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Orbitz Worldwide, Inc. Announces Conference Call to be Held on August 6 to Discuss Second Quarter Results and Restatement

Company Announces Correction of Certain Financial Information

CHICAGO, Aug. 6, 2008 /PRNewswire-FirstCall/ -- Orbitz Worldwide, Inc. (NYSE: OWW) announced that it will restate its previously issued financial statements to correct the classification of certain intercompany transactions with Travelport Limited ("Travelport") and credit card receipts at its foreign operations.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070813/AQM125LOGO)

This restatement affects only the company's historical consolidated statements of cash flows and the Cash and Cash Equivalents and Accounts Receivable line items on the company's consolidated balance sheets. It does not affect the company's consolidated statements of operations.

The company will reclassify certain intercompany transactions with Travelport in its consolidated statements of cash flows. The company determined that certain non-cash intercompany payables related to interest accrued on loans between the company and Travelport were overstated in Operating Activities and correspondingly understated in Financing Activities in its consolidated statements of cash flows for the interim periods ended June 30, 2007, and September 30, 2007, and for the year ended December 31, 2007.

The company will also reclassify certain credit card receipts in its consolidated balance sheet as of December 31, 2006, and consolidated statements of cash flows for the years ended December 31, 2007, 2006 and 2005, and the interim periods ended June 30, 2007, and September 30, 2007.

This restatement is a result of the company's determination that the classification of credit card receipts in-transit at the company's international operations was not consistent with the classification of credit card receipts in-transit at its domestic operations. These receipts, which generally are collected within two to three days, were classified as Cash and Cash Equivalents by the foreign operations and as Accounts Receivable by the domestic operations. In order to be consistent, the company has reclassified credit card receipts in-transit from Cash and Cash Equivalents to Accounts Receivable at its international locations.

The net impact of both of these reclassifications for the years ended December 31, 2007, 2006 and 2005, is summarized in the table below.



                                                      Successor

                                             Year Ended December 31, 2007

                                                 Credit
                                                  Card
                                                 Receipts
                                      Previously   in-   Intercompany   As
                                      Reported   transit Transactions Restated
                                                    (in millions)
    Net cash provided by operating
     activities                           $96      $10     $(37)        $69

    Net cash (used in) investing
     activities                           (80)       -        -         (80)

    Net cash (used in) provided by
     financing activities                 (24)       -       37          13

    Effect of exchange rate changes on
     cash and cash equivalents              5        -        -           5

    Net (decrease) increase in cash and
     cash equivalents                      (3)      10        -           7

    Cash and cash equivalents, beginning
     of period                             28      (10)       -          18

    Cash and cash equivalents, end of
     period                               $25       $-       $-         $25



                                                     Predecessor

                                         Period from January 1, 2006 through
                                                   August 22, 2006

                                                     Credit Card
                                          Previously   Receipts         As
                                           Reported   in-transit     Restated
                                                    (in millions)
    Net cash provided by operating
     activities                           $126           $(5)           $121

    Net cash (used in) investing
     activities                            (54)            -             (54)

    Net cash (used in) financing
     activities                            (70)            -             (70)

    Effect of exchange rate changes on
     cash and cash equivalents               1             -               1

    Net increase (decrease) in cash and
     cash equivalents                        3            (5)             (2)

    Cash and cash equivalents, beginning
     of period                              33            (5)             28

    Cash and cash equivalents, end of
     period                                $36          $(10)            $26



                                                      Successor

                                         Period from August 23, 2006 through
                                                  December 31, 2006

                                                     Credit Card
                                          Previously   Receipts         As
                                           Reported   in-transit     Restated
                                                    (in millions)
    Net cash provided by operating
     activities                              $39          $-           $39

    Net cash (used in) investing
     activities                              (29)          -           (29)

    Net cash (used in) financing
     activities                               (7)          -            (7)

    Effect of exchange rate changes on
     cash and cash equivalents               (11)          -           (11)

    Net (decrease) in cash and cash
     equivalents                              (8)          -            (8)

    Cash and cash equivalents, beginning
     of period                                36         (10)           26

    Cash and cash equivalents, end of
     period                                  $28        $(10)          $18



                                                     Predecessor

                                             Year Ended December 31, 2005

                                                     Credit Card
                                          Previously   Receipts         As
                                           Reported   in-transit     Restated
                                                    (in millions)
    Net cash provided by operating
     activities                              $59         $-            $59


    Net cash (used in) investing
     activities                             (474)        (5) (a)      (479)

    Net cash provided by financing
     activities                              433          -            433

    Effect of exchange rate changes on
     cash and cash equivalents                (9)         -             (9)

    Net increase in cash and cash
     equivalents                               9         (5)             4

    Cash and cash equivalents, beginning
     of period                                24          -             24

    Cash and cash equivalents, end of
     period                                  $33        $(5)           $28

    (a) Due to the Company's acquisition of ebookers in February 2005, the
        reclassification impacted net cash used in investing activities for
        the fiscal year ended December 31, 2005.



    Conference Call

The Company will host a conference call to discuss its second quarter 2008 financial results, as well as this press release and the Form 8-K related to the restatement of its financial statements, today (August 6) at noon EDT (11:00 a.m. CDT). A live webcast of the call can be accessed through the

Orbitz Worldwide Investor Relations website at http://orbitz-ir.com. The company will issue a press release reporting its results prior to the call.

An archive of the webcast can be accessed through the Orbitz Worldwide Investor Relations website for a period of at least 30 days after the conference call, and an MP3 file of the call will be available to download from the site. A transcript of the call will be posted under Webcasts & Presentations on the site.

About Orbitz Worldwide

Orbitz Worldwide (corp.orbitz.com) is a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products offered by over 75,000 suppliers worldwide. Orbitz Worldwide owns and operates a portfolio of consumer brands. In the U.S., those brands include Orbitz (http://www.orbitz.com) and CheapTickets (http://www.cheaptickets.com), a leading online site for discounted leisure travel products. Orbitz Worldwide's international brands include ebookers (http://www.ebookers.com), a leading full-service online travel company in Europe, serving customers through 13 country-specific websites; HotelClub (http://www.hotelclub.com), a global accommodation specialist website offering hotels in approximately 120 countries; and RatesToGo (http://www.ratestogo.com), which offers last-minute hotel reservations worldwide. The Away Network (http://www.away.com) specializes in providing travel content for travelers seeking unique experiences and activities. Orbitz for Business (http://www.orbitzforbusiness.com) is a full-service managed business travel program offering a portfolio of business travel products for small to large companies. Orbitz Worldwide is listed on the New York Stock Exchange (NYSE: OWW).

SOURCE
Orbitz Worldwide, Inc.

CONTACT:
Investors, Frank Petito, +1-312-894-4830, fpetito@orbitz.com, or media, Brian Hoyt, +1-312-894-6890, bhoyt@orbitz.com, both of Orbitz Worldwide, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Orbitz Worldwide Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.