Press Release: Cendant Corporation
January 11, 2002
NEW YORK, NY -- Cendant Corporation (NYSE: CD) announced that it will present at the Lehman Brothers 22nd Annual
Investment Conference on Friday, January 11, 2002. The Company will reiterate its projected adjusted earnings per
share (``EPS'') for 2002 to be $1.26, or 21% higher than the Company's most recent projections for 2001, and indicate
that upward revisions for both the fourth quarter of 2001 and full year 2002 are likely based on recent trends
in its businesses. The Company will also reiterate its long-term organic growth goals of 5% to 7% for revenue,
10% for adjusted EBITDA and 13% for adjusted EPS. The presentation will be available for viewing on Cendant's Web
site at www.Cendant.com on Friday, January 11, 2002.
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately
60,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting www.Cendant.com
or by calling 877-4-INFOCD (877-446-3623).
Adjusted EBITDA and adjusted EPS are non-GAAP (generally accepted accounting principles) measures, but the Company
believes that they are useful to assist investors in gaining an understanding of the trends and results of operations
for the Company's core businesses. Adjusted EPS should be viewed in addition to GAAP results and not in lieu of
GAAP results. Adjusted EBITDA and adjusted EPS exclude non-recurring or unusual items and the effect of an equity
ownership in Homestore.com. As previously announced, in the fourth quarter 2001, the Company expects to incur charges
related to rightsizing the corporation in response to developments in the economy, particularly the travel industry,
since the attacks of September 11 and the integration of Galileo International and Cheap Tickets, which were acquired
in the fourth quarter 2001, and to record non-cash adjustments related to its investment in Homestore.com and the
carrying value of its mortgage servicing rights.
Statements about future results made in this release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the
current economic environment. The Company cautions that these statements are not guarantees of future performance.
Actual results may differ materially form those expressed or implied in the forward-looking statements. Important
assumptions and other important factors that could cause actual results to differ materially from those in the
forward-looking statements are specified in Cendant's Form 10-Q filed on November 14, 2001. Such forward-looking
statements include projections. Such projections were not prepared in accordance with published guidelines of the
American Institute of Certified Public Accountants or the SEC regarding projections and forecasts, nor have such
projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates.
In addition, such projections are based upon many estimates and are inherently subject to significant economic
and competitive uncertainties and contingencies, many of which are beyond the control of management of Cendant
and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion
of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections
will prove to be correct.
SOURCE: Cendant Corporation