Table 1
Wyndham Worldwide Corporation
OPERATING RESULTS OF REPORTABLE SEGMENTS
(In millions)
In addition to other measures, management
evaluates the operating
results of each of its reportable
segments based upon net revenues and
"EBITDA," which is defined as net
income before depreciation and
amortization, interest expense (excluding
interest on securitized
vacation ownership debt), income taxes
and cumulative effect of
accounting change, net of tax, each
of which is presented on the
Company's Consolidated and Combined
Statements of Income. The Company's
presentation of EBITDA may not be
comparable to similarly-titled
measures used by other companies.
The following tables summarize net
revenues and EBITDA for reportable
segments, as well as reconcile EBITDA
to net income for the three
months ended March 31, 2007 and 2006:
Three Months Ended March 31,
---------------------------------------
2007
2006
-------------------- ------------------
Net
Net
Revenues EBITDA(c) Revenues EBITDA(c)
----------- -------- --------- --------
Lodging
$152 $45 $144
$41
Vacation Exchange and Rentals
314 85 282
77
Vacation Ownership
549 63 445
64
----------- -------- --------- --------
Total
Reportable Segments
1,015 193 871
182
Corporate and Other (a) (b)
(3) (1) (1)
-
----------- -------- --------- --------
Total
Company
$1,012 $192 $870
$182
=========== ======== ========= ========
Reconciliation of EBITDA to
Net Income
EBITDA
$192
$182
Depreciation and amortization
38
34
Interest expense
18
10
Interest income
(3)
(12)
-------- --------
Income before income taxes
139
150
Provision for income taxes
53
57
-------- --------
Income before cumulative effect of
accounting change
86
93
Cumulative effect of accounting
change, net of tax
-
(65)
-------- --------
Net income
$86
$28
======== ========
(a) Includes the elimination of transactions
between segments; excludes
incremental
stand alone company costs during the three months ended
March 31,
2006.
(b) Includes $13 million of a net
benefit related to the resolution of and
adjustment
to certain contingent liabilities and assets during the
three months
ended March 31, 2007.
(c) Includes separation and related
costs of $3 million and $3 million for
Vacation Ownership
and Corporate and Other, respectively, during the
three months
ended March 31, 2007 and $3 million for Corporate and
Other during
the three months ended March 31, 2006.
Table 2
Wyndham Worldwide Corporation
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
(In millions, except per share data)
Three Months Ended
March 31,
2007
2006
-----
-----
Net revenues
Vacation ownership
interest sales
$373
$309
Service fees
and membership
403
356
Franchise
fees
113
109
Consumer financing
81
65
Other
42
31
-----
-----
Net revenues
1,012
870
-----
-----
Expenses
Operating
406
332
Cost of vacation
ownership interests
91
67
Marketing
and reservation
196
174
General and
administrative (a)
121
112
Separation
and related costs (b)
6
3
Depreciation
and amortization
38
34
-----
-----
Total expenses
858
722
-----
-----
Operating income
154
148
Interest expense
18
10
Interest income
(3)
(12)
-----
-----
Income before income taxes
139
150
Provision for income taxes
53
57
-----
-----
Income before cumulative effect of
accounting change
86
93
Cumulative effect of accounting
change, net of tax (c)
-
(65)
-----
-----
Net income
$86
$28
=====
=====
Earnings per share
Basic
Income before
cumulative effect
of accounting
change
$0.46
$0.46
Cumulative
effect of accounting
change,
net of tax
-
(0.32)
-----
-----
Net income
$0.46
$0.14
=====
=====
Diluted
Income before
cumulative effect
of accounting
change
$0.45
$0.46
Cumulative
effect of accounting
change,
net of tax
-
(0.32)
-----
-----
Net income
$0.45
$0.14
=====
=====
Weighted average shares outstanding
Basic
188
200
Diluted
190
200
(a) Includes $13 million of a net benefit
related to the resolution of
and adjustment
to certain contingent liabilities and assets during
the three
months ended March 31, 2007.
(b) Represents costs that the Company
incurred in connection with the
execution
of its separation from its former parent, Cendant (now Avis
Budget Group,
Inc.). Such amounts, net of tax, were $4 million and
$1 million
during the three months ended March 31, 2007 and 2006,
respectively.
