Priceline.com Reports Financial Results for 3rd Quarter 2010
Priceline.com Incorporated (Nasdaq: PCLN) today reported 3rd quarter 2010 financial results for the Priceline Group of Companies. Third quarter gross travel bookings for the Group were $4.0 billion, an increase of 47.1% over a year ago.
The Group had revenues in the 3rd quarter of $1.0 billion, a 37.1% increase over a year ago. International operations contributed revenues in the 3rd quarter of $531.0 million, a 67.6% increase versus a year ago (approximately 80% on a local currency basis). The Group's gross profit for the 3rd quarter was $666.2 million, a 53.5% increase from the prior year. International operations contributed gross profit in the 3rd quarter of $529.8 million, a 67.6% increase versus a year ago (approximately 80% growth on a local currency basis). The Group's operating income in the 3rd quarter 2010 was $336.8 million, a 67.8% increase from the prior year. The Group had GAAP net income for the 3rd quarter of $223.0 million or $4.41 per diluted share, which compares to $319.0 million or $6.42 per diluted share in the same period a year ago. Net income for the 3rd quarter 2009 was positively affected by a $181.9 million non-cash tax benefit from reversing a portion of the valuation allowance related to the Group's net operating loss carry forwards.
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