UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): November
1, 2006 (October 31, 2006)
Avis
Budget Group, Inc.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
1-10308
|
06-0918165
|
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
6
Sylvan Way
Parsippany,
NJ
|
07054
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(973)
496-4700
(Registrant's
telephone number, including area code)
N/A
(Former
name or former address if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
7.01. FD Disclosure
On
October 31, 2006, we issued a press release in which we announced our plan
to
report our third quarter 2006 results. A copy of the press release is
attached hereto as Exhibit
99.1
and is
incorporated by reference herein.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
The
following exhibits are filed as part of this report:
|
Exhibit No.
|
|
Description
|
|
99.1
|
|
Press
Release dated October 31, 2006
|
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
BUDGET GROUP, INC.
|
|
|
|
By:
|
/s/
Jean M. Sera
|
|
|
|
|
Jean
M. Sera
Senior
Vice President and Secretary
|
|
Date:
November 1, 2006
EXHIBIT
INDEX
|
Exhibit No.
|
|
Description
|
|
99.1
|
|
Press
Release dated October 31, 2006
|
Exhibit
99.1
AVIS
BUDGET GROUP PLANS TO ANNOUNCE
THIRD
QUARTER 2006 RESULTS ON NOVEMBER 8
Conference
Call to Discuss Results Planned for November 9, 2006
PARSIPPANY,
N.J., October 31, 2006 - Avis Budget Group, Inc. (NYSE:
CAR) announced today that it plans to report its third quarter 2006
results after the market close on November 8, 2006 and host a conference call
to
discuss such results on November 9, 2006 at 9:00 a.m. Eastern time.
The
Company noted, however, that the timing for release of the Company’s third
quarter results could be delayed and that it expects to request a five-day
extension, to November 14, for the filing of its third quarter Form 10-Q. A
delay would be primarily due to completing the additional calculations required
by the large volume of transactions that occurred during the third quarter
related to the separation of Cendant Corporation, including the spin-offs of
Realogy Corporation and Wyndham Worldwide Corporation and the sale of
Travelport, Inc. In addition, the separation requires the Company to present
historical account balances and activities for Realogy, Wyndham Worldwide and
Travelport as discontinued operations. The Company does not expect that any
delay in filing would be related to the Company’s vehicle rental business
operated by Avis Budget Car Rental, LLC. Furthermore, the Company expects that
it will provide the unaudited financial statements of Avis Budget Car Rental
as
required under Avis Budget Car Rental’s indenture.
The
Company also noted that its former PHH Corporation subsidiary filed a Current
Report on Form 8-K on October 30, 2006 in which PHH reiterated that the
resolution of certain accounting matters is expected to result in changes to
PHH’s previously filed financial statements. The Company continues to believe
that such accounting matters will not have a material impact on its financial
results for the relevant periods; however, since PHH has neither re-filed its
prior financial statements nor, to the Company’s knowledge, completed its
evaluation of all of such accounting matters, the Company is unable to complete
its assessment of whether and how these accounting matters will affect the
Company’s previously filed financial statements.
Investor
Conference Call
Investors
may access the November 9 call live at www.avisbudgetgroup.com or by dialing
(719) 785-9449. A web replay will be available at www.avisbudgetgroup.com
following the call. A telephone replay will be available from 2:00 p.m. (ET)
on
November 9, 2006 until 8:00 p.m. on November 16, 2006 at (719) 457-0820, access
code: 1630349.
About
Avis Budget Group, Inc.
Avis
Budget Group is a leading provider of vehicle rental services, with operations
in more than 70 countries. Through its Avis and Budget brands, the company
is
the largest general-use vehicle rental company in each of North America,
Australia, New Zealand and certain other regions. Avis Budget Group is
headquartered in Parsippany, N.J. and has more than 30,000 employees. For more
information about Avis Budget Group, visit
www.avisbudgetgroup.com.
Forward-Looking
Statements
Certain
statements in this press release constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of
the Company to be materially different from any future results, performance
or
achievements expressed or implied by such forward-looking statements. Statements
preceded by, followed by or that otherwise include the words "believes",
"expects", "anticipates", "intends", "projects", "estimates", "plans", "may
increase", "may fluctuate" and similar expressions or future or conditional
verbs such as "will", "should", "would", "may" and "could" are generally
forward-looking in nature and not historical facts. Any statements that refer
to
expectations or other characterizations of future events, circumstances or
results are forward-looking statements.
Various
risks that could cause future results to differ from those expressed by the
forward-looking statements included in this press release include, but are
not
limited to: the Company’s ability to complete the calculations required by the
transactions related to the separation of Cendant Corporation in order to meet
the Company’s planned timing for the release of its third quarter earnings and
Form 10-Q and the receipt of additional information from PHH that is
inconsistent with the information received to date. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events discussed
in
this press release may not occur. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date stated,
or
if no date is stated, as of the date of this press release. Important
assumptions and other important factors that could cause actual results to
differ materially from those in the forward looking statements are specified
in
Avis Budget's 10-Q for the three months ended June 30, 2006, including under
headings such as "Forward-Looking Statements", "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
Except for the Company's ongoing obligations to disclose material information
under the federal securities laws, the Company undertakes no obligation to
release any revisions to any forward-looking statements, to report events or
to
report the occurrence of unanticipated events unless required by law.
Media
Contacts
John
Barrows
Susan
McGowan
(973)
496-7865
(973)
496-3916
Investor
Contact
David
Crowther
(973)
496-7277
#
# #