Pegasus Solutions, Inc. (Nasdaq: PEGS), a leading provider of transaction processing and electronic commerce solutions to the hotel industry worldwide, today announced financial results for the first quarter ended March 31, 2002.
Total revenues were $45.4 million for the first quarter of 2002, compared to $46.1 million for the first quarter of the prior year. Excluding a one-time fee of $3.5 million for the early termination of a customer contract, revenues for the first quarter of 2002 were $41.9 million. Cash earnings per share (EPS), which excludes non-cash and non-recurring items, were $0.08 per diluted share for the quarter, compared to $0.04 for the same quarter last year. Non-cash items consisted of amortization expense for purchased intangible assets. Non-recurring items included the early termination fee mentioned above and $797,000 of restructuring charges in the first quarter of 2001.
John F. Davis III, chairman and chief executive officer of Pegasus Solutions commented, “I am pleased to report that we met our goals for this quarter and doubled our cash EPS despite a challenging business environment. Even though hotel reservation transactions have been recovering more quickly than we anticipated, transaction volumes for the quarter were still down compared to the first quarter last year. Our solid first quarter results clearly demonstrate the successful execution of our restructuring plan, as well as the strength and commitment of our management team and employees. These efforts will enhance our ability for sustainable growth.”
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