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EXHIBIT 99.1
RESTATED SELECTED FINANCIAL DATA
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AT OR FOR THE YEAR ENDED DECEMBER 31,
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1999 1998 1997 1996 1995
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(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
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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 -- -- --
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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
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(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.
