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Fairfield Closes 31-Year Books with Record Revenue and Earnings

ORLANDO-The locally based timeshare developer reported fourth-quarter earnings of 40 cents per diluted share, up 33%, on revenue of $146.5 million, up 22%. The company is scheduled to merge with New York-based Cendant Corp. April 2 in a previously-announced stock-cash deal valued for at least $635 million.

By Alex Finkelstein | Updated on February 13, 2001

ORLANDO-Whichever way you look at it, locally based timeshare developer Fairfield Communities Inc. is closing the 31-year-old curtain on itself in style, sitting on a pile of cash.

Fairfield today reported record earnings and revenue for the fourth quarter and the year. The company is scheduled to merge with New York-based Cendant Corp. April 2 in a cash-stock deal valued for at least $635 million, according to both companies.

“We continue to power forward by every financial and operational metric,” outgoing president/CEO Jim Berk says in a prepared statement. Fairfield will continue its operations from its Orlando base under the Cendant banner. Berk is leaving for other unannounced corporate challenges.

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