Cendant Raises Full-Year 2002 Projection

PARSIPPANY, N.J. -- After enjoying a record first quarter, Cendant Corp. now projects full-year adjusted earnings per share to be $1.36 -- representing a 30% increase over 2001 results. Cendant, whose subsidiaries include Avis, raised by 7 cents its 2002 projection for adjusted earnings per share.

During the first quarter, car rental revenue totaled $571,385,000. The average length of a rental was 3.81 days, compared to 3.71 days in the first quarter in 2001. The average time and mileage revenue per day was $39.47, compared to $39.57 in the first quarter of 2001.

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