form 10-K and other filings with the Securities and
Exchange Commission. DATASOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and
Investor Relations of Fidelity National Financial, Inc.,
+1-904-854-8120, Web site: http://www.fnf.com/
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