Realogy Corporation reported financial results for the second quarter of 2008. Net revenue was $1.4 billion and EBITDA was $161 million, while the company reported a net loss of $27 million. Home sale transaction sides declined by 21% at RFG and 19% at NRT compared to the prior year. The company launched the Better Homes and Gardens Real Estate franchise and remained in compliance with credit agreement leverage ratios, with a senior secured leverage ratio of 4.9x. Realogy will hold an investor webcast on August 14th to further discuss second quarter results.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at RFG and 27% at NRT compared to the first quarter of 2007. However, Realogy remained in compliance with debt covenants as its senior secured leverage ratio of 4.2x was well below the allowable ratio of 5.6x. Realogy also highlighted strategic accomplishments including franchise sales growth and retention of sales associates.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Revenues for Realogy Corporation were $1.3 billion for the third quarter of 2008. The company reported a net loss of $50 million for the quarter. Key factors negatively impacting results included $45 million in non-cash losses from Realogy's investment in its loan origination joint venture and $15 million in restructuring charges. Realogy's real estate transaction volumes and home sale prices declined compared to the prior year, consistent with broader housing market trends. The company remained focused on reducing costs through initiatives that have already improved profitability by over $350 million.
The document is a Form 8-K filed by CC Media Holdings, Inc. with the SEC reporting second quarter 2008 financial results. It summarizes that CC Media Holdings reported a 2% increase in revenue to $1.83 billion for Q2 2008 compared to Q2 2007. Operating expenses increased 6% to $1.19 billion, and income before discontinued operations increased 28% to $277.3 million. CC Media Holdings also provided updates on its acquisition of Clear Channel which closed on July 30, 2008, the divestiture of non-core radio stations, revenue and expenses by division, and non-cash compensation expense.
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previously guided range of $700-725 million.
- Cash balance was $165 million at December 31, 2007.
- $750 million revolving credit facility was undrawn at year-end.
The results are preliminary and unaudited. Realogy will release audited full year results in March 2008 and hold a conference call.
Clear Channel Communications reported first quarter 2008 results, with revenues increasing 4% to $1.6 billion compared to the same period in 2007. Expenses also increased 8% to $1.1 billion, and income before discontinued operations increased 70% to $161.4 million. The company completed the sale of its television group for $1 billion and continued selling non-core radio stations, with 223 stations sold through March 31, 2008 and an additional 32 under definitive agreements. The proposed merger with a group led by Thomas H. Lee Partners and Bain Capital was delayed, with no estimated closing date given.
OHL Brasil announces financial results for 3Q08, with net revenue of R$203.6 million (up 20.3% from 3Q07), adjusted EBITDA of R$144.9 million (up 30.1% from 3Q07), and adjusted EBITDA margin of 71.1% (up 5.3 percentage points from 3Q07). Toll traffic increased 6.3% compared to 3Q07. Net income was R$30.8 million, up 12.0% from 3Q07. Investments in concessions totaled R$172.1 million in 3Q08 and R$395.5 million for the first 9 months of 2008.
This document is a Form 10-K filing for CC Media Holdings, Inc. for the fiscal year ended December 31, 2008. It provides information on CC Media's business segments, which include Radio Broadcasting, Americas Outdoor Advertising, and International Outdoor Advertising. It discusses CC Media's acquisition of Clear Channel Communications in July 2008, and CC Media's restructuring efforts in response to declining advertising revenues. The filing also provides select financial data and details of CC Media's radio station portfolio.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at RFG and 27% at NRT compared to the first quarter of 2007. However, Realogy remained in compliance with debt covenants as its senior secured leverage ratio of 4.2x was well below the allowable ratio of 5.6x. Realogy also highlighted strategic accomplishments including franchise sales growth and retention of sales associates.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Revenues for Realogy Corporation were $1.3 billion for the third quarter of 2008. The company reported a net loss of $50 million for the quarter. Key factors negatively impacting results included $45 million in non-cash losses from Realogy's investment in its loan origination joint venture and $15 million in restructuring charges. Realogy's real estate transaction volumes and home sale prices declined compared to the prior year, consistent with broader housing market trends. The company remained focused on reducing costs through initiatives that have already improved profitability by over $350 million.
The document is a Form 8-K filed by CC Media Holdings, Inc. with the SEC reporting second quarter 2008 financial results. It summarizes that CC Media Holdings reported a 2% increase in revenue to $1.83 billion for Q2 2008 compared to Q2 2007. Operating expenses increased 6% to $1.19 billion, and income before discontinued operations increased 28% to $277.3 million. CC Media Holdings also provided updates on its acquisition of Clear Channel which closed on July 30, 2008, the divestiture of non-core radio stations, revenue and expenses by division, and non-cash compensation expense.
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previously guided range of $700-725 million.
- Cash balance was $165 million at December 31, 2007.
- $750 million revolving credit facility was undrawn at year-end.
The results are preliminary and unaudited. Realogy will release audited full year results in March 2008 and hold a conference call.
Clear Channel Communications reported first quarter 2008 results, with revenues increasing 4% to $1.6 billion compared to the same period in 2007. Expenses also increased 8% to $1.1 billion, and income before discontinued operations increased 70% to $161.4 million. The company completed the sale of its television group for $1 billion and continued selling non-core radio stations, with 223 stations sold through March 31, 2008 and an additional 32 under definitive agreements. The proposed merger with a group led by Thomas H. Lee Partners and Bain Capital was delayed, with no estimated closing date given.
OHL Brasil announces financial results for 3Q08, with net revenue of R$203.6 million (up 20.3% from 3Q07), adjusted EBITDA of R$144.9 million (up 30.1% from 3Q07), and adjusted EBITDA margin of 71.1% (up 5.3 percentage points from 3Q07). Toll traffic increased 6.3% compared to 3Q07. Net income was R$30.8 million, up 12.0% from 3Q07. Investments in concessions totaled R$172.1 million in 3Q08 and R$395.5 million for the first 9 months of 2008.
This document is a Form 10-K filing for CC Media Holdings, Inc. for the fiscal year ended December 31, 2008. It provides information on CC Media's business segments, which include Radio Broadcasting, Americas Outdoor Advertising, and International Outdoor Advertising. It discusses CC Media's acquisition of Clear Channel Communications in July 2008, and CC Media's restructuring efforts in response to declining advertising revenues. The filing also provides select financial data and details of CC Media's radio station portfolio.
Acuity Brands reported financial results for the fourth quarter and full fiscal year 2009. Net sales declined 19% in the fourth quarter and 18% for the full year due to a significant decline in construction activity. The company realized cost savings from streamlining efforts which helped operating margins. For fiscal year 2010, Acuity Brands expects continued difficult market conditions with mid-teens declines, but believes initiatives to drive growth like investments in innovative products and expansion in key markets will help outperform overall market declines.
This document is Whole Foods Market's annual report on Form 10-K for the fiscal year ended September 28, 2003. It provides an overview of Whole Foods' business including that it is the largest natural and organic supermarket chain in the US, with 145 stores across 26 states and Canada. It discusses factors driving growth in the natural products industry such as health and environmental concerns. The report also provides information on Whole Foods' operations, properties, legal proceedings, market for common stock, financial data, management discussion and analysis, controls and procedures, and incorporates other required information by reference.
- Constellation Brands filed a quarterly report that provides financial information as of May 31, 2009
- As of May 31, 2009, Constellation Brands had total assets of $8.4 billion including $1.8 billion in inventories and $2.5 billion in goodwill
- As of the same date, the company had total liabilities of $6.1 billion including $3.7 billion in long-term debt less current maturities
Xilinx reported financial results for its second quarter of fiscal year 2010. Net revenues were $415.0 million, up 10% sequentially and down 14% year-over-year. Net income was $64.0 million, or $0.23 per diluted share. The company also announced a $0.02 increase in its quarterly dividend to $0.16 per share. For the third quarter, Xilinx expects sales to increase 6-10% sequentially and gross margin to be approximately 62-63%.
