EXHIBIT 99.1 RESTATED SELECTED FINANCIAL DATA AT OR FOR THE YEAR ENDED DECEMBER 31, ---------------------------------------------------- 1999 1998 1997 1996 1995 ---------- --------- --------- --------- -------- (IN MILLIONS, EXCEPT PER SHARE DATA) 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 - ------------ (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.