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Priceline Records Profit
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Business New Haven
9/4/2001
By: BNH
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NORWALK - Name-your-own-price Internet commerce company Priceline.com Inc. (NASDAQ: PCLN) posted earnings that beat Wall Street estimates for the second quarter, delivering on its profitability promises amid cost-cutting efforts and renewed focus on its core travel business. Priceline, in which two firms controlled by Hong Kong tycoon Li Ka-shing decided to buy an additional 25 million shares in June, also raised its third-quarter earnings and revenue outlook. It projects pro-forma earnings of five to seven cents a share and revenue to beat year-ago's $341 million. The Internet company said it earned $11.7 million on a pro-forma basis before items in the second quarter, or six cents per basic share. Revenues for the second quarter rose to $364.8 million from $352.1 million a year ago. Wall Street analysts, on average, expected the company to post earnings of one cent per share and revenues of $301 million, according to Thomson Financial/First Call.
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