This document is an amendment to ConAgra Foods' annual report on Form 10-K for the 2005 fiscal year. It revises the selected financial data for fiscal year 2001 and makes corresponding changes to an exhibit regarding the ratio of earnings to fixed charges. It also adds an explanatory note about the selected financial data for fiscal years 1999 and 2000. The revisions are related to discussions between ConAgra and the SEC regarding a potential settlement of an SEC investigation into accounting matters.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2007. Revenue increased 4% to $1.84 billion for Q4 2007 and 6% to $6.82 billion for the full year. Net income increased 22% to $223.6 million for Q4 and 36% to $938.5 million for the full year. Diluted earnings per share were $0.45 for Q4 2007, up 22%, and a record $1.89 for the full year, up 37%. The company also reported progress on plans to divest its television and non-core radio assets.
This document is Starbucks' annual report on Form 10-K for the fiscal year ended October 1, 2006. It provides information on Starbucks' business segments, which were reorganized in fiscal 2006 to include three segments: United States, International, and Global Consumer Products Group. The report also discloses that 85% of Starbucks' revenue comes from company-operated retail stores, while the remaining 15% comes from specialty operations such as licensed retail stores, grocery/warehouse club sales, and other initiatives.
This 10-Q filing from Highwoods Properties, Inc. for the first quarter of 2009 provides:
1) An unaudited consolidated balance sheet showing the company's assets (including real estate assets of $1.8 billion), liabilities, and equity as of March 31, 2009 compared to December 31, 2008.
2) Unaudited consolidated statements of income for the three months ended March 31, 2009 and 2008, showing the company's revenues, expenses, and net income.
3) Additional notes to the consolidated financial statements providing details on the company's accounting policies, acquisitions, dispositions, debt, and other transactions.
This 10-Q filing provides Constellation Brands' financial statements and disclosures for the quarterly period ended August 31, 2009. It includes a balance sheet, income statement, cash flow statement, and notes to the financial statements. It also discusses items such as accounting policies, details of business segments, commitments and contingencies, and recent accounting pronouncements.
Fiserv Inc. filed its quarterly report for the period ending March 31, 2009. Some key details:
- Total revenues for the quarter were $1.04 billion, down from $1.31 billion in the prior year quarter.
- Net income was $103 million compared to $329 million in the previous year.
- As of March 31, 2009 the company had $312 million in cash and cash equivalents and total assets of $9.34 billion.
- Discontinued operations contributed $1 million to net income for the quarter and the company continues to work towards the sale of its remaining investment services business.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ended July 31, 2001. It summarizes Toll Brothers' financial position, including an increase in total assets to $2.4 billion from $2 billion the prior year. Revenues increased to $1.5 billion from $1.2 billion the prior year. Net income increased to $145 million from $88 million the prior year. The report provides condensed financial statements, notes to the financial statements, and management's discussion of financial results.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
Worthington Industries reported financial results for the fourth quarter and full fiscal year 2009. For the quarter, net sales decreased 46% to $471.6 million and the company reported a net loss of $13.7 million compared to net earnings of $53.9 million in the previous year. For the full year, net sales decreased 14% to $2.6 billion and the company reported a net loss of $108.2 million compared to net earnings of $107.1 million the previous year. The company also continued restructuring efforts through plant closures and headcount reductions in response to challenging market conditions.
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
The document provides revised quarterly segment income statements and balance sheets for a company during fiscal year 2007 based on new reporting segments. The new segments are natural gas distribution, regulated transmission and storage, natural gas marketing, and pipeline, storage and other. Summarized income statements are provided for the quarters ended December 31, 2006, March 31, 2007, June 30, 2007, and September 30, 2007 showing operating revenues, purchased gas costs, operating expenses, operating income, interest charges, income before taxes, and net income for each segment. Financial information is unaudited and should be read with the company's audited annual report.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007 filed with the SEC. It provides information on Realogy's business operations, legal proceedings, risk factors, financial statements and other disclosures. Specifically, it summarizes Realogy's acquisition by Apollo Management in a $8.75 billion leveraged buyout in April 2007 and the resulting changes to Realogy's ownership and capital structure. It also indicates that no market exists for Realogy's common stock and that it has not registered any securities under Section 12 of the Exchange Act.
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent its actual
The document summarizes the company's financial results for the second quarter of fiscal year 2007 compared to the same period in 2006. Net income increased 20% to $106.5 million, driven by a 21% rise in utility throughput from colder weather. Earnings per share increased 9% to $1.10. While utility profits grew due to higher volumes, natural gas marketing profits declined because of unrealized losses from changes in storage and contract values.
Realogy Corporation reported financial results for the full year 2008. Key highlights include:
- Net loss of $1.9 billion which included a $1.8 billion non-cash impairment charge. Excluding special items, EBITDA was $411 million.
- Generated $109 million in cash from operations despite challenging real estate market conditions.
- Home sale transaction sides declined 18% at RFG and 16% at NRT compared to 2007. Average home prices also declined.
- Continued focus on investing in growth by signing new franchisees generating $420 million in annual commissions.
- Maintained compliance with debt covenants and had $402 million in readily available cash as
In 3 sentences:
Realogy Corporation held a quarterly earnings call on March 24, 2008 to discuss financial results for Q4 and full year 2007. Realogy reported revenue of $6 billion for 2007 but a net loss of $605 million due to housing market challenges and a non-cash impairment charge. The company took actions in 2007-2008 to reduce costs by $220 million and positioned its franchise and brokerage businesses to withstand the difficult market conditions.
This document provides an overview of the nonutility operations of Atmos Energy Corporation. It discusses the corporate structure and business segments, including gas marketing, pipeline and storage, and other nonutility operations. It then provides more detailed descriptions of the storage business models, including proprietary storage, full requirements storage, billable plan storage, and parking and loaning transactions. The storage business models are explained in terms of associated risks, risk management strategies, and impact on margins.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at Realogy Franchise Group and 27% at NRT compared to the first quarter of 2007. Realogy's senior secured leverage ratio was 4.2 to 1, well within the maximum allowable ratio of 5.6 to 1 under its credit agreement, demonstrating strong covenant compliance.
Acuity Brands reported financial results for the fourth quarter and full fiscal year 2009. Net sales declined 19% in the fourth quarter and 18% for the full year due to a significant decline in construction activity. The company realized cost savings from streamlining efforts which helped operating margins. For fiscal year 2010, Acuity Brands expects continued difficult market conditions with mid-teens declines, but believes initiatives to drive growth like investments in innovative products and expansion in key markets will help outperform overall market declines.
This document is Whole Foods Market's annual report on Form 10-K for the fiscal year ended September 28, 2003. It provides an overview of Whole Foods' business including that it is the largest natural and organic supermarket chain in the US, with 145 stores across 26 states and Canada. It discusses factors driving growth in the natural products industry such as health and environmental concerns. The report also provides information on Whole Foods' operations, properties, legal proceedings, market for common stock, financial data, management discussion and analysis, controls and procedures, and incorporates other required information by reference.
- Constellation Brands filed a quarterly report that provides financial information as of May 31, 2009
- As of May 31, 2009, Constellation Brands had total assets of $8.4 billion including $1.8 billion in inventories and $2.5 billion in goodwill
- As of the same date, the company had total liabilities of $6.1 billion including $3.7 billion in long-term debt less current maturities
Xilinx reported financial results for its second quarter of fiscal year 2010. Net revenues were $415.0 million, up 10% sequentially and down 14% year-over-year. Net income was $64.0 million, or $0.23 per diluted share. The company also announced a $0.02 increase in its quarterly dividend to $0.16 per share. For the third quarter, Xilinx expects sales to increase 6-10% sequentially and gross margin to be approximately 62-63%.
This document is an amendment to ConAgra Foods' annual report on Form 10-K for the 2005 fiscal year. It revises the selected financial data for fiscal year 2001 and makes corresponding changes to an exhibit regarding the ratio of earnings to fixed charges. It also adds an explanatory note about the selected financial data for fiscal years 1999 and 2000. The revisions are related to discussions between ConAgra and the SEC regarding a potential settlement of an SEC investigation into accounting matters.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2007. Revenue increased 4% to $1.84 billion for Q4 2007 and 6% to $6.82 billion for the full year. Net income increased 22% to $223.6 million for Q4 and 36% to $938.5 million for the full year. Diluted earnings per share were $0.45 for Q4 2007, up 22%, and a record $1.89 for the full year, up 37%. The company also reported progress on plans to divest its television and non-core radio assets.
