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Corporate News Releases
Wyndham Worldwide : WYNDHAM WORLDWIDE REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2006 RESULTS
WYNDHAM WORLDWIDE REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2006 RESULTS
Double Digit Revenue Growth in 4th Quarter Closes Out Banner Year
Company Announces New $400 Million Share Repurchase Program
Parsippany, NJ 02-13-2007 — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three-months and year ended December 31, 2006.
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Vacation Exchange and Rentals (RCI Global Vacation Network)
Vacation Exchange and Rentals revenues increased 13% to $266 million in the fourth quarter of 2006 from $235 million in the fourth quarter of 2005, reflecting continued momentum in transaction volume, pricing and members.
Vacation exchange revenues were $110 million, an 8% increase compared to the fourth quarter of 2005. The average number of members as well as the annual dues and exchange revenue per member increased 5% and 3%, respectively, from the fourth quarter of 2005, reflecting new members, higher transaction volume and price increases implemented in the third quarter of 2006.
Vacation rentals revenues were $105 million, a 16% increase compared to the fourth quarter of 2005, supported by improved inventory offerings, enhanced marketing and local economic conditions. Vacation rental transactions and average net price per vacation rentals increased 6% and 9%, respectively, from the fourth quarter of 2005.
Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $51 million in the fourth quarter of 2006.
Vacation Exchange and Rentals EBITDA grew to $59 million for the fourth quarter of 2006, a 28% increase compared to $46 million in the fourth quarter of 2005 which reflected a $14 million restructuring charge taken to combine our vacation exchange and vacation rentals operations. Absent that charge, EBITDA was relatively flat due to continued investment during 2006 in new offerings to leverage our leading position in the growing leisure travel industry worldwide.
Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest sales were $469 million for the fourth quarter of 2006, up more than 30% compared to the fourth quarter of 2005, driven by a 17% growth in tour flow and an 8% increase in volume per guest. The strong tour flow growth was the result of ongoing development of in-house sales programs, enhancements to local marketing efforts and continued industry demand.
Vacation Ownership fourth quarter 2006 revenues were $554 million and EBITDA was $89 million, including separation and related costs of $15 million. Excluding separation and related costs, Adjusted EBITDA for the fourth quarter of 2006 rose 18% compared to EBITDA for the fourth quarter of 2005 of $88 million. These 2006 results reflect the adoption of SFAS No. 152, “Accounting for Real Estate Time-Sharing Transactions,” which reduced comparative quarterly revenue by $63 million and increased EBITDA by $5 million.
Wyndham Vacation Ownership active development pipeline consists of approximately 3,900 units in 15 U.S. states, the Virgin Islands and 3 foreign countries. The Company expects the pipeline to support both new purchases of vacation ownership and upgrade sales to existing owners.
Wyndham Worldwide : WYNDHAM WORLDWIDE REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2006 RESULTS
WYNDHAM WORLDWIDE REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2006 RESULTS
Double Digit Revenue Growth in 4th Quarter Closes Out Banner Year
Company Announces New $400 Million Share Repurchase Program
Parsippany, NJ 02-13-2007 — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three-months and year ended December 31, 2006.
.....
Vacation Exchange and Rentals (RCI Global Vacation Network)
Vacation Exchange and Rentals revenues increased 13% to $266 million in the fourth quarter of 2006 from $235 million in the fourth quarter of 2005, reflecting continued momentum in transaction volume, pricing and members.
Vacation exchange revenues were $110 million, an 8% increase compared to the fourth quarter of 2005. The average number of members as well as the annual dues and exchange revenue per member increased 5% and 3%, respectively, from the fourth quarter of 2005, reflecting new members, higher transaction volume and price increases implemented in the third quarter of 2006.
Vacation rentals revenues were $105 million, a 16% increase compared to the fourth quarter of 2005, supported by improved inventory offerings, enhanced marketing and local economic conditions. Vacation rental transactions and average net price per vacation rentals increased 6% and 9%, respectively, from the fourth quarter of 2005.
Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $51 million in the fourth quarter of 2006.
Vacation Exchange and Rentals EBITDA grew to $59 million for the fourth quarter of 2006, a 28% increase compared to $46 million in the fourth quarter of 2005 which reflected a $14 million restructuring charge taken to combine our vacation exchange and vacation rentals operations. Absent that charge, EBITDA was relatively flat due to continued investment during 2006 in new offerings to leverage our leading position in the growing leisure travel industry worldwide.
Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest sales were $469 million for the fourth quarter of 2006, up more than 30% compared to the fourth quarter of 2005, driven by a 17% growth in tour flow and an 8% increase in volume per guest. The strong tour flow growth was the result of ongoing development of in-house sales programs, enhancements to local marketing efforts and continued industry demand.
Vacation Ownership fourth quarter 2006 revenues were $554 million and EBITDA was $89 million, including separation and related costs of $15 million. Excluding separation and related costs, Adjusted EBITDA for the fourth quarter of 2006 rose 18% compared to EBITDA for the fourth quarter of 2005 of $88 million. These 2006 results reflect the adoption of SFAS No. 152, “Accounting for Real Estate Time-Sharing Transactions,” which reduced comparative quarterly revenue by $63 million and increased EBITDA by $5 million.
Wyndham Vacation Ownership active development pipeline consists of approximately 3,900 units in 15 U.S. states, the Virgin Islands and 3 foreign countries. The Company expects the pipeline to support both new purchases of vacation ownership and upgrade sales to existing owners.
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