|Orbitz Joins the Widely Used Russell 2000® Index|
Orbitz Joins the Widely Used Russell 2000® IndexChicago, June 28, 2004 - Orbitz, Inc. (Nasdaq: ORBZ) announced that its Class A common stock, traded on the Nasdaq National Market, has been added to the Russell 2000® Index following the annual reconstitution of the index by Russell Investment Group. Orbitz became eligible for inclusion in the index when the company completed its initial public offering in December 2003 - less than three years after it launched its website to the general public. Orbitz reported $3.4 billion in gross travel bookings and $241.8 million in annual revenues in 2003.
Membership in Russell's 21 U.S. equity indexes is determined primarily by market capitalization rankings and style attributes. Each index is reconstituted based on companies' market capitalizations as of the end of May every year. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. More than $360 billion is invested in index funds based on Russell's indexes, with an additional $850 billion benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index.
Orbitz is a leading online travel company that enables travelers to search for and purchase a broad array of travel products, including airline tickets, lodging, rental cars, cruises and vacation packages. Since launching its website to the general public in June 2001, Orbitz has become the third largest online travel site based on gross travel bookings. On www.orbitz.com, consumers can search more than 455 airlines, as well as rates at over 65,000 lodging properties and at 23 car rental companies. Orbitz, Inc. became a publicly traded company on Dec. 17, 2003, when its shares were listed on the Nasdaq National Market under the ticker symbol ORBZ. For more information on the company, visit www.orbitz.com.
Russell, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $107 billion in assets and advises clients representing $1.8 trillion in assets. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash. For more information, go to www.russell.com.
Statements in this press release regarding Orbitz that are not historical facts are forward-looking statements and are subject to risks, assumptions and uncertainties that could cause such statements to differ materially from actual future events or results. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The following factors, among others, could cause Orbitz' actual results to differ materially from those described in a forward-looking statement: Orbitz' ability to retain and attract customers on a cost-effective basis; increasing competition from existing or new competitors; relationships with Orbitz' controlling stockholders and with other travel suppliers; limitations that could affect the expansion of our Supplier Link business; risks relating to our ability to expand our business generally; specific risks that could affect our ability to achieve growth plans for portions of our business, such as hotels; rapid technological change affecting our industry; risks associated with litigation or government regulation; declines, disruptions or events affecting the travel industry; potential fluctuations in our quarterly and annual results. This list is intended to identify only certain of the principal factors that could cause actual results to differ. Readers are referred to the reports and documents filed from time to time by Orbitz with the Securities and Exchange Commission for a discussion of these and other important risk factors. Readers are cautioned not to place undue reliance on forward-looking statements, which are made as of the date of this press release. Orbitz undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason.
|"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.|