This document is Starbucks' annual report on Form 10-K for the fiscal year ended October 1, 2006. It provides information on Starbucks' business segments, which were reorganized in fiscal 2006 to include three segments: United States, International, and Global Consumer Products Group. The report also discloses that 85% of Starbucks' revenue comes from company-operated retail stores, while the remaining 15% comes from specialty operations such as licensed retail stores, grocery/warehouse club sales, and other initiatives.
This 10-Q filing from Highwoods Properties, Inc. for the first quarter of 2009 provides:
1) An unaudited consolidated balance sheet showing the company's assets (including real estate assets of $1.8 billion), liabilities, and equity as of March 31, 2009 compared to December 31, 2008.
2) Unaudited consolidated statements of income for the three months ended March 31, 2009 and 2008, showing the company's revenues, expenses, and net income.
3) Additional notes to the consolidated financial statements providing details on the company's accounting policies, acquisitions, dispositions, debt, and other transactions.
This 10-Q filing provides Constellation Brands' financial statements and disclosures for the quarterly period ended August 31, 2009. It includes a balance sheet, income statement, cash flow statement, and notes to the financial statements. It also discusses items such as accounting policies, details of business segments, commitments and contingencies, and recent accounting pronouncements.
Fiserv Inc. filed its quarterly report for the period ending March 31, 2009. Some key details:
- Total revenues for the quarter were $1.04 billion, down from $1.31 billion in the prior year quarter.
- Net income was $103 million compared to $329 million in the previous year.
- As of March 31, 2009 the company had $312 million in cash and cash equivalents and total assets of $9.34 billion.
- Discontinued operations contributed $1 million to net income for the quarter and the company continues to work towards the sale of its remaining investment services business.
This document is Toll Brothers Inc.'s quarterly report filed with the SEC for the quarter ended July 31, 2001. It summarizes Toll Brothers' financial position, including an increase in total assets to $2.4 billion from $2 billion the prior year. Revenues increased to $1.5 billion from $1.2 billion the prior year. Net income increased to $145 million from $88 million the prior year. The report provides condensed financial statements, notes to the financial statements, and management's discussion of financial results.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
Worthington Industries reported financial results for the fourth quarter and full fiscal year 2009. For the quarter, net sales decreased 46% to $471.6 million and the company reported a net loss of $13.7 million compared to net earnings of $53.9 million in the previous year. For the full year, net sales decreased 14% to $2.6 billion and the company reported a net loss of $108.2 million compared to net earnings of $107.1 million the previous year. The company also continued restructuring efforts through plant closures and headcount reductions in response to challenging market conditions.
- Genuine Parts Company reported financial results for Q3 and the first nine months of 2009.
- Sales were down 10% for Q3 and 11% for the nine month period compared to the previous year.
- Net income decreased 18% for Q3 and 23% for the nine month period year-over-year.
- The automotive segment saw a 1% sales decline for Q3, while industrial and electrical groups saw larger decreases.
The document provides revised quarterly segment income statements and balance sheets for a company during fiscal year 2007 based on new reporting segments. The new segments are natural gas distribution, regulated transmission and storage, natural gas marketing, and pipeline, storage and other. Summarized income statements are provided for the quarters ended December 31, 2006, March 31, 2007, June 30, 2007, and September 30, 2007 showing operating revenues, purchased gas costs, operating expenses, operating income, interest charges, income before taxes, and net income for each segment. Financial information is unaudited and should be read with the company's audited annual report.
This document is Realogy Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2007 filed with the SEC. It provides information on Realogy's business operations, legal proceedings, risk factors, financial statements and other disclosures. Specifically, it summarizes Realogy's acquisition by Apollo Management in a $8.75 billion leveraged buyout in April 2007 and the resulting changes to Realogy's ownership and capital structure. It also indicates that no market exists for Realogy's common stock and that it has not registered any securities under Section 12 of the Exchange Act.
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent its actual
The document summarizes the company's financial results for the second quarter of fiscal year 2007 compared to the same period in 2006. Net income increased 20% to $106.5 million, driven by a 21% rise in utility throughput from colder weather. Earnings per share increased 9% to $1.10. While utility profits grew due to higher volumes, natural gas marketing profits declined because of unrealized losses from changes in storage and contract values.
Realogy Corporation reported financial results for the full year 2008. Key highlights include:
- Net loss of $1.9 billion which included a $1.8 billion non-cash impairment charge. Excluding special items, EBITDA was $411 million.
- Generated $109 million in cash from operations despite challenging real estate market conditions.
- Home sale transaction sides declined 18% at RFG and 16% at NRT compared to 2007. Average home prices also declined.
- Continued focus on investing in growth by signing new franchisees generating $420 million in annual commissions.
- Maintained compliance with debt covenants and had $402 million in readily available cash as
In 3 sentences:
Realogy Corporation held a quarterly earnings call on March 24, 2008 to discuss financial results for Q4 and full year 2007. Realogy reported revenue of $6 billion for 2007 but a net loss of $605 million due to housing market challenges and a non-cash impairment charge. The company took actions in 2007-2008 to reduce costs by $220 million and positioned its franchise and brokerage businesses to withstand the difficult market conditions.
This document provides an overview of the nonutility operations of Atmos Energy Corporation. It discusses the corporate structure and business segments, including gas marketing, pipeline and storage, and other nonutility operations. It then provides more detailed descriptions of the storage business models, including proprietary storage, full requirements storage, billable plan storage, and parking and loaning transactions. The storage business models are explained in terms of associated risks, risk management strategies, and impact on margins.
Realogy Corporation reported financial results for the first quarter of 2008. Net revenue totaled $1.05 billion, EBITDA was $4 million, and net loss was $132 million due mainly to interest expense of $164 million. Home sale transaction sides declined 25% at Realogy Franchise Group and 27% at NRT compared to the first quarter of 2007. Realogy's senior secured leverage ratio was 4.2 to 1, well within the maximum allowable ratio of 5.6 to 1 under its credit agreement, demonstrating strong covenant compliance.
Revenues for Realogy Corporation were $1.3 billion for the third quarter of 2008. The company reported a net loss of $50 million for the quarter. Key factors negatively impacting results included $45 million in non-cash losses from Realogy's investment in its loan origination joint venture and $15 million in restructuring charges. Realogy's real estate business drivers such as home sale transactions and average home prices declined compared to the prior year quarter, consistent with broader housing market trends. Realogy remains focused on reducing costs and investing in growth areas of the business during a challenging economic environment.
Realogy Corporation reported its full-year 2007 pro forma combined financial results. Key details include:
- Revenue of $6.0 billion
- Adjusted EBITDA of $816 million
- A net loss of $605 million, largely due to $445 million in non-cash impairment charges recorded in Q4 2007.
- The company exited its "at-risk" government relocation business, which is expected to improve cash flow by $50 million in 2008.
Realogy Corporation announced preliminary unaudited results for full year 2007:
- Adjusted EBITDA was $704 million, within previous guidance of $700-725 million.
- Cash balance was $165 million on December 31, 2007.
- $750 million revolving credit facility was undrawn on that date.
The results have not been finalized or audited. Realogy expects to release audited full year 2007 results and hold a conference call in mid-March 2008.
Realogy Corporation filed a Form 8-K with the SEC to clarify comments made by Henry Silverman, the non-executive chairman of Realogy's board, during a CNBC interview. The Form 8-K notes that Silverman was incorrectly introduced as Realogy's CEO during the interview. It also clarifies that Silverman's comments about Realogy's financial forecasts and market conditions should not be construed as guidance from the company. Specifically, Realogy has not provided financial guidance for 2008 and did not disclose forecasts for average home sale prices or total annual home sale units in the US that were mentioned. Realogy also clarified reported home sale transaction figures for California that did not represent the company
- Micron Technology reported financial results for its third quarter of fiscal year 2008, which ended on May 29, 2008. Net sales increased 10% compared to the previous quarter to $1.5 billion, but the company still reported a net loss of $236 million.
- Cost of goods sold per gigabit decreased approximately 15-25% compared to the previous quarter for DRAM and NAND Flash memory products. However, the company continues to implement restructuring initiatives to improve efficiency and reduce costs.
