Priceline.com Inc. (PCLN) Stock Soars in the Aftermarket
Priceline.com Incorporated (Nasdaq: PCLN - News) today reported its financial results for the 3rd quarter 2007. Gross travel bookings for the 3rd quarter, which refers to the total dollar value, inclusive of all taxes and fees, of all travel services purchased by consumers, rose 54.0% year-over-year to $1.39 billion.
Priceline.com had GAAP revenues in the 3rd quarter of $417.3 million, a 33.1% increase over a year ago. Priceline.com’s GAAP gross profit for the 3rd quarter was $202.3 million, a 63.8% increase from the prior year. Priceline.com had GAAP net income for the 3rd quarter 2007 of $104.4 million or $2.27 per diluted share, which compares to $47.8 million or $1.05 per diluted share in the same period a year ago. GAAP net income for the 3rd quarter 2007 was positively affected by a $47.9 million non-cash tax benefit from reversing a portion of priceline.com’s deferred tax asset valuation allowance in the period. GAAP net income for the 3rd quarter 2006 was positively affected by a similar $28.1 million non-cash tax benefit.
Priceline.com reported pro forma revenues in the 3rd quarter of $416.9 million, a 33.7% increase over a year ago. Pro forma gross profit for the 3rd quarter 2007 was $201.9 million, an increase of 65.1% over the same period in the prior year. Pro forma net income for the quarter was $71.5 million or $1.58 per diluted share, which compares to $30.2 million, or $0.72 per diluted share in the same period a year ago. First Call analyst consensus for the 3rd quarter 2007 was $1.28 per diluted share. The section below entitled “Non-GAAP Financial Measures” provides a definition and information about the use of pro forma financial measures 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.com had GAAP revenues in the 3rd quarter of $417.3 million, a 33.1% increase over a year ago. Priceline.com’s GAAP gross profit for the 3rd quarter was $202.3 million, a 63.8% increase from the prior year. Priceline.com had GAAP net income for the 3rd quarter 2007 of $104.4 million or $2.27 per diluted share, which compares to $47.8 million or $1.05 per diluted share in the same period a year ago. GAAP net income for the 3rd quarter 2007 was positively affected by a $47.9 million non-cash tax benefit from reversing a portion of priceline.com’s deferred tax asset valuation allowance in the period. GAAP net income for the 3rd quarter 2006 was positively affected by a similar $28.1 million non-cash tax benefit.
Priceline.com reported pro forma revenues in the 3rd quarter of $416.9 million, a 33.7% increase over a year ago. Pro forma gross profit for the 3rd quarter 2007 was $201.9 million, an increase of 65.1% over the same period in the prior year. Pro forma net income for the quarter was $71.5 million or $1.58 per diluted share, which compares to $30.2 million, or $0.72 per diluted share in the same period a year ago. First Call analyst consensus for the 3rd quarter 2007 was $1.28 per diluted share. The section below entitled “Non-GAAP Financial Measures” provides a definition and information about the use of pro forma financial measures in this press release and the attached financial and statistical supplement reconciles pro forma financial information with priceline.com’s financial results under GAAP.
Labels: PCLN, Priceline.com Inc.
posted by Stock Administrator @ 4:50 PM
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