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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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FEBRUARY 25, 2003 (FEBRUARY 24, 2003)
(Date of Report (date of earliest event reported))
AVIS GROUP HOLDINGS, INC.
(Exact Name Of Registrant As Specified In Its Charter)
DELAWARE 1-13315 11-3347585
(State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation or organization) Identification No.)
6 SYLVAN WAY 07054
PARSIPPANY, NJ (Zip Code)
(Address of Principal Executive Offices)
(973) 496-3500
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
EXCEPT AS EXRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES,
"AVIS GROUP HOLDINGS", "AVIS", "AGH", "WE", "OUR", OR "US" MEANS AVIS GROUP
HOLDINGS, INC., A DELAWARE CORPORATION, AND ITS SUBSIDIARIES.
On February 25, 2003, we disclosed Selected Historical Consolidated Financial
Data of Avis Group Holdings, Inc., including a summary of our full year 2002
results, selected balance sheet data at December 31, 2002 and selected
operating data for 2002. A copy of such Selected Historical Consolidated
Financial Data is attached as Exhibit 99 to this Current Report on Form 8-K
and is incorporated by reference herein.
Additionally on February 24, 2003, our parent company, Cendant
Corporation, announced that John W. Chidsey, Chairman and CEO of Cendant's
Vehicle Services Division, which includes Avis, has resigned to pursue
opportunities outside of Cendant and that Kevin M. Sheehan, Cendant's Chief
Financial Officer, will assume responsibility for such division. Mr. Sheehan
will also replace Mr. Chidsey as a Director of Avis. Mr. Chidsey will remain
as a consultant to Cendant through the second quarter of 2003.
Statements about future results made in this current report on Form 8-K,
including any projections, and the statements attached hereto constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. We caution that these
statements are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking statements.
Important assumptions and other important factors that could cause actual
results to differ materially from those in the forward-looking statements are
specified in our Form 10-Q for the quarterly period ended September 30, 2002.
ITEM 7. EXHIBITS
See Exhibit Index.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AVIS GROUP HOLDINGS, INC.
By: /s/ KURT FREUDENBERG
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Kurt Freudenberg
Senior Vice President and Controller
Date: February 25, 2003
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AVIS GROUP HOLDINGS, INC.
CURRENT REPORT ON FORM 8-K
REPORT DATED FEBRUARY 25, 2003 (FEBRUARY 24, 2003)
EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
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99 Selected Historical Consolidated Financial Data of Avis Group
Holdings, Inc.