- Cash flow from operating activities was $217 million for the quarter and the company ended with $1.6 billion in cash, though capital expenditures remain high at $577 million for the quarter.
Realogy Corporation reported financial results for full year 2008. While net revenue was $4.7 billion, the company reported a net loss of $1.9 billion due primarily to a non-cash impairment charge of $1.8 billion. Excluding special items, EBITDA was $411 million and Adjusted EBITDA was $657 million. Despite declines in home sales transactions and prices, Realogy generated $109 million in cash from operations in 2008 and had $402 million in readily available cash. The company continues to focus on investing in growth during difficult market conditions.
- Goodyear reported record second quarter sales of $5.2 billion, up 6.5% from the previous year, driven by strong growth in international businesses.
- International segment operating income increased significantly year-over-year, with all three international business units achieving record results.
- Net income from continuing operations was $75 million compared to $29 million in the previous year, though costs related to plant closures impacted results.
- Goodyear remains focused on managing through challenging market conditions while making investments to capitalize on future growth opportunities.
Micron Technology reported financial results for its fourth quarter and fiscal year 2008, ended August 28, 2008. For the quarter, Micron reported a net loss of $344 million compared to a net loss of $158 million in the prior year quarter. For the fiscal year, Micron reported a net loss of $1.6 billion compared to a net loss of $320 million in the prior fiscal year. Micron's results were negatively impacted by a $205 million charge to write down inventory values and a $463 million charge in the second quarter to write off goodwill in its memory segment. Excluding these charges, Micron's net loss would have been $209 million for the quarter and $1.021 billion for
The Goodyear Tire & Rubber Company reported record third quarter sales of $5.2 billion, up 2% from the previous year. Revenue per tire increased 8% due to improved pricing and product mix. Income from continuing operations was $31 million. Goodyear achieved $1.6 billion in cost savings from its four-point cost savings plan, surpassing its target of $2 billion. The company also eliminated $1.1 billion in retiree healthcare liabilities by establishing a Voluntary Employees' Beneficiary Association trust fund.
Micron Technology reported financial results for its first quarter of fiscal year 2009. It posted a net loss of $706 million compared to a net loss of $344 million last quarter. Sales decreased 4% from last quarter to $1.4 billion due to lower average selling prices for DRAM and NAND flash memory products. Gross margin declined from the prior quarter due to decreases in memory product prices outpacing cost reductions. The company continued restructuring activities this quarter, resulting in a $66 million credit in operating expenses. Cash flow from operations was $359 million for the quarter.
Realogy Corporation reported its financial results for the second quarter of 2008. Net revenue totaled $1.4 billion, EBITDA was $161 million, and net loss was $27 million. While home sale transactions and average home prices declined compared to the prior year, Realogy's franchise brands saw a 24% increase in gross commission income. Realogy also remained in compliance with leverage ratio requirements under its credit agreement.
Realogy Corporation reported its second quarter 2008 results. Net revenue totaled $1.4 billion, EBITDA was $161 million, and net loss was $27 million. Transaction volume declined 21% at Realogy Franchise Group and 19% at NRT compared to the prior year. Average home sale prices decreased 5% at RFG and 8% at NRT. Realogy remains focused on reducing costs and implementing strategic growth initiatives to manage through the challenging housing market.
- CC Media Holdings reported financial results for Q4 2008 and full year 2008. Revenue declined 14% to $1.6 billion in Q4 2008 and 3% to $6.7 billion for the full year.
- The company recognized a non-cash impairment charge of $5.3 billion in Q4 2008, consisting of $1.7 billion for FCC licenses and permits and $3.6 billion for goodwill.
- OIBDAN (operating income before depreciation and amortization) declined 50% to $309 million in Q4 2008 and 21% to $1.8 billion for the full year, as revenues declined across most divisions and markets due to weak advertising spending
Realogy reported first quarter 2008 results with net revenue of $1.05 billion and EBITDA of $4 million. Home sale transactions declined 25% at Realogy Franchise Group and 27% at NRT. The senior secured leverage ratio was 4.2x, within the allowable ratio of 5.6x. Strategic accomplishments included franchise sales growth of 13% and retaining over 92% of top sales associates.
Realogy reported financial results for Q1 2008 with net revenue of $1.05 billion and EBITDA of $4 million. Home sale transactions declined 25% at Realogy Franchise Group and 27% at NRT. The company remained in compliance with debt covenants, with a senior secured leverage ratio of 4.2x which is below the allowable 5.6x ratio. Strategic accomplishments included franchise sales growth of 13% and retaining over 92% of top sales associates.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported its first quarter 2008 financial results. Key highlights include:
- Revenues increased 7% to $20.3 billion compared to the prior year.
- Net earnings per share increased 5% to $0.78 compared to the prior year.
- The company served 73 million people, an increase of 2 million from the prior year.
- Full year 2008 net earnings are projected to be in the range of $3.55 to $3.60 per share.
- United Technologies Corporation reported first quarter 2009 earnings per share of $0.78, down 24% from the prior year. Revenues were $12.2 billion, down 12% year-over-year.
- Earnings were impacted by a decline in revenues due to adverse foreign exchange rates, organic declines, and divestitures. Restructuring costs also reduced earnings per share.
- New equipment orders declined significantly across most business segments compared to the prior year. However, the company saw some stabilization in order trends in March and remains on track to meet full-year guidance.
- The company continues to execute on a $750 million restructuring program and initiated $163 million in actions during
1) Goodyear responded to Standard & Poor's decision to place Goodyear's credit ratings on CreditWatch with negative implications as part of a broader action affecting 14 auto industry firms.
2) Goodyear believes S&P's action was misguided because less than 8% of Goodyear's $20 billion in annual sales are to the global operations of the Big Three U.S. automakers, and over 80% are in the replacement tire market.
3) Near-term impacts of challenges facing the Big Three automakers are not expected to materially affect Goodyear's liquidity.
NETGEAR reported financial results for the first quarter of 2009 with net revenue of $152.0 million, down from $198.2 million in the first quarter of 2008. Net income was $42,000 compared to $11.2 million in the first quarter of 2008. For the second quarter of 2009, NETGEAR expects net revenue in the range of $135-145 million with non-GAAP operating margin of 3-5%. NETGEAR launched 14 new products in the first quarter and saw continued market shift to 11n WiFi products.
This financial review provides operating and financial information for Northeast Utilities (NU) and its subsidiaries through June 30, 2008. Key information includes:
- NU's consolidated revenues for 2007 were $5.822 billion and operating income was $539 million.
- The largest subsidiary, The Connecticut Light and Power Company (CL&P), had revenues of $3.682 billion in 2007 and operating income of $285 million.
- Financial information such as sales, revenues, income, capitalization, debt ratings and dividend payments are presented for NU, CL&P and other subsidiaries from 2007 back to 2003.
1. The 2008 Annual Meeting of Shareholders of Northeast Utilities will be held on May 13, 2008 at 10:30am at the offices of Public Service Company of New Hampshire.
2. Matters to be voted on include electing 12 trustee nominees and ratifying the selection of Deloitte & Touche LLP as the independent auditors for 2008.
3. Directions to the meeting location in Manchester, NH are provided. Shareholders are urged to vote their shares whether attending the meeting or not.
- Net sales increased significantly from $4.74 billion in 1999 to $7.13 billion in 2000. Net income increased slightly from $515.8 million in 1999 to $422 million in 2000.
- The Telecommunications segment saw the largest increase in revenues from $2.96 billion in 1999 to $5.12 billion in 2000, driving the overall revenue growth.
- Pro forma diluted earnings per share, which excludes certain one-time items, increased from $0.67 in 1999 to $1.23 in 2000 despite a smaller increase in net income, reflecting share repurchases.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
Corning Inc. is a 152-year-old diversified technology company that focuses on high-impact growth opportunities through specialty glass, ceramics, polymers, and light manipulation. It develops innovative products for telecommunications, displays, environmental, life sciences, semiconductors, and other materials markets. The 2003 annual report discusses priorities of protecting financial health, returning to profitability, and continuing to invest in the future. It emphasizes growth through global innovation, achieving balance and stability, and preserving trust through living the company's values.
