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Priceline.com Reports Q1 Results
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Business New Haven
5/13/2002
By: BNH
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NORWALK - For its first quarter of 2002, Priceline.com (NASDAQ: PCLN) reported pro forma net income of $5.3 million, or two cents per diluted share, compared to a pro forma net loss of $6.2 million, or three cents per share, for the 1st quarter 2001. Pro forma EBITDA was $8.8 million for this year's first quarter. On a GAAP basis, Priceline.com reported net income of $3.9 million for the 1st quarter 2002, or two cents per diluted share, compared to a loss of $13.8 million, or seven per share, for the 1st quarter of 2001. Priceline.com's first quarter 2002 profit figure is based on revenue of $261.9 million, which was within the company's previously stated guidance range for the quarter and down slightly from revenue of $269.7 million in the first quarter of 2001. Priceline.com ended the quarter with $177.8 million in cash and short-term investments, compared to $146.9 million a year ago.
Priceline.com is the Internet service that offers products for sale in four categories: a travel service that offers airline tickets, hotel rooms, rental cars, cruises and vacation packages; a personal-finance service that offers home mortgages, refinancing and home equity loans; an automotive service that offers new cars, and a telecommunications service that offers long-distance calling services.
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