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ERA Franchise Systems LLC
6 Sylvan Way Parsippany, NJ 07054 (973) 428-9700 |
Media contact: Erica A. Erickson
(973) 496-7434 or public.relations@ERA.com |
Global leader posts 12 percent annual increase in 2000; Ends year with record sales in third and fourth quarters
PARSIPPANY, NJ (February 16, 2001) – ERA Franchise Systems LLC today announced that new records in core franchise sales in the third and fourth quarters helped make 2000 the best year in franchise sales in its history.
These independently owned and operated brokerages are expected to generate a total of approximately $60.7 million in gross closed commissions (GCC) as compared to $54.3 million in 1999, the previous annual best. An additional $9.5 million in annual GCC was generated through NRT acquisitions compared to $7.8 million in 1999, a 22 percent increase. NRT, a joint venture between Cendant (NYSE: CD) and Apollo Management L.P., is the nation's largest residential real estate brokerage operating under the Cendant real estate brands.
With a record $17.1 million in GCC for the three months ended December 31, 2000, last year's fourth quarter was the best fourth quarter in franchise sales in the company's history. That amount represents an increase of more than 39 percent compared to the same period in 1999 ($12.3 million in GCC) and follows a record-setting third quarter when $21.7 million in GCC was posted.
"This record-setting year-end performance – especially following on the heels of our best quarter on record – is further illustration of the value and top-drawer quality that is the hallmark of the ERA system, products and services," said Peter Burgdorff, president and CEO of ERA Franchise Systems LLC. "I was also pleased to see that approximately one third of our fourth quarter 2000 sales were based on the West Coast, historically a lighter region for us," Burgdorff added. "We're seeing great opportunities for growth, and we will aggressively pursue them. This is a trend that I expect to see continue as we build on the momentum we've established."
ERA Franchise Systems LLC, a subsidiary of Cendant Corporation (NYSE:CD), is a global leader in the residential real estate industry with nearly 30 years experience in developing consumer-oriented products and services. The ERA Real Estate network includes more than 2,500 independently owned and operated brokerage offices with more than 28,000 brokers and sales associates throughout the United States and 24 other countries and territories. ERA is available to consumers on the Internet at www.ERA.com, a member of the Move.com network.
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