Staff Additions Cut Into Net for First American
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First American Financial Corp., the Santa Ana-based parent company of First American Title Insurance Co., posted net income of $1.2 million for the first quarter of 1985, a 56% decline from the $2.7 million a year earlier.
Revenues, however, were up slightly to $53.4 million, from $52.1 million a year ago.
The lower net income was caused by the hiring of 201 additional title examiners to meet the growing volume of business, said Jack H. Derloshon, chief financial officer. He said the 96-year-old company also experienced an “unusually high number of claims.”
The third largest title insurer in the nation, First American Title has a network of 1,900 offices throughout the United States and in Great Britain.
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