PHH Corp. had slightly higher earnings for the second quarter, reporting a net income of $10.6 million, or 62 cents a share, compared with $10.5 million, or 62 cents a share, posted during the same quarter a year ago.
Revenues for the second fiscal quarter ending Oct. 31 were $449 million compared with $502 million for the prior year period.
Year-to-date net income was $21.7 million, or $1.28 a share, compared with $22.4 million, or $1.32, in the prior
year. Revenues for the first six months were $956 million compared with $996 million.
"Quarterly results were even with last year's levels despite a continuing international economic downturn which has kept uncertainty high for our clients in many of our major markets," said Chairman and Chief Executive Officer Robert D. Kunisch.
During the quarter, PHH acquired two competing relocation companies. PHH Homequity completed its acquisition of Genesis Relocation Services from GE Capital Mortgage Corp. of Raleigh, N.C., on Friday. Terms of the agreement were not disclosed. "This signing culminates negotiations that were set in motion in mid-October," said Harvey Auger, PHH Homequity president.
The Genesis acquisition follows closely behind the purchase of the Better Homes and Gardens Family Relocation Service from Meredith Corp. of Des Moines, Iowa.
PHH Homequity, based in Wilton, Conn., is an operating unit of PHH Corp., which is based in Hunt Valley. In the last fiscal year, Homequity assisted about 31,000 relocating families and managed more than $3.5 billion in residential real estate worldwide.
Looking ahead to the next several quarters, Kunisch said he expects overall business activity in vehicle, and relocation and real estate management services to continue to improve modestly.
More than 4,500 employees of PHH Corp. and its operating subsidiaries provide businesses worldwide with a broad range of integrated management services and cost-control programs.