Press Release: Cendant Corporation
June 1, 2001
NEW YORK, NY -- Cendant Corporation (NYSE: CD) confirmed its confidence in its 2001 forecast.
In an interview yesterday on CNBC's Squawk Box, the Company chairman, president and CEO, Henry R. Silverman, responding
to a question regarding Cendant's stock price, which has increased by about 90% since January 2001, stated that
the current stock price primarily reflects two factors:
(1) Elimination of the uncertainty surrounding the principal class
litigation settlement;
(2) Cendant's strong performance to date in 2001; and a continued
strong outlook for the remainder of the year.
The company has raised earnings per share forecasts several times this year in an environment where other companies
are issuing earnings warnings.
Mr. Silverman said, ``We hope and expect to exceed investor expectations.'' This week, two Wall Street firms raised
their forecasts for the second quarter and for the year and the company remains confident it can beat those raised
forecasts, assuming continuation of the current environment.
To listen to the interview in its entirety, please visit Cendant's Web site at http://www.cendant.com.
The news window on our corporate home page contains a direct link to this interview. You will require Real Player
Basic installed on your computer. You can obtain this free of charge at http://www.real.com/player/index.html.
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 from 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 the Company's Form 10-K for the year ended December 31, 2000.
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. Certain of such uncertainties and contingencies are specified in Cendant's Form 10-K
for the year ended December 31, 2000. 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.
Cendant Corporation is a diversified global provider of business and consumer services primarily within the real
estate and travel sectors. The Company's fee-for-service businesses include hotel, real estate and tax preparation
franchising; rental cars, fleet leasing and fuel cards; mortgage origination and employee relocation; customer
loyalty programs; vacation exchange and rental services and vacation interval sales. Other business units include
the UK's largest private car park operator and electronic reservations processing for the travel industry. With
headquarters in New York City, the Company has approximately 60,000 employees and operates in over 100 countries.
SOURCE: Cendant Corporation