Cendant troubles worse than expected

Article Abstract:

Cendant Corp. of Parsippany, NJ, recently stated that the results of its yet-to-be-completed audit on the former CUC International indicate that net income for 1997 will be lowered by $187 million to $238 million, or by 22 cents to 28 cents per share. The reinstated results could post a loss of up to 6 cents per share, or $51 million after one-time charges. The company is reportedly enraged to learn that CUC's accounting irregularities are much more widespread and systematic than expected. The audit found that revenues in the former CUC membership division were intentionally misclassified as short-term revenues that produced higher recognized profits.

Other Direct Selling Establishments, Direct Sales Organizations, Financial reports, Avis Budget Group Inc., CUC International Inc.

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Partnerships may boost FreeShop visits

Article Abstract:

FreeShop, an online storefront based in Seattle, WA, has recently forged marketing agreements with Microsoft Corp., Tripod and CNET. The partnerships are expected to expand the FreeShop concept "Find It. Try It. Buy It" and boost traffic to Freeshop's Web site of free and trial offers by 50%. Under the alliances, Freeshop is being promoted with banners on Microsoft sites MSNBC, Expedia, CarPoint, Hotmail, Encarta, the Internet Gaming Zone, Microsoft Investor and Microsoft Search. The site is also promoted in the San Francisco computer information site, CNET; and the Williamstown, MA, Web community, Tripod.

Marketing procedures, Mail Order Houses, Electronic Shopping and Mail-Order Houses, Strategic alliances, Microsoft Corp., Mail order business, CNET Inc. (San Francisco, California), FreeShop, Tripod Inc.

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Two Big Six accounting firms merge, branch into database consulting

Article Abstract:

Coopers & Lybrand has recently merged with another Big Six accounting firm, Price Waterhouse, to become PricewaterhouseCoopers of New York. Both companies had direct marketing divisions for two years before the union. However, the new PricewaterhouseCoopers Consulting (PWCC) will continue offering the same database and direct marketing consulting services that are competitive and complementary to the capabilities of niche database consultants. PWCC will not market prepackaged solutions to clients but will customize one based on the clients' needs.

Acquisitions & mergers, Organizational history, PricewaterhouseCoopers L.L.P. (New York, New York), Coopers & Lybrand L.L.P., Price Waterhouse

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