(c) Represents non-cash charges to
reflect the cumulative effect of
adopting Statement
of Financial Accounting Standards No. 152,
"Accounting
for Real Estate Time-Sharing Transactions," on
January 1,
2006.
Table 3
(1 of 2)
Wyndham Worldwide Corporation
OPERATING STATISTICS
Year Q1
Q2 Q3
Q4 Full Year
Lodging (a)
Weighted Average
Rooms Available
2007 529,700 N/A
N/A N/A
N/A
2006 520,600 531,000 529,200 529,900
527,700
2005 517,400 512,000 511,500 535,100
519,000
2004 512,000 510,700 507,300 503,000
508,200
Number of
Properties (b)
2007 6,450 N/A
N/A N/A
N/A
2006 6,300 6,440
6,420 6,470
N/A
2005 6,400 6,380
6,350 6,350
N/A
2004 6,380 6,390
6,350 6,400
N/A
RevPAR
2007 $31.35 N/A
N/A N/A
N/A
2006 $30.45 $36.97 $40.82
$31.41 $34.95
2005 $25.53 $31.91 $36.86
$29.72 $31.00
2004 $22.50 $29.08 $34.04
$24.53 $27.55
Royalty, Marketing
and Reservation
Revenue (in 000s)
2007 $105,426 N/A
N/A N/A
N/A
2006 $102,741 $125,409 $138,383 $104,505 $471,039
2005 $84,704 $104,281 $119,829 $99,804
$408,620
2004 $77,830 $97,959 $112,765 $82,502
$371,058
Vacation Exchange
and Rentals
Average Number of
Members (in 000s)
2007 3,474 N/A
N/A N/A
N/A
2006 3,292 3,327
3,374 3,429 3,356
2005 3,148 3,185
3,233 3,271 3,209
2004 2,995 3,031
3,074 3,116 3,054
Annual Dues and
Exchange Revenue
Per Member
2007 $155.60 N/A
N/A N/A
N/A
2006 $152.10 $130.37 $132.31 $128.13
$135.62
2005 $159.12 $134.98 $125.64 $124.05
$135.76
2004 $159.55 $132.51 $123.55 $124.43
$134.82
Vacation Rental
Transactions
(in 000s)
2007 398
N/A N/A
N/A N/A
2006 385
310 356
293 1,344
2005 367
311 344
278 1,300
2004 309
246 295
253 1,104
Average Net
Price Per
Vacation Rental
2007 $349.73 N/A
N/A N/A
N/A
2006 $312.51 $374.91 $442.75 $356.16
$370.93
2005 $331.37 $363.14 $412.66 $325.62
$359.27
2004 $279.46 $333.76 $368.79 $337.42
$328.77
Vacation Ownership
Gross Vacation
Ownership
Interest Sales
(in 000s)
2007 $430,000 N/A
N/A N/A
N/A
2006 $357,000 $434,000 $482,000 $469,000 $1,743,000
2005 $281,000 $354,000 $401,000 $360,000 $1,396,000
2004 $274,000 $315,000 $361,000 $304,000 $1,254,000
Tours
2007 240,000 N/A
N/A N/A
N/A
2006 208,000 273,000 312,000 254,000
1,046,000
2005 195,000 250,000 272,000 217,000
934,000
2004 181,000 227,000 246,000 205,000
859,000
Volume per
Guest (VPG)
2007 $1,607 N/A
N/A N/A
N/A
2006 $1,475 $1,426 $1,434
$1,623 $1,486
2005 $1,349 $1,284 $1,349
$1,507 $1,368
2004 $1,303 $1,253 $1,273
$1,327 $1,287
Note: Full year amounts may not foot
across due to rounding.
(a) Quarterly drivers in the Lodging
segment include the acquisitions of
Ramada International
(December 2004), Wyndham Hotels and Resorts
(October 2005)
and Baymont Inn & Suites (April 2006) from their
acquisition
dates forward. Therefore, the operating statistics are
not presented
on a comparable basis.
(b) Numbers include managed, non-proprietary
hotels from the fourth
quarter of
2006 forward.
