First American Reports Net Income of $31.8 Million in Fourth Quarter

First American Corp., a Santa Ana title company that also provides real estate-related financial and informational services, reported net income of $31.8 million, or 47 cents a share, for the fourth quarter, which included an after-tax gain of $10.7 million resulting from modifications to the company’s pension plan and realized investment losses. For the 1999 fourth quarter, a net loss of $2.2 million, or 3 cents a share, was recorded. Revenue increased 9% to $761.9 million.

Net income for the year was $82.2 million, or $1.24 a share. Net income for 1999 totaled $33 million, or 50 cents a share, which included a charge of $55.6 million from an accounting change. Revenue declined 3% to $2.9 billion.