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Corning Inc. reported strong financial performance in its 2007 Annual Report. Net income reached an all-time high of $2.15 billion, up 16% from 2006. Sales increased 13% to $5.86 billion, driven by high demand for LCD glass and new diesel filtration products. Corning also achieved records for earnings per share at $1.34 and operating cash flow at $2.1 billion. The report discusses Corning's strategy of focusing on innovation to drive growth, maintaining financial stability, and improving business portfolio balance. Key accomplishments in 2007 included expanding LCD glass capacity and developing innovations in optical fiber and life sciences technologies.
Corning posted record performance in the first half of 2008 but experienced weak performance in the second half due to the global recession. While sales were up 21% in the first half, they declined 30% in the fourth quarter compared to the third quarter and previous year. Corning implemented cost-cutting measures like job cuts and spending reductions to prepare for a weak 2009. However, Corning remains confident in its long-term strategies and innovative products to drive future growth once the economy recovers.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers across 12 states and owns one of the largest intrastate pipeline systems in Texas. The company has grown through acquisitions, adding over 2.9 million customers since 1983, and pursues a strategy of growing its regulated and complementary nonregulated natural gas businesses.
Atmos Energy Corporation will host a conference call on February 4, 2009 at 8:00 am ET to discuss its fiscal 2009 first quarter financial results. Atmos Energy, headquartered in Dallas, is the largest natural gas-only distributor in the US, serving about 3.2 million customers across 12 states. Interested parties can access the conference call by dialing 800-218-0204 or listening online at Atmos Energy's website, where an archive of the call will also be made available until April 30, 2009.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Atmos Energy Corporation declared a quarterly dividend of 33 cents per share to shareholders of record on February 25, 2009. This marks the company's 101st consecutive quarterly dividend. Atmos Energy is the country's largest natural-gas-only distributor, serving about 3.2 million customers across 12 states. It also provides natural gas marketing and pipeline management services.
Fred Meisenheimer was promoted to senior vice president and chief financial officer of Atmos Energy Corporation. Meisenheimer has been acting as interim CFO since January 1, 2009. He joined Atmos Energy in 2000 as vice president and controller and has made valuable contributions to the company's success over eight years. Prior to joining Atmos Energy, Meisenheimer held financial and accounting roles at other energy companies.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers in 1,600 communities across 8 states. The company has grown significantly through acquisitions, adding over 2.7 million customers since 1983. Atmos Energy aims to continue growing its regulated natural gas distribution operations and complementary nonregulated energy businesses.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
A conference call was scheduled for February 8, 2006 at 8:00 am EST to review the company's fiscal 2006 first quarter financial results. The company reported a net income of $100 million, up 19% from the prior year quarter. Earnings per share were $0.88, up 11% from the previous year. Key drivers included a contribution from acquisitions and weather that was colder than the prior year. The utility segment saw higher throughput and gross profit.
The document summarizes a conference call to review the company's fiscal 2006 second quarter financial results. Key points from the quarter include a 1.3% increase in net income compared to the prior year quarter, driven by higher contributions from the natural gas marketing segment due to favorable storage and marketing positions. Earnings per share increased 1.3% while operating expenses rose due to higher employee, bad debt, and regulatory costs. Weather during the quarter was warmer than normal, negatively impacting utility throughput.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
The document summarizes the company's financial results for fiscal year 2006. Key points include:
- Net income increased 20% to $170 million due to higher contributions from nonutility businesses and rate increases.
- Earnings per share increased 16% to $2.00, despite warmer than normal weather reducing utility revenues.
- Gross profit increased $98.9 million primarily from higher natural gas marketing margins and increased pipeline volumes.
- Higher O&M and interest expenses partially offset revenue gains. Overall the company delivered results within its guidance range for the year.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
South Dakota State University degree offer diploma Transcriptynfqplhm
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The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 12, 2008 (August 12, 2008)
Realogy Corporation
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-148153 20-4381990
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
One Campus Drive
Parsippany, NJ 07054
(Address of Principal Executive Offices) (Zip Code)
(973) 407-2000
(Registrant’s telephone number, including area code)
None
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
2. Item 2.02 Results of Operations and Financial Condition.
On August 12, 2008, Realogy Corporation issued a press release announcing its financial results for second quarter 2008. A
copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will
not be incorporated by reference into any registration statement filed by Realogy Corporation under the Securities Act of 1933, as
amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release issued by Realogy Corporation, dated August 12, 2008
2
3. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
REALOGY CORPORATION
By: /s/ Anthony E. Hull
Anthony E. Hull,
Executive Vice President, Chief Financial
Officer and Treasurer
Date: August 12, 2008
3
4. EXHIBIT INDEX
Number Exhibit
99.1 Press Release issued by Realogy Corporation, dated August 12, 2008
4
5. Exhibit 99.1
REALOGY REPORTS RESULTS FOR SECOND QUARTER 2008
Net Revenue of $1.4 Billion; EBITDA of $161 Million; and Net Loss of $27 Million
Senior Secured Leverage Ratio of 4.9x, in Compliance with
5.6x Allowable Ratio Under Credit Agreement
PARSIPPANY, N.J., Aug. 12, 2008 – Realogy Corporation, a global provider of real estate and relocation services, today reported
results for the second quarter 2008. Specifically, second quarter 2008 net revenue totaled $1.4 billion; EBITDA was $161 million,
and net loss was $27 million.
“In the midst of a very difficult housing market, Realogy remains focused on increasing productivity and reducing our operating costs
to enhance our ability to manage through this protracted downturn and, ultimately, be well-positioned to capitalize on the real estate
market when it recovers,” said Richard A. Smith, Realogy’s president and CEO. “We also continue to implement strategic growth
initiatives that we believe will pay dividends for us over the long-term. Our launch of the Better Homes and Gardens Real Estate
franchise system last month certainly speaks to our commitment to growth. We are proud of our accomplishments and the continued
efforts of our management and employees to help guide the Company through this challenging economic environment.”
In line with the second-quarter reports issued by the National Association of Realtors (NAR) and Fannie Mae, Realogy’s year-over-
year home sale transaction sides declined by 21 percent at the Realogy Franchise Group (RFG) and by 19 percent at NRT, the
Company’s owned brokerage unit, during the three months ended June 30, 2008 compared to the same period in the prior year.
For the second quarter of 2008, RFG’s average home sales price decreased 5 percent and NRT’s average home sale price declined 8
percent compared to the same period in 2007. These price declines were driven by various factors, including high inventory levels,
the increased prominence of short sale and foreclosure activity and, particularly as it relates to NRT, a relative shift in the mix of
transactions from higher price ranges to lower- and middle-range homes. This shift is due in part to the constrained availability of
jumbo mortgages for buyers in the higher price ranges.
Strategic and Operational Accomplishments
The Company highlighted the following recent accomplishments:
Realogy launched the Better Homes and Gardens® Real Estate brand on July 23 with the opening of its first franchise in
•
northeast Pennsylvania and the unveiling of its Web site for consumers, www.bhgrealestate.com.
6. Realogy Reports Results for Second Quarter 2008
Page 2 of 14
Net domestic franchise sales for Realogy’s leading brands – Better Homes and Gardens® Real Estate, CENTURY 21®,
•
Coldwell Banker®, Coldwell Banker Commercial®, ERA ® and Sotheby’s International Realty® – totaled $171 million
in gross commission income (GCI) for the second quarter of 2008, a year-over-year increase of 24 percent.
• NRT maintained a 92 percent retention rate for the top two quartiles of its sales associates.
• NRT’s REO division, REO Experts, which is the largest independent Real Estate Owned asset management company in
the United States, saw its transaction volume of foreclosed properties nearly double to approximately 10,000 units in the
second quarter of 2008 as compared to the second quarter of the prior year.
• Cartus, our relocation services firm, added 43 new clients, including Procter & Gamble, Adidas, Halliburton and other
leading firms.
• Title Resource Group (TRG) continues to expand its lender channel business, working with various national lenders as
their provider of settlement services, and to grow its underwriter channel business. According to a title industry report
published in June, TRG ranked third among the Top 10 national underwriters based on net operating gain for the first
quarter of 2008.