Table 3
(2 of 2)
Wyndham Worldwide Corporation
OPERATING STATISTICS
GLOSSARY OF TERMS
Lodging
Weighted Average Rooms Available: Represents
the weighted average number
of hotel rooms available for rental
during the period.
Number of Properties: Represents the
number of lodging properties under
franchise and/or management agreements
at the end of the period.
Number of Rooms: Represents the number
of rooms at lodging properties
under franchise and/or management
agreements at the end of the period.
Average Occupancy Rate: Represents
the percentage of available rooms
occupied during the period.
Average Daily Rate (ADR): Represents
the average rate charged for renting
a lodging room for one day.
RevPAR: Represents revenue per
available room and is calculated by
multiplying average occupancy rate
by ADR.
Royalty, Marketing and Reservation
Revenue: Royalty, marketing and
reservation revenue are typically
based on a percentage of the gross room
revenues of each franchised hotel.
Royalty revenue is generally a fee
charged to each franchised hotel for
the use of one of our trade names,
while marketing and reservation revenue
are fees that we collect and are
contractually obligated to spend to
support marketing and reservation
activities.
Vacation Exchange and Rentals
Average Number of Members: Represents
members in our vacation exchange
programs who pay annual membership
dues. For additional fees, such
participants are entitled to exchange
intervals for intervals at other
properties affiliated with our vacation
exchange business. In addition,
certain participants may exchange
intervals for other leisure-related
products and services.
Annual Dues and Exchange Revenue Per
Member: Represents total revenues
from annual membership dues and exchange
fees generated for the period
divided by the average number of vacation
exchange members during the
year.
Vacation Rental Transactions: Represents
the gross number of transactions
that are generated in connection with
customers booking their vacation
rental stays through us. In our European
vacation rentals businesses, one
rental transaction is recorded each
time a standard one-week rental is
booked; however, in the United States,
one rental transaction is recorded
each time a vacation rental stay is
booked, regardless of whether it is
less than or more than one week.
Average Net Price Per Vacation Rental:
Represents the net rental price
generated from renting vacation properties
to customers divided by the
number of rental transactions.
Vacation Ownership
Gross Vacation Ownership Interest Sales:
Represents gross sales of
vacation ownership interests (including
tele-sales upgrades, which are a
component of upgrade sales) before
deferred sales and loan loss
provisions.
Tours: Represents the number of tours
taken by guests in our efforts to
sell vacation ownership interests.
Volume per Guest (VPG): Represents
revenue per guest and is calculated by
dividing the gross vacation ownership
interest sales, excluding tele-sales
upgrades, which are a component of
upgrade sales, by the number of tours.
Table 4
Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)
March December September June March
31, 31, 30,
30, 31,
2007 2006 2006
2006 2006
----------------------------------------
Securitized vacation
ownership debt
Term notes
$887 $838 $967 $575
$656
Bank conduit facility
(a) 826
625 371 653
511
-------- ------- ------- ------ -------
Securitized vacation ownership
debt (b)
1,713 1,463 1,338 1,228 1,167
Less: Current portion of
securitized vacation ownership
debt
231 178 213
210 184
-------- ------- ------- ------ -------
Long-term securitized vacation
ownership debt
$1,482 $1,285 $1,125 $1,018 $983
======== ======= ======= ====== =======
Debt:
6.00% Senior unsecured
notes
(due December 2016)
(c) $796
$796 $- $-
$-
Revolving credit facility
(due July 2011)
(d)
48 - 150
- -
Interim loan facility
(due July 2007)
- - 350
- -
Term loan (due July 2011)
300 300 300
- -
Vacation ownership asset-linked
facility (e)
- -
- 600 575
Bank borrowings:
Vacation ownership
112 103 113
111 104
Vacation rentals
(f)
- 73 70
70 66
Vacation rentals
capital leases 147 148
144 145 141
Other
16 17 37
35 35
-------- ------- ------- ------ -------
Total debt
1,419 1,437 1,164 961
921
Less: Current portion of debt
123 115 143
207 196
-------- ------- ------- ------ -------
Long-term debt
$1,296 $1,322 $1,021 $754 $725
======== ======= ======= ====== =======
(a) This 364-day vacation ownership
bank conduit facility was renewed and
upsized to
$1,000 million on November 13, 2006. The borrowings under
this facility
have a maturity date of December 2009.
