First American's income drops
Company reports $32.6 million decrease from year-ago level
By Inman News, Wednesday, April 21, 2004.Inman News®
The First American Corp. today reported net income of $55 million for the first quarter, down from $87.6 million in the first quarter of 2003.
Net income per diluted share was $0.62, down from $1.05 during the same period last year.
Total revenues reached $1.47 billion, up from $1.34 billion in the first quarter of 2003.
"We are pleased with the company's performance during the first quarter of 2004, especially in light of the substantial slowdown in mortgage activity during November and December of 2003," Parker Kennedy, president of The First American Corp., said in a statement.
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