Cendant projects bigger decline in 1998 profit
Article Abstract:
Cendant Corp announced that its 1998 reported earnings would drop a higher-than-expected 7-9 cents/diluted share because of the new SEC recording requirements on certain sales. The SEC requires Cendant to report costs of marketing to new members immediately, but to delay recording revenue from new memberships until its refund period ends. Cendant's net loss for 1997 was $217.2 million, compared to a reported net gain of $55.4 million before its accounting fraud was discovered. The 1997 net loss includes several one-time charges including a $26.8 million loss from discontinued businesses, a charge of $229.9 million for accounting problems, and $504.7 million in merger-related costs.
Comment:
Announces 1998 reported earnings will drop 7-9 cents/diluted share due to new SEC requirements
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Cendant's board split over fraud woes
Article Abstract:
The board of directors of the Cendant Corp. has become divided over fraud troubles. The split has made it more difficult for the company to deal with accounting fraud revelations. The revelations have led to a fall in Cendant's stock price. The split involves board members who remain committed to Cendant's CEO Henry R. Silverman, and those who are loyal to Chairman Walter Forbes. The dispute has given rise to doubts about the future of Mr. Forbes at the company.
Comment:
The board of directors of the Cendant Corp. becomes divided over accounting fraud revelations
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Wal-Mart to build a test supermarket in bid to boost grocery-industry share
Article Abstract:
Wal-Mart Stores Inc. is constructing its first supermarket which could give the company a greater market share in the grocery industry. The new store, called the "Wal-Mart Food and Drug Express," will feature a drive-through pharmacy, a deli counter, a section for produce, and aisles with various products. Wal-Mart submitted its building plans to the planning department of Bentonville, Arkansas. The store will be smaller than a conventional supermarket.
Comment:
Constructing its first supermarket which could give co a greater market share in the grocery industry
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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