Covenant Compliance & Revolver Balance
As of June 30, 2008, the Company’s senior secured leverage ratio was 4.9 to 1. This is 0.7x below the maximum 5.6 to 1 ratio
required for Realogy to be in compliance under its Credit Agreement. The senior secured leverage ratio is determined by taking
Realogy’s senior secured net debt of $3.3 billion at June 30, 2008 and dividing it by the Company’s Adjusted EBITDA of $679
million for the 12 months ended June 30, 2008. (Please see Table 7 for a reconciliation of net loss to Adjusted EBITDA and Table 8
for the definition of non-GAAP financial measures.)
Realogy’s revolver balance as of June 30, 2008 was $205 million.
Investor Webcast
Realogy will hold a Webcast to review its second quarter 2008 results at 10:00 a.m. (EDT) on Thursday, August 14. The call will be
hosted by Richard A. Smith, president and CEO, and Tony Hull, executive vice president, CFO and treasurer. Questions to be
answered on the call should be submitted in advance to Investor.Relations@Realogy.com by 5:00 p.m. (EDT) on Wednesday,
August 13.
The conference call will be made available live via Webcast on the Investor Information section of the Realogy.com Web site. A
replay of the Webcast will be available at www.realogy.com from August 14 through August 28.
7. Realogy Reports Results for Second Quarter 2008
Page 3 of 14
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate
franchising, brokerage, relocation and title services. Realogy’s world-renowned brands and business units include Better Homes and
Gardens® Real Estate, CENTURY 21 ®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s
International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy’s franchise systems have approximately
16,000 offices and 300,000 sales associates doing business in 92 countries around the world. Headquartered in Parsippany, N.J.,
Realogy (www.realogy.com) has approximately 13,000 employees worldwide. Realogy is owned by affiliates of Apollo
Management, L.P., a leading private equity and capital markets investor. To receive future Realogy news releases, you can sign up for
an e-mail subscription or secure a link for your RSS reader at www.realogy.com/media.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Realogy Corporation (“Realogy”) to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded
by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”,
“plans”, “may increase”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”,
“would”, “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances or results are forward-looking statements.
Various factors that could cause actual future results and other future events to differ materially from those estimated by management
include, but are not limited to: our substantial debt leverage; continuing adverse developments in the residential real estate markets;
a continuing drop in consumer confidence; adverse developments in general business, economic and political conditions, including
the impact of a recession or a prolonged period of slow growth in the U.S. economy; changes in short-term or long-term interest
rates or mortgage-lending practices, or any outbreak or escalation of hostilities on a national, regional or international basis; our
ability to comply with the affirmative and negative covenants contained in our debt agreements; our failure to complete future
acquisitions or to realize anticipated benefits from completed acquisitions; our failure to maintain or acquire franchisees and brands
or the inability of franchisees to survive the current real estate downturn; and our inability to access capital and/or securitization
markets.
Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings “Forward-
Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2007 and our Form
10-Qs for the quarters ended March 31, 2008 and June 30, 2008, and in our other periodic reports filed from time to time, in
connection with considering any forward-looking statements that may be made by us and our businesses generally. Except for our
ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly
any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are
required to do so by law.
8. Realogy Reports Results for Second Quarter 2008
Page 4 of 14
The 2007 results for the three and six months ended June 30, 2007, which are set forth in the tables that accompany this press release
and in our second quarter 2008 Form 10-Q have been reported on a pro forma combined basis. They have been prepared to give
effect to the Company’s April 10, 2007 acquisition by Apollo Management, L.P. and the related financing transactions as if they had
occurred on January 1, 2007 and combine the Company’s financial results for the predecessor period from the beginning of the
period — January 1, 2007 or April 1, 2007 — through April 9, 2007, and the successor period, from April 10, 2007 through June 30,
2007.
This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, important
information regarding such measures is contained in the Tables attached to this release.
Investor Relations Contact:
Alicia Swift
(973) 407-4669
alicia.swift@realogy.com
Media Contact:
Mark Panus
(973) 407-7215
mark.panus@realogy.com
###
(Tables to Follow)
9. Realogy Reports Results for Second Quarter 2008
Page 5 of 14
Table 1
REALOGY CORPORATION AND THE PREDECESSOR
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Successor Predecessor
Three Period Period
Months from from
Ended April 10 April 1
June 30, Through Through
2008 June 30, 2007 April 9, 2007
Revenues
Gross commission income $1,040 $ 1,295 $ 83
Service revenue 208 201 20
Franchise fees 91 115 9
Other 51 46 7
Net revenues 1,390 1,657 119
Expenses
Commission and other agent-related costs 685 863 54
Operating 422 409 46
Marketing 60 60 10
General and administrative 55 67 51
Former parent legacy costs (benefit), net (7) — 1
Separation costs — 1 —
Restructuring costs 14 3 1
Merger costs — 16 71
Depreciation and amortization 55 328 4
Interest expense 153 153 8
Interest income (1) (2) (1)
Total expenses 1,436 1,898 245
(46) (241) (126)
Loss before income taxes and minority interest
Provision for income taxes (19) (93) (49)
Minority interest, net of tax — 1 —
$ (27) $ (149) $ (77)
Net loss
10. Realogy Reports Results for Second Quarter 2008
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Table 2
Realogy Corporation and the Predecessor
Unaudited Pro Forma Combined Statement of Operations
For the Three Months Ended June 30, 2007
(In millions)
Predecessor Successor Successor
Period from Period from Actual Results
April 1 April 10 Pro For the Three
Through Through Forma Months Ended
April 9, 2007 June 30, 2007 Transactions Combined June 30, 2008
(In millions)
Revenues
Gross commission income $ 83 $ 1,295 $ — $ 1,378 $ 1,040
Service Revenue 20 201 9 (a) 230 208
Franchise fee 9 115 — 124 91
Other 7 46 — 53 51
Net revenues 119 1,657 9 1,785 1,390
Expenses
Commission and other agent related costs 54 863 — 917 685
Operating 46 409 2 (a) 457 422
Marketing 10 60 — 70 60
General and administrative 51 67 (45) (b) 73 55
Former parent legacy costs (benefit), net 1 — 6 (a) 7 (7)
Separation costs — 1 — 1 —
Restructuring costs 1 3 — 4 14
Merger costs 71 16 (87) (c) — —
Depreciation and amortization 4 328 (278) (d) 54 55
Interest expense 8 153 — 161 153
Interest income (1) (2) — (3) (1)
Total expenses 245 1,898 (402) 1,741 1,436
Income (loss) before income taxes and
(126) (241) 411 44 (46)
minority interest
Provision for income taxes (49) (93) 156 (e) 14 (19)
Minority interest, net of tax — 1 — 1 —
Net income (loss) $ (77) $ (149) $ 255 $ 29 $ (27)
(a) Reflects the elimination of the negative impact of $9 million of revenue and $2 million of expense fair value adjustments for
purchase accounting at the operating business segments primarily related to deferred revenue, referral fees, insurance accruals
and fair value adjustments on at risk homes and $6 million of income related to a fair value adjustment for a legacy asset matter.
(b) Reflects the elimination of $45 million of separation benefits payable to our former CEO upon retirement, the amount of which
was determined as a result of a change in control provision in his employment agreement with the Company.
(c) Reflects the elimination of $87 million of merger costs which are comprised primarily of $56 million for the accelerated vesting
of stock based incentive awards granted by the Company, $25 million of employee retention and supplemental bonus payments
incurred in connection with the Transactions and $6 million of professional costs incurred by the Company associated with the
Merger.
(d) Reflects the elimination of the amortization of pendings and listings of $278 million.
(e) Reflects the estimated tax effect resulting from the pro forma adjustments at an estimated rate of 38%. We expect our tax
payments in future years, however, could vary from this amount.
