Realogy Holdings Corp., a global leader in residential real estate franchising and provider of real estate brokerage, relocation, and title and settlement services, today reported financial results for the second quarter ended June 30, 2013, including the following:
• Realogy’s net revenue for second quarter 2013 was $1.53 billion, a 17 percent increase compared to the same period in 2012.
• The Company’s Adjusted EBITDA(1) was $278 million in the second quarter, an increase of 27 percent year-over-year.
• Net income attributable to the Company in the second quarter was $84 million, an improvement of $109 million compared to the second quarter of 2012. Net income includes $67 million of interest expense, $44 million of depreciation and amortization, $43 million of debt extinguishment charges and $26 million of compensation expense relating to the April 2013 issuance of common stock under the phantom value plan.
• Basic earnings per share for the quarter was $0.58, or, excluding the loss on early extinguishment of debt and phantom value plan compensation expense, would have been $1.05.
• The Company also retired $330 million of high cost debt and refinanced $492 million of 11.5 percent debt with $500 million of 3.375 percent debt, reducing its annual cash interest run rate to approximately $255 million per year.
“The material improvement in our second quarter financial results is largely attributable to the strength of our business model, the strong performance of management, a dramatically improved balance sheet with a corresponding material reduction in interest expense, and a housing market recovery that is showing resiliency,” says Richard A. Smith, Realogy’s chairman, chief executive officer and president.