(b) This debt is collateralized by
$2,198 million, $1,844 million,
$1,718 million,
$1,624 million and $1,556 million of underlying
vacation ownership
contract receivables and related assets at
March 31,
2007, December 31, 2006, September 30, 2006, June 30, 2006
and March
31, 2006, respectively.
(c) These notes represent $800 million
aggregate principal less $4 million
of original
issue discount.
(d) The Company's revolving credit
facility has a borrowing capacity of
$900 million.
At March 31, 2007, the Company has $38 million of
outstanding
letters of credit and a remaining borrowing capacity of
$814 million.
(e) The Company provided $600 million
to its former parent, Cendant (now
Avis Budget
Group, Inc.) to repay this facility in July 2006.
(f) The borrowings under this facility
were repaid on January 31, 2007.
Table 5
Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS
March 31, 2007
Average
Revenue
Average Per
Average Daily Available
Number of Number of Occupancy Rate
Room
Brand
Properties Rooms
Rate (ADR) (RevPAR)
Wyndham Hotels
and Resorts
78 20,456
67.7% $109.42 $74.04
Wingate Inn
155 14,243
63.2% $87.74 $55.42
Ramada
859 104,762
50.2% $74.64 $37.46
Baymont
149 13,248
48.9% $61.86 $30.23
AmeriHost Inn
76 5,314
43.2% $63.08 $27.22
Days Inn
1,862 151,355
47.1% $59.65 $28.11
Super 8
2,047 126,113
49.2% $54.19 $26.64
Howard Johnson
471 44,703
43.3% $61.37 $26.60
Travelodge
500 37,289
46.1% $60.07 $27.69
Knights Inn
237 17,151
38.2% $39.73 $15.18
Managed, Non-Proprietary
Hotels(*)
16 4,677
N/A N/A
N/A
Total
6,450 539,311
48.7% $64.43 $31.35
March 31, 2006
Average
Revenue
Average Per
Average Daily Available
Number of Number of Occupancy Rate
Room
Brand
Properties Rooms
Rate (ADR) (RevPAR)
Wyndham Hotels
and Resorts
94 26,738
68.4% $116.32 $79.58
Wingate Inn
146 13,556
62.3% $81.27 $50.62
Ramada
899 107,276
48.3% $69.59 $33.58
AmeriHost Inn
115 8,250
47.7% $59.31 $28.31
Days Inn
1,840 149,468
46.6% $56.42 $26.30
Super 8
2,034 123,725
47.4% $52.53 $24.91
Howard Johnson
453 42,572
43.6% $63.20 $27.57
Travelodge
506 37,739
45.7% $58.40 $26.71
Knights Inn
215 16,166
36.8% $37.46 $13.77
Total
6,302 525,490
48.0% $63.43 $30.45
NOTE: A glossary of terms is
included in Table 3 (2 of 2).
(*) Represents properties managed
under the CHI Limited joint venture. As
these properties
are not branded, certain operating statistics (such
as average
occupancy rate, ADR and RevPAR) are not relevant. Thirteen
of these properties
are scheduled to be branded or cobranded as either
Wyndham or
Ramada during 2007.
