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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Sarkie who wrote (3395)	10/28/1999 11:11:00 AM
From: Sarkie	Read Replies (1) \| Respond to of 3627

REAL ESTATE BROKERAGES AFFILIATE WITH CENDANT BRANDS AT RECORD PACE SALES OF FRANCHISES AT CENDANT'S CENTURY 21(R), COLDWELL BANKER(R), AND ERA(R) Residential and Commercial Real Estate Brands Increased by 90% in the Third Quarter NEW YORK, Oct 28, 1999 /PRNewswire via COMTEX/ -- The Real Estate Division of Cendant Corporation (NYSE: CD) announced today that its third quarter was marked by a significant increase in the number of brokerages choosing to purchase a real estate franchise from one of its three real estate companies. Through the CENTURY 21, COLDWELL BANKER and ERA brands, Cendant's Real Estate Division posted 90 percent growth in third quarter sales of new franchises. The 90 percent increase is measured by the annual gross closed commission income ("GCC") of brokerage companies that purchased or converted to a Cendant brand franchise during the third quarter. In aggregate, the newly affiliated companies will generate a total of more than $180 million in annual GCC (Note: Cendant franchisees pay royalties to Cendant based on a percentage of their GCC). Sales of new franchises for the Real Estate Division during the first nine months of 1999 rose by 37 percent over the same 1998 period. "These results represent the most successful quarter of franchise sales that this division has ever seen," said Richard A. Smith, chairman and CEO of Cendant's Real Estate Division. "This growth reflects how favorably the market is viewing Cendant's substantial investment in real estate technology, as well as our brands' leadership in delivering consumer-oriented systems to their franchisees." Michael Jalbert, executive vice president of Franchise Sales for Cendant's Real Estate Division, added: "We are particularly pleased with the accelerating growth in sales of new ERA and COLDWELL BANKER Commercial(R) franchises. These high growth brands -- in combination with the considerable merger and acquisition activity within the CENTURY 21 System and the continued residential expansion of the COLDWELL BANKER franchise -- have us on pace to complete another outstanding year." Cendant Corporation (NYSE: CD) is a global provider of consumer and business services. Cendant's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is the world's leading franchisor of hotels, rental car agencies, tax preparation services and real estate brokerage offices. Cendant's Real Estate Division includes: more than 12,000 residential real estate offices and more than 200,000 sales associates operating under the CENTURY 21(R), COLDWELL BANKER(R), and ERA(R) brand names; Cendant Mobility, a global leader in corporate and government employee relocation with over 1,800 corporate clients; Cendant Mortgage, the 6th largest retail mortgage originator in the United States with over $26 billion in loans closed in 1998; and CompleteHome.com, Cendant's residential real estate services portal on the Internet. Headquartered in New York, NY, the company has more than 30,000 employees and operates in over 100 countries. More information about Cendant, its companies and brands can be found at cendant.com or by calling 877-4INFO-CD (877-446-3623). SOURCE Cendant Corporation (C) 1999 PR Newswire. All rights reserved. prnewswire.com