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Realogy reports loss, declining revenues in 2007

Company cites 'industrywide slowdown'

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Real estate brokerage and franchise company Realogy Corp. reported a $797 million net loss in 2007 for the period since its April 10 acquisition by an affiliate of private equity firm Apollo Management LP. The company also reported a $44 million net loss for the period from Jan. 1, 2007, through April 9, 2007. That compares with net income of $365 million in 2006 and net income of $627 million in 2005. In a projection of the financial effects of the company's acquisition as if it had occurred on Jan. 1, Realogy said its net loss would have been $605 million for the full year.The company said a fourth-quarter review resulted in a non-cash impairment charge of $667 million that reduced the company's intangible assets by $550 million and reduced goodwill by $117 million. "The impairment is the result of the continued downturn in the residential real estate market in 2007 as well as reduced short-term financial projections," the company reported. The company's revenue for th...