here's the news on CD
hope it follow the likes of U ...........
Tuesday March 30, 2:01 pm Eastern Time
Company Press Release
SOURCE: Cendant Corporation
Cendant Corporation Increases Share Repurchase Program to $1.6 Billion
Cendant Board Authorizes $200 Million Increase in Stock Repurchase Program
NEW YORK, March 30 /PRNewswire/ -- Cendant Corporation (NYSE: CD - news) today announced that its Board of Directors has authorized a $200 million increase in the Company's share repurchase program to $1.6 billion.
The Company stated that while it has not fully utilized the previously disclosed $1.4 billion aggregate authorization, it has increased the authorization in order to take advantage of current market opportunities.
Under the share repurchase program, which commenced in the fourth quarter of 1998, the Company has purchased approximately 71 million shares of Cendant common stock on the open market. As previously announced, for the foreseeable future the Company's excess financial resources, including net income and potential proceeds from further asset sales, will be devoted to retiring debt and equity, building shareholder value and maintaining appropriate credit protection. To date, the Company has reduced its shares outstanding by about 9%, including the 7.1 million shares acquired as part of the sale of
Hebdo Mag International.
Cendant Corporation is a global provider of consumer and business services. The Company operates in four principal divisions:
Travel Related Services, Real Estate Related Services, Alliance Marketing Related Services and Other Consumer and Business Services. In Travel Related Services, Cendant is the leading franchiser of hotels and rental car agencies worldwide; the largest provider of vacation exchange services; and a leading fleet management company. In Real Estate Related Services, Cendant is the world's largest franchiser of residential real estate brokerage offices, a major provider of mortgage services to consumers and a global leader in corporate employee relocation. In Alliance Marketing Related Services, Cendant provides access to insurance, travel, shopping, auto, and other services, primarily through direct marketing to customers of its affinity partners.
Other Consumer and Business Services include Jackson Hewitt, a leading tax preparation service franchise system in the US; NCP, the UK's largest private car park operator; and Green Flag, a leading motorist assistance group in the UK.
Headquartered in New York, NY, the Company has more than 35,000 employees and operates in over 100 countries.
Statements about future results made in this release may 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. They involve a number of
risks and uncertainties that are difficult to predict. Actual results could 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 Annual Report on Form 10-K for the
year ended December 31, 1998 filed on March 29, 1999, including the resolution of the pending class action litigation and the
Company's ability to implement its plan to divest non-core assets.
SOURCE: Cendant Corporation |
