Cendant Reports Strong First Quarter

NEW YORK, N.Y. -- At an investors conference March 18, Cendant CEO Henry R. Silverman told investors that the company's results through the first ten weeks of the first quarter are exceeding expectations. Silverman cited higher than expected revenue levels at a number of the company's units, particularly real estate franchise, Avis and Galileo.

As a result, Cendant expects to exceed its current adjusted EPS forecast of $0.30, and expects results to be at least 50% higher than the prior year's first quarter adjusted EPS of $0.21. Cendant doesn't expect any material differences between adjusted results and reported GAAP results in the first quarter of 2002.

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