11. Realogy Reports Results for Second Quarter 2008
Page 7 of 14
Table 3
REALOGY CORPORATION AND THE PREDECESSOR
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Successor Predecessor
Six
Months Period from Period from
Ended April 10 January 1
June 30, Through Through
2008 June 30, 2007 April 9, 2007
Revenues
Gross commission income $1,788 $ 1,295 $ 1,104
Service revenue 392 201 216
Franchise fees 164 115 106
Other 100 46 67
Net revenues 2,444 1,657 1,493
Expenses
Commission and other agent-related costs 1,171 863 726
Operating 851 409 489
Marketing 115 60 84
General and administrative 118 67 123
Former parent legacy costs (benefit), net (1) — (19)
Separation costs — 1 2
Restructuring costs 23 3 1
Merger costs 2 16 80
Depreciation and amortization 111 328 37
Interest expense 317 153 43
Interest income (1) (2) (6)
Total expenses 2,706 1,898 1,560
(262) (241) (67)
Loss before income taxes and minority interest
Provision for income taxes (102) (93) (23)
Minority interest, net of tax — 1 —
$ (160) $ (149) $ (44)
Net loss
12. Realogy Reports Results for Second Quarter 2008
Page 8 of 14
Table 4
Realogy Corporation and the Predecessor
Unaudited Pro Forma Combined Statement of Operations
For the Six Months Ended June 30, 2007
(in millions)
Predecessor Successor Successor
Period from Period from Actual Results
January 1 April 10 Pro For The Six
Through Through Forma Months Ended
April 9, 2007 June 30, 2007 Transactions Combined June 30, 2008
(In millions)
Revenues
Gross commission income $ 1,104 $ 1,295 $ — $ 2,399 $ 1,788
Service Revenue 216 201 9(a) 426 392
Franchise fee 106 115 — 221 164
Other 67 46 (2) (b) 111 100
Net revenues 1,493 1,657 7 3,157 2,444
Expenses
Commission and other agent related costs 726 863 — 1,589 1,171
Operating 489 409 2(a) 900 851
Marketing 84 60 — 144 115
General and administrative 123 67 (42) (c) 148 118
Former parent legacy costs (benefit), net (19) — 6(a) (13) (1)
Separation costs 2 1 — 3 —
Restructuring costs 1 3 — 4 23
Merger costs 80 16 (96) (d) — 2
Depreciation and amortization 37 328 (260) (e) 105 111
Interest expense 43 153 126 (f) 322 317
Interest income (6) (2) — (8) (1)
Total expenses 1,560 1,898 (264) 3,194 2,706
Income (loss) before income taxes and Minority
interest (67) (241) 271 (37) (262)
Provision for income taxes (23) (93) 103 (g) (13) (102)
Minority interest, net of tax — 1 — 1 —
Net Income (loss) $ (44) $ (149) $ 168 $ (25) $ (160)
(a) Reflects the elimination of the negative impact of $9 million of revenue and $2 million of expense fair value adjustments for
purchase accounting at the operating business segments primarily related to deferred revenue, referral fees, insurance accruals
and fair value adjustments on at risk homes and $6 million of income related to a fair value adjustment for a legacy asset matter.
(b) Reflects the incremental borrowing costs for the period from January 1, 2007 to April 9, 2007 of $2 million as a result of the
securitization facilities refinancings. The borrowings under the securitization facilities are advanced to customers of the
relocation business and the Company generally earns interest income on the advances, which are recorded within other revenue
net of the borrowing costs under the securitization arrangement.
(c) Reflects (i) incremental expenses for the period from January 1, 2007 to April 9, 2007 in the amount of $3 million representing
the estimated annual management fee to be paid by Realogy to Apollo, and (ii) the elimination of $45 million of separation
benefits payable to our former CEO upon retirement, the amount of which was determined as a result of a change in control
provision in his employment agreement with the Company.
(d) Reflects the elimination of $96 million of merger costs which are comprised primarily of $56 million for the accelerated vesting
of stock based incentive awards granted by the Company, $25 million of employee retention and supplemental bonus payments
incurred in connection with the Transactions and $15 million of professional costs incurred by the Company associated with the
Merger.
13. Realogy Reports Results for Second Quarter 2008
Page 9 of 14
(e) Reflects an increase in amortization expenses for the period from January 1, 2007 to April 9, 2007 resulting from the values
allocated on a preliminary basis to our identifiable intangible assets, less the amortization of pendings and listings. Amortization
is computed using the straight-line method over the asset’s related useful life.
Estimated Estimated
(In millions) fair value useful life Amortization
Real estate franchise agreements $ 2,019 30 years $ 33
Customer relationships 467 10-20 years 13
Estimated annual amortization expense 46
Less:
Amortization expense recorded for the items above (28)
Amortization expense for non-recurring pendings and listings (278)
Pro forma adjustment $ (260)
(f) Reflects incremental interest expense for the period from January 1, 2007 to April 9, 2007 in the amount of $126 million related
to the indebtedness incurred in connection with the Merger which includes $6 million of incremental deferred financing costs
amortization and $2 million of incremental bond discount amortization relating to the senior notes, senior toggle notes and
senior subordinated notes.
For pro forma purposes we have assumed a weighted average interest rate of 8.32% for the variable interest rate debt under the
term loan facility and the revolving credit facility, based on the 3-month LIBOR rate as of June 30, 2007. This variable interest
rate debt is reduced to reflect the $775 million of floating to fixed interest rate swap agreements. The adjustment assumes
straight-line amortization of capitalized financing fees over the respective maturities of the indebtedness.
(g) Reflects the estimated tax effect resulting from the pro forma adjustments at an estimated rate of 38%. We expect our tax
payments in future years, however, could vary from this amount.
14. Realogy Reports Results for Second Quarter 2008
Page 10 of 14
Table 5
Q2 and YTD 2008 Recap of Key Business/Revenue Drivers and Operating Statistics
Three Months Ended June 30, Six Months Ended June 30,
2008 2007 % Change 2008 2007 % Change
Real Estate Franchise Services (a)
Closed homesale sides 282,333 355,331 (21)% 491,646 634,567 (23)%
Average homesale price $221,351 $233,610 (5)% $218,351 $232,121 (6)%
Average homesale broker commission rate 2.52% 2.49% 3 bps 2.51% 2.49% 2 bps
Net effective royalty rate 5.10% 5.01% 9 bps 5.08% 5.02% 6 bps
Royalty per side $ 294 $ 300 (2)% $ 289 $ 299 (3)%
Company Owned Real Estate Brokerage Services
Closed homesale sides 79,823 98,574 (19)% 133,871 172,445 (22)%
Average homesale price $497,203 $540,555 (8)% $509,059 $537,590 (5)%
Average homesale broker commission rate 2.48% 2.48% — 2.47% 2.47% —
Gross commission income per side $ 12,981 $ 13,925 (7)% $ 13,322 $ 13,858 (4)%
Relocation Services
Initiations 42,636 43,121 (1)% 75,469 73,958 2%
Referrals 20,922 24,906 (16)% 34,854 42,705 (18)%
Title and Settlement Services
Purchase title and closing units 32,938 40,384 (18)% 56,947 72,391 (21)%
Refinance title and closing units 10,504 10,478 — 21,775 20,159 8%
Average price per closing unit $ 1,535 $ 1,500 2% $ 1,485 $ 1,481 —
(a) Includes all franchisees except for our Company Owned Real Estate Brokerage Services segment.
15. Realogy Reports Results for Second Quarter 2008
Page 11 of 14
Table 6
Selected Quarterly Financial Data
(In millions)
For The Three For The Three
Months Ended Months Ended
March 31, 2008 June 30, 2008
Revenue:
Real Estate Franchise Services $ 152 $ 185
Company Owned Real Estate Brokerage Services 770 1,062
Relocation Services 108 124
Title and Settlement Services 81 94
Corporate and Other (c) (57) (75)
EBITDA (a) (b)
Real Estate Franchise Services $ 80 $ 109
Company Owned Real Estate Brokerage Services (60) 26
Relocation Services — 23
Title and Settlement Services (2) 5
Corporate and Other (c) (14) (2)
(a) EBITDA is defined as net income before depreciation and amortization, interest (income) expense, net (other than Relocation
Services interest for securitization assets and securitization obligations), income taxes and minority interest, each of which is
presented on our Condensed Consolidated Statements of Operations.
