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PHH BUYS BACK ITS SHARES

 HUNT VALLEY, Md., April 18 /PRNewswire/ -- PHH Corporation (NYSE: PHH) today announced that it has recently reactivated a board of directors approved stock repurchase plan.
 Commenting on the action, Robert D. Kunisch, Chairman and CEO of PHH Corporation, said, "The current market price of the stock does not in our opinion, reflect the underlying strength, current profit performance, or future potential of PHH."
 Kunisch noted, "For the fiscal year ending April 30, 1994 PHH is on track to meet consensus estimates and expectations, which are well within our stated objective of 10 to 15 percent earnings per share growth." He added, "In fiscal 1995, we expect strong performance from our vehicle and relocation business segments as well as continuing significant income contributions from our mortgage banking operations."
 Kunisch added, "This continuing strong performance is a result of several factors including: strong "outsourcing" demand from the corporate market looking for lower cost alternatives; our unique approach to providing mortgages to affinity organizations; cost productivity improvements; and continued market share growth."
 He concluded, "We have and will continue to selectively make purchases as market conditions warrant."
 Founded in 1946, PHH Corporation today is a $4.5 billion transnational business services corporation listed on the New York Stock Exchange. PHH and its operating units provide a broad range of integrated business services to more than 3,000 major corporations and organizations in North America, the United Kingdom and Europe.
 -0- 4/18/94
 /CONTACT: Gene Truett, 410-771-2463, or Peter Brinch, 410-771-2519, both of PHH Corporation/
 (PHH)


CO: PHH Corporation ST: Maryland IN: FIN SU:

IH-KW -- DC042 -- 7721 04/18/94 14:45 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
Words:270
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