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Priceline.com Reports Financial Results for 4th Quarter and Full-Year 2010
NORWALK, Conn., February 23, 2011 . . . Priceline.com Incorporated (Nasdaq: PCLN) today reported 4th quarter and full-year 2010 financial results for the Priceline Group of Companies. Fourth quarter gross travel bookings for the group, which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by consumers, were $3.26 billion, an increase of 44.2% over a year ago.
The Group had revenues in the 4th quarter of $731 million, a 35.0% increase over a year ago. The Groups international operations contributed revenues in the 4th quarter of $374.9 million, a 68.2% increase versus a year ago (approximately 75% on a local currency basis). The Groups gross profit for the 4th quarter was $478.4 million, a 52.8% increase from the prior year. International operations contributed gross profit in the 4th quarter of $374.0 million, a 68.4% increase versus a year ago (approximately 75% growth on a local currency basis). The Groups operating income in the 4th quarter was $189.0 million, a 60.3% increase from the prior year. The Group had GAAP net income applicable to common shareholders for the 4th quarter of $135.7 million, or $2.66 per diluted share, which compares to $78.4 million or $1.55 per diluted share, in the same period a year ago.
Non-GAAP net income in the 4th quarter was $175.0 million, a 72.2% increase versus the prior year. Non-GAAP net income was $3.40 per diluted share, compared to $1.99 per diluted share a year ago. First Call analyst consensus for the 4th quarter 2010 was $3.10 per diluted share. Non-GAAP EBITDA for the 4th quarter 2010 was $222.9 million, an increase of 67.4% over a year ago. The section below entitled Non-GAAP Financial Measures provides a definition and information about the use of non-GAAP financial measures in this press release and the attached financial and statistical supplement reconciles non-GAAP financial information with the Groups financial results under GAAP.
For full-year 2010, the Group had revenues of $3.08 billion, a 31.9% increase over 2009. International operations contributed full-year revenues of $1.4 billion, a 69.5% increase versus a year ago (approximately 77% on a local currency basis). Gross profit for the Group in 2010 was $1.9 billion, a 51.4% increase from the prior year. International operations contributed full-year gross profit of $1.4 billion, a 69.7% increase versus the prior year (approximately 77% growth on a local currency basis). The Groups 2010 operating income was $786.8 million, a 67.1% increase from the prior year. The Group had GAAP net income for full-year 2010 of $527.5 million, or $10.35 per diluted share, which compares to $489.5 million or $9.88 per diluted share in 2009. Net income for the full-year 2009 was positively affected by a $183.3 million non-cash tax benefit from reversing a portion of the valuation allowance related to the Groups net operating loss carry forwards.
Non-GAAP EBITDA for 2010 was $901.4 million, an increase of 64.6% over a year ago. Non-GAAP net income for 2010 was $692.7 million or $13.49 per diluted share, compared to $8.52 per diluted share a year ago. First Call analyst consensus for full-year 2010 was $13.22 per diluted share.
The Groups worldwide hotel business performed well for the 4th quarter and full year 2010, said Jeffery H. Boyd, Priceline President and Chief Executive Officer. High gross travel
The following information was filed by Priceline Group Inc. (PCLN) on Friday, February 25, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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