PHH Corp.

BY THE NUMBERS

August 27, 1991

This Hunt Valley-based multinational business management services company reported yesterday that the worldwide economic downturn had dragged down net income during its fiscal first quarter, which ended July 31, although revenues were up slightly more than 2 percent from the comparable period a year ago.

Chairman and Chief Executive Officer Robert D. Kunisch attributed the earnings decline to the recession and its effect on companies served by PHH, whose primary focus is assisting firms with automotive fleet management and with relocation and real estate management.

He said that the slight decrease in PHH's performance was partly attributable to soft real estate markets in Britain, which kept down relocation activity there. A bright spot in PHH's picture was the strong performance of the PHH US Mortgage Corp., Mr. Kunisch said.

Three months ended 7/31/91

.. .. Revenue .. .. .. Net .. .. .. Share

'91 506,602,000 .. 11,173,000) .. 0.66

'90 494,944,000 .. 11,912,000 .. 0.70

% change .. +2.4 .. .. -6.2 .. .. .. -5.7

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