<PAGE>
EXHIBIT 99.1
RESTATED SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
AT OR FOR THE YEAR ENDED DECEMBER 31,
------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- ------------ ------------ ----------- -----------
(In millions, except per share data)
<S> <C> <C> <C> <C> <C>
OPERATIONS
NET REVENUES $ 4,521 $4,465 $3,553 $ 2,559 $ 1,998
-------- ------- ------- ------- -------
Operating expense 1,605 1,652 1,130 994 855
Marketing and reservation expense 596 622 623 522 391
General and administrative expense 537 544 537 269 212
Depreciation and amortization expense 347 303 222 134 78
Other charges 2,947(1) 838(2) 701(3) -- --
Interest expense, net 196 112 51 12 16
Net gain on dispositions of businesses (967) -- -- -- --
Provision (benefit) for income taxes (468) 135 207 262 181
Minority interest, net of tax 61 51 -- -- --
---------- -------- -------- ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS $ (333) $ 208 $ 82 $ 366 $ 265
========== ======== ======== ======= =======
INCOME (LOSS) FROM CONTINUING OPERATIONS PER SHARE:
Basic $ (0.44) $ 0.25 $ 0.10 $ 0.48 $ 0.38
Diluted (0.44) 0.24 0.10 0.45 0.36
FINANCIAL POSITION
Total assets $ 14,531 $19,421 $13,453 $12,152 $ 7,944
Long-term debt 2,445 3,363 1,246 780 320
Assets under management and mortgage
programs 2,726 7,512 6,444 5,729 4,956
Debt under management and mortgage
programs 2,314 6,897 5,603 5,090 4,428
Mandatorily redeemable preferred
securities issued by subsidiary holding
solely senior debentures issued by the
Company 1,478 1,472 -- -- --
Shareholders' equity 2,206 4,836 3,921 3,956 1,898
</TABLE>
----------
(1) Represents charges of (i) $2,894 million ($1,839 million, after tax or
$2.45 per diluted share) associated with the preliminary agreement to
settle the principal shareholder securities class action suit, (ii) $7
million ($4 million, after tax or $0.01 per diluted share) in connection
with the termination of the proposed acquisition of RAC Motoring
Services, (iii) $21 million ($13 million, after tax or $0.02 per diluted
share) of investigation-related costs, (iv) $23 million ($15 million,
after tax or $0.02 per diluted share) of additional charges to fund an
irrevocable contribution to an independent technology trust responsible
for completing the transition of the Company's lodging franchisees to a
Company sponsored property management system, and (v) $2 million ($1
million, after tax) of costs primarily resulting from the consolidation
of European call centers in Cork, Ireland.
(2) Represents charges of (i) $351 million ($228 million, after tax or $0.26
per diluted share) associated with the agreement to settle the PRIDES
securities class action suit, (ii) $433 million ($282 million, after tax
or $0.32 per diluted share) for the costs of terminating the proposed
acquisitions of American Bankers Insurance Group, Inc. and Providian Auto
and Home Insurance Company, and (iii) $121 million ($79 million, after
tax or $0.09 per diluted share) for investigation-related costs,
including incremental financing costs, and executive terminations. Such
charges are partially offset by a net credit of $67 million ($44 million,
after tax or $0.05 per diluted share) associated with changes to the
estimate of previously recorded merger-related costs and other unusual
charges.
(3) Represents merger-related costs and other unusual charges of $701 million
($503 million, after tax or $0.59 per diluted share) primarily associated
with the merger of HFS Incorporated and CUC International Inc. and the
merger with PHH Corporation in April 1997.