(b) EBITDA includes Former Parent Legacy Costs (Benefits), Separation Costs (Benefits), Restructuring Costs, and Merger Costs
as follows ($ In Millions):
For The Three Months For The Three Months
Ended March 31, 2008 Ended June 30, 2008
Real Estate Franchise Services $ — $ —
Company Owned Real Estate Brokerage
Services 9 13
Relocation Services — —
Title and Settlement Services — 1
Corporate and Other 7 (7)
(c) Includes unallocated corporate overhead and the elimination of transactions between segments, which consists of intercompany
royalties and marketing fees paid by our Company Owned Real Estate Brokerage Services segment of $75 million and $57
million during the three months ended June 30, 2008, and March 31, 2008, respectively.
16. Realogy Reports Results for Second Quarter 2008
Page 12 of 14
Table 7
EBITDA and Adjusted EBITDA for the 12 months ended June 30, 2008
A reconciliation of net loss to Adjusted EBITDA for the twelve months ended June 30, 2008 is set forth in the following table:
For the Twelve
Months Ended
June 30, 2008
Net loss (a) $ (807)
Minority interest, net of tax 1
Provision for income taxes (448)
Loss before income taxes and minority interest (1,254)
Interest expense (income), net 651
Depreciation and amortization 285
(318)
EBITDA
Covenant calculation adjustments:
Merger costs, restructuring costs, separation costs, and former parent legacy costs (benefit),
net (b) 99
2007 impairment of intangible assets and goodwill (c) 667
Pro forma cost savings for 2007 restructuring initiatives (d) 20
Pro forma cost savings for 2008 restructuring initiatives (e) 20
Pro forma effect of business optimization initiatives (f) 82
Non-cash charges (g) 45
Non-recurring fair value adjustments for purchase accounting (h) 15
Pro forma effect of NRT acquisitions and RFG acquisitions and new franchisees (i) 15
Apollo management fees (j) 14
Proceeds from WEX contingent asset (k) 11
Incremental securitization interest costs (l) 5
Better Homes and Gardens Real Estate start up costs 4
$ 679
Adjusted EBITDA
Total senior secured net debt (m) $ 3,328
4.9x
Senior secured leverage ratio
(a) Net loss consists of a loss of: (i) $55 million for the third quarter of 2007; (ii) $593 million for the fourth quarter of 2007;
(iii) $132 million for the first quarter of 2008 and (iv) $27 million for the second quarter of 2008.
(b) Consists of $9 million of merger costs, $56 million of restructuring costs, $5 million of separation benefits paid to our former
CEO upon retirement, $3 million of separation costs and $25 million of former parent legacy costs.
(c) Represents the non-cash adjustment for the 2007 impairment of goodwill and unamortized intangible assets.
(d) Represents actual costs incurred that are not expected to recur in subsequent periods due to restructuring activities
initiated during the year ended December 31, 2007. From this restructuring, we expect to reduce our operating costs by
approximately $58 million on a twelve month run-rate basis and estimate that $38 million of such savings were realized from the
time they were put in place (primarily in the fourth quarter of 2007) through June 30, 2008. The adjustment shown represents
the impact the savings would have had on the period from July 1, 2007 through the time they were put in place, had those
actions been effected on July 1, 2007.
(e) Represents actual costs incurred that are not expected to recur in subsequent periods due to restructuring activities
initiated during the first six months of 2008. From this restructuring, we expect to reduce our operating costs by approximately
$24 million on a twelve month run-rate basis and estimate that $4 million of such savings were realized from the time they were
put in place. The adjustment shown represents the impact the savings would have had on the period from July 1, 2007 through
the time they were put in place, had those actions been effected on July 1, 2007.
(f) Represents the twelve month pro forma effect of business optimization initiatives that have been completed to reduce costs
including: (i) $29 million related to the exit of the government at-risk homesale business; (ii) $17 million related to the
elimination of the 401(k) employer match; (iii) $17 million related to the renegotiation of NRT contracts; and other initiatives
17. Realogy Reports Results for Second Quarter 2008
Page 13 of 14
(g) Represents the elimination of non-cash expenses including $36 million for the change in the allowance for doubtful accounts
and reserve for development advance notes and promissory notes from July 1, 2007 through June 30, 2008, $7 million of stock
based compensation expense.
(h) Reflects the adjustment for the negative impact of $15 million of fair value adjustments for purchase accounting at the operating
business segments primarily related to deferred revenue, referral fees, insurance accruals and at-risk homes for the twelve
months ended June 30, 2008.
(i) Represents the estimated impact of acquisitions made by NRT and RFG acquisitions and new franchisees as if they had been
acquired or signed on July 1, 2007. We have made a number of assumptions in calculating such estimate and there can be no
assurance that we would have generated the projected levels of EBITDA had we owned the acquired entities or entered into the
franchise contracts as of July 1, 2007.
(j) Represents the elimination of annual management fees payable to Apollo for the twelve months ended June 30, 2008.
(k) Wright Express Corporation (“WEX”) was divested by Cendant in February 2005 through an initial public offering (“IPO”). As
a result of such IPO, the tax basis of WEX’s tangible and intangible assets increased to their fair market value which may reduce
federal income tax that WEX might otherwise be obligated to pay in future periods. WEX is required to pay Cendant 85% of
any tax savings related to the increase in fair value utilized for a period of time that we expect will be beyond the maturity of the
notes. Cendant is required to pay 62.5% of these tax savings payments received from WEX to us.
(l) Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended June 30,
2008.
(m) Represents total borrowings under the senior secured credit facility, including the revolving credit facility, of $3,343 million
plus $14 million of capital lease obligations less $29 million of readily available cash as of June 30, 2008.
18. Realogy Reports Results for Second Quarter 2008
Page 14 of 14
Table 8
Definitions
EBITDA is defined as net income before depreciation and amortization, interest (income) expense, net (other than relocation
services interest for securitization assets and securitization obligations), income taxes and minority interest. Adjusted EBITDA is
calculated by adjusting EBITDA by the items described above. We believe EBITDA and Adjusted EBITDA are useful as
supplemental measures in evaluating the performance of our operating businesses and provides greater transparency into our
consolidated and combined results of operations. EBITDA and Adjusted EBITDA are measures used by our management, including
our chief operating decision maker, to perform such evaluation, and are factors in measuring compliance with debt covenants relating
to certain of our borrowing arrangements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for
net income or other statement of operations data prepared in accordance with U.S. generally accepted accounting principles. Our
presentation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. A
reconciliation of EBITDA and Adjusted EBITDA to net loss is included in the table above.
We believe EBITDA and Adjusted EBITDA facilitate company-to-company operating performance comparisons by backing out
potential differences caused by variations in capital structures (affecting net interest expense), taxation and the age and book
depreciation of facilities (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to
operating performance. We further believe that EBITDA is frequently used by securities analysts, investors and other interested
parties in their evaluation of companies, many of which present an EBITDA measure when reporting their results. EBITDA and
Adjusted EBITDA are not necessarily comparable to other similarly titled financial measures of other companies due to the potential
inconsistencies in the method of calculation. In addition, Adjusted EBITDA as presented in this table corresponds to the definition of
“Adjusted EBITDA” used in the senior secured credit facility to calculate the senior secured leverage ratio and substantially
corresponds to the definition of “EBITDA” used in the indentures governing the notes to test the permissibility of certain types of
transactions, including debt incurrence.
EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them either in isolation or as
substitutes for analyzing our results as reported under GAAP. Some of these limitations are:
• these EBITDA measures do not reflect changes in, or cash requirement for, our working capital needs;
• these EBITDA measures do not reflect our interest expense (except for interest related to our securitization obligations), or
the cash requirements necessary to service interest or principal payments, on our debt;
• these EBITDA measures do not reflect our income tax expense or the cash requirements to pay our taxes;
• Adjusted EBITDA includes pro forma cost savings and the pro forma twelve month effect of NRT acquisitions and RFG
acquisitions/new franchisees as well as the pro forma twelve month effect of certain cost cutting and business optimization
activities. These adjustments may not reflect the actual cost savings or pro forma effect recognized in future periods;
• these EBITDA measures do not reflect historical cash expenditures or future requirements for capital expenditures or
contractual commitments;
• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to
be replaced in the future, and these EBITDA measures do not reflect any cash requirements for such replacements; and
• other companies in our industry may calculate these EBITDA measures differently so they may not be comparable.