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Priceline.com Lowers Q2 Guidance
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Business New Haven
7/8/2002
By: BNH
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NORWALK - Priceline.com (NASDAQ: PCLN) updated its financial guidance for the second quarter concluding June 30.
The company announced that it expected revenues to come in approximately five percent below the low end of previous guidance of $320 million. The company said that it expects to report second quarter pro-forma net income of approximately $6 million, or three cents a share, at the low end of the company's previous forecast. Pro-forma net income is stated before stock-based compensation and option payroll taxes of approximately $275,000. The company also said that it would announce Q2 results on July 31.
Chairman and CEO Richard S. Braddock ascribed the lowered expectations to Priceline's airline ticket sales, which are typically strongest in June. The June shortfall, he said, was caused primarily by the persistence of difficult conditions within the aviation industry - especially pressure on the airline ticket bind rate and softer-than-expected customer demand. Braddock said the company's hotel business remained strong.
Priceline.com is the Internet service that offers products for sale in four categories: a travel service; personal finance service; an automotive service; and a telecommunications service that offers long distance calling services.
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