Monday October 29, 2:00 am Eastern Time
Press Release
SOURCE: ebookers.com
ebookers Announces First Ever Profit* Despite September 11
- First Major European Internet Travel Agency to Do So -
LONDON, Oct. 29 /PRNewswire/ -- ebookers.com (Nasdaq: EBKR - news; LSE: EBR, Neuer Markt: eb6) Europe`s No. 1 online travel agency today announces
results for the third quarter ending 30th September 2001.
-- Profit* of GBP 0.2m for Q3 2001. (Q2 2001: loss of GBP 5.9m.)
-- Gross profit increases to GBP 6.4m, an increase of 146% compared
to Q3 last year and 37% sequentially.
-- Pre-tax loss falls by GBP 6m in just one quarter to GBP 2.6m
(Q2 2001 loss GBP 8.6m).
-- Profit* per ordinary share of 0.5 pence in Q3 2001 compared to a loss
of 13 pence in Q2 2001 and 15 pence in Q3 2000.
-- Cash at 30 September: GBP 22.9m.
-- Gross margins based on gross sales improve sequentially from 9.5%
to 12.9%.
-- Gross sales net of cancellations rose by 80% year on year, and 1.4%
sequentially to GBP 49.4m for the September quarter.
-- 78% of gross sales are merchant fares.
-- ebookers has implemented strong efficiency measures, including staff
reductions and moving back office functions to India. Impact of these
is expected to come through in 2002.
-- All figures as per estimates given in announcement of 24 October and
are unaudited and in UK GAAP.
Profits when stated above are adjusted and defined as: Earnings after net interest, before tax, depreciation, amortisation and stock compensation expense.
(Please see page 4 calculations.)
Demand returning after September 11
The first 10 days of September were the strongest online in ebookers` trading history. For the 3 weeks after the September 11 total average daily sales were
approximately 75% of those of September 1-10.
In the first week of October sales returned strongly to 89% of the September 1-10 period. There was a decline with the outbreak of conflict on October 7, but
by the week October 15-21 sales were running at 85% of September 1-10 levels. These figures are particularly encouraging.
Outlook for fourth quarter
The last quarter of the year is traditionally ebookers` weakest due to seasonality. Also, during the fourth quarter ebookers is establishing IT and back office
operations in India which are expected to be fully functional in Q1 2002 and should subsequently deliver substantial cost savings. This means that ebookers
will be incurring additional expenditure in training and operating expenses during the present quarter.
Navneet Bali CFO commented: ``Though demand has shown a positive and encouraging trend in recent weeks, due to current uncertainty it would be difficult
to give accurate forecasts. Given this volatility, the additional expenditure we are incurring, and the seasonality in our business, we expect to make a modest
negative EBITDA and pre tax loss in the fourth quarter. Cost savings from our efficiency-related investments are expected to make their real impact in 2002.``
The achievement of these goals could be affected by factors outside ebookers control such as military conflict or further terrorist activity.
Long-term Outlook
Sanjiv Talwar, Managing Director commented: ``Having achieved profitability two quarters in advance of our commitment, ebookers is investing in its
infrastructure to give it the cost base for high future profits. All company activities are geared towards this aim. Our focus and efforts have now moved on
towards delivering both growth and a positive EBITDA of over 3% of sales within the period Q4 2002 -Q1 2003, and of 5% within Q4 2003-Q1 2004.``
Dinesh Dhamija, CEO ebookers commented:
``We are very happy to have achieved profitability despite the events of September 11. We believe the results reflect the extensive travel experience of the
management team. We have been through and prospered in uncertain times before such as the Gulf War. We know how to manage costs and are prepared
to take strong measures to do so. Another factor is our merchant fares which are the best online in Europe. We set our margins on them, so they are not
subject to commission pressure. For instance, recent withdrawal of commission by Continental to internet travel agents does not affect ebookers -- quite
apart from the fact that it only applies to US agents and not those in Europe.``
About ebookers.com
ebookers.com is a leading pan-European online European travel agency offering complete one-stop, online shopping with a host of travel products and
services, including negotiated discount airfares with 120 airlines, and discounts with over 14,000 hotels worldwide. ebookers.com is the technology and
travel spin-off from Flightbookers plc, the London-based travel agency. The company was established as a separate Internet company in June 1999.
ebookers.com and its subsidiaries sells to customer in the following 11 countries: Denmark, Finland, France, Germany, Ireland, Netherlands, Norway, Spain,
Sweden, Switzerland and the UK. The company completed its initial public offering in November 1999 listing on Nasdaq and the Neuer Markt in Frankfurt,
Germany. In April 2001, ebookers.com listed on the London Stock Exchange.
