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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: Stevie who wrote (471)	5/5/1998 9:27:00 AM
From: jim shiau	Respond to of 3627

News from Briefing.com CENDANT CORP. (CD) 25 1/2 CLOSED. This troubled real estate franchiser and membership travel concern could come under some additional selling pressure this morning as the company revealed that the accounting irregularities it disclosed last month could affect previous results. While not new, it is a reminder of its recent misstepsand noted that earnings of prior periods may be subject to more revisions. At the same time, the company has postponed its 1998 annual meeting from May 19 to sometime this Fall. Cendant reported its Q1 results of $0.26 a share, a penny above the First Call estimate, but the company had already stated earlier that it expected to beat Wall Street forecasts. Revenues for the period were $1.44 billion. Hence, not much of a surprise, although there is little to compare its latest results to since the company said that its accounting irregularities had made its prior results unreliable. Already, the company expects to reduce last year's revenue results by $100 to $115 million, but the review is still underway and Cendant now expects the probe of its results not to be completed until this summer. According to the Cendant, its results were fueled by cost-cutting and increased revenues in the company's real estate and travel business segments. And while the stock has managed to make up some ground from the pummeling its took last month when it revealed its accounting irregularities, the jury still out whether the company will be able to fix its image once the internal accounting problems are resolved.