Originally published at www.seclive.com
Realogy Holdings Corp. (NYSE:RLGY) announced its financial results for the first quarter of fiscal year 2014, posting a decrease in its net loss from last year. The real estate services company posted net revenues of $1.0B, a 5% increase from $957M in the year-ago quarter. The company's net loss decreased from $75M and $0.52 per share a year ago to $46M and $0.32 per share. Chairman, President, and CEO Richard Smith commented that the company's transaction volume growth, driven by a higher average sales price, helped drive overall growth. Realogy reduced by $398M its senior secured notes and intends to use the proceeds from its April net proceeds, coupled with cash flow, to eliminate its high-cost debt.
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