SEC completes Cendant probe; earnings changes not required

By Jeannine DeFoe
Bloomberg News Service

NEW YORK — Cendant Corp., the biggest franchiser of hotels and real estate brokerages, said the Securities and Exchange Commission completed a review of the company's 2001 results and required no changes to its reported earnings.

The New York-based franchiser of Days Inn and Howard Johnson hotels and owner of Cheap Tickets and the Avis rental car business filed an amended 2001 annual report and report for the third quarter of 2002 reflecting increased disclosure and changes, Cendant said in a PRNewswire press release.

Cendant said in August the SEC requested information on its accounting and disclosure related to transactions with affiliates. Cendant subsequently made changes to its annual and quarterly financial statements to remove certain "nonfinancial" disclosures.

Cendant shares fell 35 cents to $10.90 as of 4 p.m. in New York Stock Exchange composite trading. The company also franchises Century 21 and Coldwell Banker property brokerages.