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EXHIBIT 99.1
Wyndham Worldwide Reports Fourth Quarter and Full Year 2013 Earnings
Full Year Adjusted Diluted EPS Growth of 19%
Increases Dividend 21%
PARSIPPANY, N.J. (February 7, 2014) Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2013.
Highlights:
| Fourth quarter adjusted diluted earnings per share (EPS) was $0.73, an increase of 16% from adjusted diluted EPS of $0.63 in the fourth quarter of 2012. Reported diluted EPS was $0.65 in the fourth quarter of 2013, compared with $0.57 during the same period in 2012. |
| Fourth quarter adjusted EBITDA increased 10% from the prior-year period. |
| The Companys Board of Directors authorized an increase in the quarterly cash dividend to $0.35 from $0.29 per share, beginning with the dividend that is expected to be declared in the first quarter of 2014. |
| During the quarter, the Company repurchased 1.8 million shares of its common stock for $115 million. For the full year, the Company spent $590 million to repurchase 9.7 million shares of its common stock. |
We finished the year with another strong quarter, marking our fourth consecutive year of double-digit growth in adjusted EPS, said Stephen P. Holmes, chairman and CEO. We are excited about our prospects for 2014 as we continue to execute and innovate across our businesses and maintain our capital allocation discipline to enhance value for shareholders.
FOURTH QUARTER 2013 OPERATING RESULTS
Fourth quarter revenues were $1.2 billion, an increase of 9% from the prior year period. The increase reflects growth in all of the Companys business segments.
Adjusted net income was $96 million, or $0.73 per diluted share, compared with $89 million, or $0.63 per diluted share for the same period in 2012. The increases reflect stronger operating results in the Companys lodging and vacation ownership businesses. EPS growth also benefited from the Companys share repurchase program, which decreased weighted average diluted share count by 7% year-over-year.
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Wyndham Worldwide Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:
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Wyndham Worldwide Corp provided additional information to their SEC Filing as exhibits
Ticker: WYN
CIK: 1361658
Form Type: 10-K Annual Report
Accession Number: 0001361658-14-000005
Submitted to the SEC: Fri Feb 14 2014 2:39:32 PM EST
Accepted by the SEC: Fri Feb 14 2014
Period: Tuesday, December 31, 2013
Industry: Hotels And Motels