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4th Quarter Revenues, Income Fall At Cendant's Real Estate Unit

Move.com revenues triple

February 12, 2001


In its report of fourth quarter results, Cendant Corporation (NYSE: CD) announced last week that revenues and income at its real estate unit fell from 1999 levels. During the quarter ended December 31, 2000, real estate franchise revenues were $144 million, down six percent from $154 million for the same period in1999.

Revenues for the entire year at the real estate franchise unit rose four percent to
$593 million, from $571 million in all of 1999. Annual earnings before non-operating interest, income taxes, depreciation, amortization and minority interest (EBITDA) were up slightly to $430 million from $424 million in 1999. For the quarter, earnings were $102 million, down eleven percent from $114 million in 1999.

The real estate franchise segment reported 465,072 domestic closed sides during the quarter, nearly unchanged from 1999. The average transaction price was $172,061, up nine percent from $158,526 million the previous year. The adjusted royalty rate for Cendant is .15%.

Cendant's real estate franchises include Century 21®, Coldwell Banker®, Coldwell Banker Commercial ® and ERA®.

Because of higher sponsorship revenues made possible by the launch of Move.com, revenues at the real estate services Internet portal tripled . The Move.com group represents a group of businesses which provide a range of relocation, real estate and home-related products and services through Move.com, and through the Move.com network.

The New York company saw revenues from the Move.com group for the quarter of $18 million, up two hundred percent from 1999, when revenues were $6 million. Earnings (EBITDA) for the three month period were a loss of $20 million, one hundred fifty percent worse than 1999's six million dollar loss.

In October, Cendant announced it would sell Move.com to Homestore.com, which is closely tied to the National Association of Realtors. It expects the transaction to be complete by the first quarter of this year.

Overall, Cendant Corporation saw net income of $602 million during 2000, up from 1999's loss of $55 million.

Sam Garcia has