Table 6
Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS
(In millions, except per share data)
Three Months Ended
March 31, 2007 March 31, 2006
Reported EBITDA
$192
$182
Separation and related
costs (a)
6
3
Incremental stand-alone
costs (b)
-
(13)
Resolution of contingent
liabilities
and assets (c)
(13)
-
Adjusted EBITDA
$185
$172
Reported Depreciation and Amortization
$(38)
$(34)
Incremental stand-alone
costs (b)
-
(1)
Adjusted Depreciation and Amortization
$(38)
$(35)
Reported Interest Income/(Expense)
$(15)
$2
Incremental stand-alone
costs (b)
-
(12)
Adjusted Interest Expense
$(15)
$(10)
Reported PreTax Income
$139
$150
Separation and related
costs (a)
6
3
Incremental stand-alone
costs (b)
-
(26)
Resolution of contingent
liabilities
and assets (c)
(13)
-
Adjusted PreTax Income
$132
$127
Reported Tax Provision
$(53)
$(57)
Separation and related
costs (d)
(2)
(2)
Incremental stand-alone
costs (d)
-
10
Resolution of contingent
liabilities
and assets (d)
4
-
Adjusted Tax Provision
$(51)
$(49)
Reported Net Income
$86
$28
Cumulative effect
of SFAS No. 152 (e)
-
65
Reported Income before Cumulative
Effect of SFAS No. 152
86
93
Separation and related
costs
4
1
Incremental stand-alone
costs
-
(16)
Resolution of contingent
liabilities
and assets
(9)
-
Adjusted Net Income
$81
$78
Reported Diluted EPS
$0.45
$0.14
Cumulative effect
of SFAS No. 152
-
0.32
Reported Income before Cumulative
Effect of SFAS No. 152
0.45
0.46
Separation and related
costs
0.02
0.00
Incremental stand-alone
costs
-
(0.08)
Resolution of contingent
liabilities
and assets
(0.05)
-
Adjusted Diluted EPS
$0.43
$0.39
Diluted Shares (f)
190
200
Note: EPS amounts may not foot down
due to rounding.
(a) Represents the costs incurred
in connection with the Company's
separation
from Cendant (now Avis Budget Group).
(b) Represents the Company's estimate
of incremental stand-alone corporate
costs, depreciation
and amortization and interest expense associated
with corporate
debt that the Company would have incurred in 2006 if it
was a separate
stand-alone company.
(c) Relates to the net benefit from
the resolution of and adjustment to
certain contingent
liabilities and assets.
(d) Relates to the tax effect of the
adjustments.
(e) Represents non-cash charges to
reflect the cumulative effect of
adopting Statement
of Financial Accounting Standards No. 152,
"Accounting
for Real Estate Time-Sharing Transactions," on
January 1,
2006.
(f) On July 31, 2006, the Separation
from Cendant was completed in a
tax-free distribution
to the Company's stockholders of one share of
Wyndham common
stock for every five shares of Cendant common stock
held on July
21, 2006. As a result, on July 31, 2006, the Company had
200 million
shares of common stock outstanding. This share amount is
being utilized
for the calculation of basic and diluted earnings per
share for
all periods presented prior to the date of Separation.
Table 7
(1 of 2)
Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)
Three Months Ended March 31, 2007
Separation Legacy
and and
Related Other
As
As Reported Adjustments Adjustments Adjusted
Net revenues
Vacation ownership
interest sales
$373
$373
Service fees and
membership
403
403
Franchise fees
113
113
Consumer financing
81
81
Other
42
42
Net revenues
1,012 -
- 1,012
Expenses
Operating
406
406
Cost of vacation
ownership
interests 91
91
Marketing and
reservation
196
196
General and
administrative
121
13 (b) 134
Separation and
related costs
6 (6)(a)
-
Depreciation and
amortization
38
38
Total expenses
858 (6)
13 865
Operating income
154 6
(13) 147
Interest expense
18
18
Interest income
(3)
(3)
Income before
income taxes
139 6
(13) 132
Provision for
income taxes
53 2 (c)
(4)(c) 51
Net income
$86 $4
$(9) $81
Earnings per share
Basic
$0.46 $0.02
$(0.05) $0.43
Diluted
0.45 0.02
(0.05) 0.43
Weighted average
shares outstanding
Basic
188 188
188 188
Diluted
190 190
190 190
Note: EPS amounts may not foot across
due to rounding.
(a) Represents the costs incurred
in connection with the Company's
separation
from Cendant.
(b) Relates to the net benefit from
the resolution of and adjustment to
certain contingent
liabilities and assets.
(c) Relates to the tax effect of the
adjustments.
