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.

Fairfield claims it is the largest timeshare company in the United States with 340,000 unit owners at 33 resort destinations in 12 states and the Bahamas. The company's unit ownership count is up 22% over 1999.

Fairfield reported fourth-quarter earnings of 40 cents per diluted share, up 33% over the same 1999 period; and revenue of $146.5 million, up 22% from $119.7 million. Full-year earnings were $66.1 million or $1.54 per diluted share, up 23% on total sales of $586.9 million, up 19% from fiscal 1999.

Revenue from vacation ownership interests, or the sale of timeshare units, propelled the company's revenue performance. Gross sales of VOI reached $106.6 million in the fourth quarter, up 21% versus $87.9 million in fourth quarter 1999.

Net VOI sales for the 12 months ended Dec. 31 rose 20% to $446.5 million from $370.8 million in the prior year. Gross VOI sales were $448.2 million, up 21% from $369.3 million in 1999. At Dec. 31, the company had $8.4 million of deferred revenue from the sale of timeshare units still under construction.

Fairfield shareholders as of Feb. 23, 2001 will be asked to approve the merger with Cendant at a special stockholders meeting April 2. The merger proposal has Cendant acquiring all of the Fairfield's outstanding common at $15 per share, payable in cash and Cendant common. The final price could be $16 per share, Fairfield tells its shareholders.