Question: The information in E5-5 indicated that the Cendant Corporation press release was issued on February 13, yet the company's year-end was six weeks earlier on

The information in E5-5 indicated that the Cendant press release was issued on February 13, yet the company's year-end was six weeks earlier on December 31. Why did the company wait so long to issue the press release? Why weren't the financial results announced on January 1?

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