Sabre Holdings Corporation (NYSE: TSG) has reported solid first quarter 2002 financial results despite a volatile industry environment.
The company reported first quarter 2002 earnings per share, excluding special items, of $0.62, slightly higher than the company`s projection due to lower operating costs and expense control.
First quarter, 2002 revenues were $539 million, in line with previous projections. Revenues continued to reflect the impact of depressed travel in an industry that is still recovering. Global travel bookings in the first quarter were down 13.8 percent, year-over-year, in line with expectations.
For the first quarter, the company also reported strong results for other key financial metrics, including earnings before interest, taxes, depreciation, and amortization (EBITDA) of $150 million, and free cash flow of $84 million.
“We continue to achieve our financial targets despite challenging times for the travel industry,” said William J. Hannigan
, chairman and CEO, Sabre. “In the first quarter, we held the line on operating costs while executing on our long-term strategy, including announcing and subsequently closing the Travelocity tender offer
, conducting a successful equity offering, and taking steps to strengthen merchant model capabilities with Travelocity`s acquisition of Site59
“We remain well positioned to capitalize on the gradual rebound of travel,” Hannigan said.
To view results, visit Sabre at: www.sabre.com
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