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Travel Industry News |
Saturday July 4th, 2009 |
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Priceline.com Reports 2nd Quarter Gross travel bookings grow 20.3% |
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Revenues in the 2nd quarter were $266.6 million, a 2.8% increase over the same period a year ago. |
Priceline.com Incorporated (Nasdaq: PCLN) reported its financial results for the 2nd quarter 2005, which were consistent with the projected results announced by the company on July 14, 2005. Gross travel bookings for the quarter were $569.5 million, a 20.3% increase over the same period a year ago. Gross travel bookings refer to the total dollar value, inclusive of all taxes and fees, of all travel services purchased by consumers. Revenues in the 2nd quarter were $266.6 million, a 2.8% increase over the same period a year ago. Second quarter 2005 results include the operating results of Active Hotels, acquired in September 2004, and Travelweb, acquired in May 2004.
Priceline.com's GAAP gross profit for the 2nd quarter 2005 was $65.2 million, up 21.3% over the same period in the previous year, while GAAP net income for the 2nd quarter 2005 was $12.4 million, or $0.29 per diluted share, vs. $0.28 in the same period a year ago. Pro forma gross profit for the 2nd quarter 2005 was $65.6 million, a 20.1% increase over the same period a year ago. Pro forma net income for the 2nd quarter 2005 was $16.8 million, or $0.41 per diluted common share, an increase of 28.1% over the same period in the prior year and exceeding the First Call average analyst estimate of $0.37. The section below entitled "Non-GAAP Financial Measures" provides a definition and information about the use of pro forma financial information used in this press release and the attached financial and statistical supplement reconciles pro forma financial information with priceline.com's financial results under GAAP.
"Priceline posted strong bottom line results in the second quarter aided by our diverse service offerings and expense controls," said priceline.com President and Chief Executive Officer, Jeffery H. Boyd. "Solid growth in priceline.com's European operations and the launch of our new U.S. retail hotel service helped drive solid growth in gross travel bookings."
Mr. Boyd continued, "In an increasingly competitive online travel market, priceline.com continues to focus on developing new services and markets, offering differentiated products under a distinctive brand, and operating one of the market's most efficient cost structures. The recent acquisitions of U.K. based Active Hotels and Netherlands based Bookings B.V. make Priceline Europe one of Europe's largest and fastest growing online hotel reservation services with a unique combined inventory of approximately 18,000 hotels. With the launch of our new U.S. retail hotel service last quarter, priceline.com's customers now have more ways to enjoy unique savings for all their travel needs. Finally, we have established what we believe to be an important new source of customers next year for our opaque services through the marketing partnership with Orbitz, which we announced last quarter. We believe these initiatives will make significant contributions to our results in the coming quarters."
Forward Guidance
Looking forward, Mr. Boyd said, "We believe that priceline.com has a unique complement of travel services in the U.S. market, and a leading position among European online hotel reservation services. Going forward, we plan to build on our strengths in those markets with further service enhancements and advertising support where appropriate. Also, we intend over time to continue to integrate our global service offerings to make them available to all priceline.com customers, regardless of where they live. We believe priceline.com is well-positioned to continue building its business through the balance of 2005 and beyond."
Priceline.com issued the following guidance for 3rd quarter 2005:
-- Year-over-year increases in gross travel bookings of approximately 35%;
-- Year-over-year increase in revenue of approximately 2.5%;
-- Year-over-year increase in pro forma gross profit of approximately 40% to 42%; and
-- Pro forma net income of between $0.34 to $0.40 per diluted share.
For the full-year 2005, priceline.com said it expects pro forma net income to be in the range of $1.20 to $1.30 per diluted share.
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| Last: |
110.07 |
| Time: |
7/2/2009
4:00pm |
| Change: |
-2.55 |
| Opened: |
112.20 |
| Day: |
112.25 - 109.50 |
| Volume: | 558537
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