Cendant Reports Fourth QuarterProfits

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NEW YORK - (02/09/05) -- Diversified marketer and mortgagebank Cendant Corp. said fourth quarter earnings rose 24% to $357million, or 33 cents a share, over the same period in 20003, basedon strong growth in its core real estate and travel business. As aresult, Cendant reported a 78% surge in fiscal-year earnings to$2.08 billion, or $1.96 a share, compared to the year before.Separately, Cendant said it completed the spin-off to shareholdersof its PHH Mortgage, the nation's sixth-largest mortgageoriginator, and the newly independent company began trading on theNew York Stock Exchange under the symbol PHH. Cendant also said itplans to move ahead with a February initial public offering for itsWright Express unit and expects to record a gain on the sale of$200 million to $300 million after tax.

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