Priceline 2Q results exceed expectations

8th Aug 2007
Incorporated has reported its financial results for
the 2nd quarter 2007. Gross travel bookings for the 2nd quarter, which
refers to the total dollar value, inclusive of all taxes and fees, of
all travel services purchased by consumers, rose 33% year-over-year to
$1.2 billion. had GAAP revenues in the 2nd quarter of $355.9
million, a 15.7% increase over a year ago.’s GAAP gross
profit for the 2nd quarter was $157.2 million, up 48.6% from the prior
year. had GAAP net income for the 2nd quarter 2007 of
$34.6 million or $0.79 per diluted share, which compares to a $12.5
million or $0.28 per diluted share in the same period a year ago. reported pro forma revenues in the 2nd quarter of
$353.6 million, a 14.9% increase over a year ago. Pro forma gross
profit for the 2nd quarter 2007 was $154.9 million, an increase of
45.9% over the same period in the prior year. Pro forma net income for
the quarter was $47.3 million or $1.11 per diluted share, which
compares to $23.0 million, or $0.55 per diluted share in the same
period a year ago. First Call analyst consensus for the 2nd quarter
2007 was $0.89 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’s financial results under

  “’s earnings performance in the second quarter
exceeded our previous expectations for both the international and
domestic businesses,” said President and Chief Executive
Officer Jeffery H. Boyd. “Internationally,’s results were
driven by 93% growth in gross bookings, which continues to outperform
market growth rates. Domestic gross bookings fell within the range of
our guidance, but earnings growth exceeded our expectations due to
strong organic growth in merchant hotel and rental cars and more
efficient marketing.”

  “Based on the strength we have seen in our international and
domestic businesses as the summer unfolds, we are increasing our
guidance for the balance of the year,” Mr. Boyd said. “In particular,
we believe the scale we have achieved in worldwide hotel sales and our
low-cost leadership has provided us with opportunities to grow
organically and geographically which are reflected in our recent
reported results. We intend to continue our vigorous pursuit of those
opportunities going forward.”



Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation