Realogy Corporation Completes Spin-Off
July 31 2006 - 7:09PM
PR Newswire (US)
Stock to Trade Tomorrow on NYSE With Ticker Symbol 'H' for Homes
PARSIPPANY, N.J., July 31 /PRNewswire-FirstCall/ -- Realogy
Corporation (NYSE:H) today completed its previously announced
spin-off from Cendant Corporation (NYSE:CD). Realogy, whose shares
have traded on a "when-issued" basis since July 19, 2006, will
begin "regular-way" trading Aug. 1 on the New York Stock Exchange.
After the market closed today, shares of Realogy were issued to
Cendant shareholders, who received one share of Realogy common
stock for every four shares of Cendant common stock outstanding as
of the July 21 record date. Realogy's single-letter ticker symbol
"H" was chosen to represent "homes," reflecting the Company's
position as the world's leading real estate franchisor and the
largest operator of residential real estate brokerages in the
United States. In 2005, Realogy posted revenue of $7.1 billion and
net income of $627 million. The Company's stock will become a
member of the S&P 500 Index upon the commencement of trading on
Aug. 1. "Realogy represents a unique investment opportunity," said
Richard A. Smith, vice chairman and president of Realogy
Corporation. "By investing in Realogy, individual and institutional
investors alike can invest in the expected long-term growth of
existing home sales." Smith added, "U.S. home prices have increased
every year since 1950, with an average compounded annual growth
rate of 4.8 percent. Price appreciation is forecast to continue as
household income and home size continue to grow over the medium and
long term. While we're seeing a return to a more normalized rate of
homesale unit volume this year, 2006 is still being forecast as the
third-best home sales market in history. Escalating homeownership
rates and expanding demographics in the U.S. should fuel future
volume growth. Realogy is a true, long-term investment in the
housing sector, which represents 20 percent of the country's total
Gross Domestic Product." On Aug. 2, Smith and Realogy Chairman
& CEO Henry R. Silverman will be at the New York Stock Exchange
along with other Realogy executives for the ceremonial ringing of
the NYSE's opening bell. Broadcast Media Note: Realogy, which is a
coined word resulting from the fusion of "real estate" and "-logy,"
the suffix meaning "the study of," is pronounced "REEL-uh-jee" as
in "real" estate. The name Realogy is intended to communicate the
Company's rigorous approach to the business of real estate. About
Realogy Realogy Corporation (NYSE:H), the world's leading real
estate franchisor, has a diversified business model that also
includes real estate brokerage, relocation and title services.
Realogy's world-renowned brands and business units include Century
21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R),
Sotheby's International Realty(R), NRT Incorporated, Cartus and
Title Resource Group. Headquartered in Parsippany, N.J., Realogy
(http://www.realogy.com/) has more than 15,000 employees worldwide.
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.
Realogy cannot provide any assurances that any of the proposed
transactions relating to the separation plan of Cendant Corporation
("Cendant") that may impact Realogy, such as the proposed sale of
Cendant's travel distribution services division, will be completed,
and can give no assurances as to the terms on which such
transactions will be consummated. The sale of Travelport is subject
to certain conditions precedent as described in the Purchase
Agreement relating to such sale. Various factors that could affect
our future results and could cause actual results to differ
materially from those expressed in such forward- looking statements
include but are not limited to risks inherent in Realogy's
separation from Cendant and the related transactions (including a
possible sale of Travelport), a decline in the number of home sales
and/or prices, and adverse developments in general business,
economic and political conditions or any outbreak or escalation of
hostilities on a national, regional or international basis. In
light of these risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Important assumptions and other important factors that could cause
actual results to differ materially from those in the forward
looking statements are specified in Realogy's Registration
Statement on Form 10, as amended, filed with the Securities and
Exchange Commission, including under headings such as "Risk
Factors," "Forward-Looking Statements" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations."
Except for Realogy's ongoing obligations to disclose material
information under the federal securities laws, Realogy undertakes
no obligation to release any revisions to any forward-looking
statements, to report events or to report the occurrence of
unanticipated events unless required by law. DATASOURCE: Realogy
Corporation CONTACT: Media Contacts - Mark Panus, Realogy
Corporation, +1-973-407-7215, ; Eric Kim, Ketchum, +1-646-935-4179,
; Investor Relations Contact - Henry A. Diamond, +1-212-413-1920
Web site: http://www.realogy.com/
Copyright
Cendant (NYSE:CD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Cendant (NYSE:CD)
Historical Stock Chart
From Aug 2023 to Aug 2024