The stocks will be acquired in the open market, in block purchases or in privately negotiated transactions and will be financed with a portion of the company's annual cash flow from operations. The locally based provider of title insurance and real estate related products intends to repurchase approximately $75 million of its common stock in the first year of the program, according to a recently released company statement.

"We believe that consistent stock repurchase is a solid use of our cash flow and an enhancement to long-term stockholder value," says William P. Foley II, the company's chairman and CEO. "Devoting a percentage of cash flow also provides flexibility to continue to evaluate acquisition opportunities and focus on strategic growth."

Fidelity National Financial's total revenue was nearly $3.9 billion in 2001. The company earned more than $300 million last year, with cash flow from operations of more than $425 million.