After a difficult 12 months, Realogy has reported its 2009 financial results, revealing net revenue of US$3.9 billion, a net loss of $262 million, and EBITDA of $465 million.
As nypost.com reported in September 2009, the company behind brands such as Century 21, Coldwell Banker, and the Corcoran Group came close to defaulting on its senior debt before striking a deal with billionaire Carl Icahn.
Realogy now says that, as of December 31, 2009, it had $219 million of readily available cash and no outstanding balance on its revolving credit facility. The company puts its 17 percent year-on-year decline in revenue down to lower average sale prices of homes brokered by it franchisees and company-owned operations.
“The macroeconomic challenges of the past two years have been unprecedented, and our business model has proven its resiliency throughout,” said Realogy president and CEO Richard A. Smith. “EBITDA before restructuring and other items has remained essentially flat during 2008 and 2009 despite substantial revenue declines we have experienced since 2007. The resulting increased efficiency of our operations has positioned us to outperform when the recovery occurs. While we continue to monitor costs, Realogy is sharply focused on growth in each of our businesses, both organically and via strategic acquisitions.”
Realogy says that collectively, its franchise systems have approximately 14,500 offices and 268,000 sales associates doing business in 93 countries and territories worldwide. The company began 2010 by hiring three new employees.