Table 7
(2 of 2)
Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)
Three Months Ended March 31, 2006
Legacy
Separation and Stand-Alone
As and Related Other
Company As
Reported Adjustments Adjustments Adjustments Adjusted
Net revenues
Vacation
ownership
interest sales
$309
$309
Service fees
and membership
356
356
Franchise fees
109
109
Consumer
financing
65
65
Other
31
31
Net revenues
870 -
- -
870
Expenses
Operating
332
332
Cost of
vacation
ownership
interests
67
67
Marketing and
reservation
174
174
General and
administrative
112
13 (b) 125
Separation and
related costs
3 (3)(a)
-
Depreciation and
amortization
34
1 (b) 35
Total expenses
722 (3)
- 14
733
Operating income
148 3
- (14)
137
Interest expense
10
12 (b) 22
Interest income
(12)
(12)
Income before
income taxes
150 3
- (26)
127
Provision for
income taxes
57 2 (c)
- (10)(c)
49
Income before
cumulative effect
of accounting
change
93 1
- (16)
78
Cumulative effect
of accounting
change, net of tax (65)
-
65 (d) -
-
Net income
$28 $1
$65 $(16)
$78
Earnings per share
Basic
Income before
cumulative
effect of
accounting
change
$0.46 $-
$- $(0.08) $0.39
Cumulative
effect of
accounting
change
(0.32) -
0.32 -
-
Net income
$0.14 $-
$0.32 $(0.08) $0.39
Diluted
Income before
cumulative
effect of
accounting
change
$0.46 $-
$- $(0.08) $0.39
Cumulative
effect of
accounting
change
(0.32) -
0.32 -
-
Net income
$0.14 $-
$0.32 $(0.08) $0.39
Weighted average
shares
outstanding
Basic
200 200
200 200
200
Diluted
200 200
200 200
200
Note: EPS amounts may not foot across
due to rounding.
(a) Represents the costs incurred
in connection with the Company's
separation
from Cendant.
(b) Represents the Company's estimate
of incremental stand-alone corporate
costs, depreciation
and amortization and interest expense associated
with corporate
debt that the Company would have incurred if it was a
separate stand-alone
company.
(c) Relates to the tax effect of the
adjustments.
(d) Represents non-cash charges to
reflect the cumulative effect of
adopting Statement
of Financial Accounting Standards No. 152,
"Accounting
for Real Estate Time-Sharing Transactions," on
January 1,
2006.
Wyndham Worldwide Corporation will provide a webcast of
its conference call to discuss the Company's first quarter 2007 financial
results on Tuesday, May 1 at 9 a.m. EDT. Listeners may access the webcast
live through the Company's Web site at www.wyndhamworldwide.com/investors/.
An archive of this webcast will be available at the Web site for approximately
90 days beginning at noon EST on May 1. The conference call also may be
accessed by dialing (517) 308-9108 and providing the pass code "Wyndham."
Listeners are urged to call at least 10 minutes prior to the scheduled
start time. A telephone replay will be available at (402) 998-0463 beginning
at noon EDT on May 1 until 5 p.m. EST on May 6.
As one of the world's largest hospitality companies, Wyndham
Worldwide offers individual consumers and business-to-business customers
a broad suite of hospitality products and services across various accommodation
alternatives and price ranges through its premier portfolio of world-renowned
brands. Wyndham Hotel Group encompasses almost 6,500 franchised hotels
and over 539,000 hotel rooms worldwide. RCI Global Vacation Network offers
its more than 3.4 million members access to over 60,000 vacation properties
located in approximately 100 countries. Wyndham Vacation Ownership develops,
markets and sells vacation ownership interests and provides consumer financing
to owners through its network of approximately 150 vacation ownership resorts
serving over 800,000 owners throughout North America, the Caribbean and
the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J.,
employs more than 30,000 employees globally.
For more information about Wyndham Worldwide, please visit
the Company's web site at www.wyndhamworldwide.com.
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, conveying management's expectations as to the future based
on plans, estimates and projections at the time the Company makes the statements.
Forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
The forward-looking statements contained in this press release include
statements related to trends for the Company's revenues, earnings and related
financial and operating measures, the number of hotels and resorts the
Company intends to add in future periods, debt levels, share repurchases
and dividends.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Factors that could cause actual results to differ materially from
those in the forward looking statements include general economic conditions,
the economic environment for the hospitality industry, the impact of war
and terrorist activity, operating risks associated with the hotel, vacation
exchange and rentals and vacation ownership businesses, as well as those
in the Company's Annual Report on Form 10-K, filed with the SEC on March
7, 2007. Except for the Company's ongoing obligations to disclose material
information under the federal securities laws, it undertakes no obligation
to release publicly any revisions to any forward-looking statements, to
report events or to report the occurrence of unanticipated events. |