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those in such forward looking statements. Potential risks and uncertainties include,
without limitation, the company`s ability to identify, acquire and integrate its potential subsidiaries across Europe, its ability to significantly increase its online
revenues and sales volumes, to maintain and develop relationships with travel suppliers and strategic partners and to attract and retain customers, potential
adverse changes in its gross mark up or in commission rates, unforeseen events affecting the travel industry, and the company`s dependence on its ability to
establish its brand. These and other risk factors are described in detail in the company`s listing particulars dated 17 April 2001, as supplemented by the
company`s supplementary listing particulars dated 20 April 2001, and the company`s Annual Report on Form 20-F for the year ended 31 December 2000 that
was filed with the US Securities and Exchange Commission on 27 April 2001.
CONSOLIDATED QUARTERLY RESULTS
MEMORANDUM INFORMATION
[Prepared in accordance with UK GAAP]
Quarter Quarter Quarter Quarter
ended ended ended ended
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
Gross Sales 71,026 49,358 27,390 48,693
Gross Profit 9,194 6,389 2,595 4,646
Gross profit %
on Gross Sales 12.94% 12.94% 9.47% 9.54%
Earnings before interest,
tax, depreciation
and amortisation
(excluding stock
compensation) (721) (501) (6,604) (5,678)
Profit / (loss) * 317 220 (6,156) (5,880)
Number of negotiated
fare tickets sold 106,553 106,553 67,399 120,944
Total number
of tickets sold 150,120 150,120 101,528 174,540
Calculation of profit / (loss)*
Earnings before interest,
tax, depreciation
and amortisation (721) (501) (6,604) (5,678)
Plus Other interest
receivable and
similar income 1,085 754 463 345
Less Interest payable
and similar charges (47) (33) (15) (547)
Profit / (loss) * 317 220 (6,156) (5,880)
* Earnings after net interest, before tax, depreciation, amortisation and
stock compensation expense
Average exchange rate
for the period
($ per pound) 1.439
All dollar translations are solely for the convenience of the reader
CONSOLIDATED QUARTERLY RESULTS
[Prepared in accordance with UK GAAP]
Quarter Quarter Quarter Quarter
ended ended ended ended
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
TURNOVER (See Note 3)
Continuing operations 58,776 40,845 22,052 39,015
Acquisitions 0 0 0 1,122
Total turnover 58,776 40,845 22,052 40,137
Cost of sales (49,582) (34,456) (19,457) (35,491)
Gross profit 9,194 6,389 2,595 4,646
Administrative expenses
Marketing and sales (4,652) (3,233) (4,768) (5,896)
Development costs (1,012) (703) (529) (676)
Other administrative
expenses (4,251) (2,954) (3,902) (3,752)
Total operating expenses
(excl stock comp cost
and dep and amort) (9,915) (6,890) (9,199) (10,324)
EBITDA (excluding stock
compensation) (721) (501) (6,604) (5,678)
Stock compensation
cost (724) (503) (3,024) (294)
Depreciation and
amortisation (3,114) (2,164) (1,301) (2,197)
OPERATING LOSS
Continuing operations (4,506) (3,131) (10,929) (7,905)
Acquisitions (53) (37) 0 (264)
Total operating loss (4,559) (3,168) (10,929) (8,169)
Reorganisation costs (223) (155) 0 0
Loss on termination
of operations 0 0 0 (244)
LOSS ON ORDINARY ACTIVITIES
BEFORE INTEREST (4,782) (3,323) (10,929) (8,413)
Other interest receivable
and similar income 1,085 754 463 345
Interest payable
and similar charges (47) (33) (15) (547)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (3,744) (2,602) (10,481) (8,615)
Tax (charge) / credit
on loss on ordinary
activities (69) (48) (22) (11)
RETAINED LOSS FOR THE
PERIOD FOR THE GROUP (3,813) (2,650) (10,503) (8,626)
Weighted average number
of shares `000 46,697 46,697 40,173 46,510
Basic and diluted loss
per share $(0.08) GBP (0.06) GBP (0.26) GBP (0.19)
Adjusted loss
per share * $(0.07) GBP (0.05) GBP (0.19) GBP (0.17)
Dividend per share $ nil GBP nil GBP nil GBP nil
Average exchange rate
for the period
($ per pound) 1.439
All dollar translations are solely for the convenience of the reader
* Adjusted loss per share is excluding stock compensation cost and loss
on termination of operations
CONSOLIDATED YEAR TO DATE RESULTS 9 months ended 9 months ended
[Prepared in accordance with UK GAAP] 30-Sep-01 30-Sep-00
GBP `000 GBP `000
(unaudited) (unaudited)
TURNOVER (See Note 3)
Continuing operations 112,709 52,262
Acquisitions 1,612 4,848
Total turnover 114,321 57,110
Cost of sales (98,941) (50,320)
Gross profit 15,380 6,790
Administrative expenses
Marketing and sales (15,183) (15,497)
Development costs (2,042) (1,496)
Other administrative expenses (10,786) (8,357)
Total operating expenses (excl stock
comp cost and dep and amort) (28,011) (25,350)
EBITDA (excluding stock compensation) (12,631) (18,560)
Stock compensation cost (998) (8,266)
Depreciation and amortisation (6,379) (3,251)
OPERATING LOSS
Continuing operations (19,580) (29,804)
Acquisitions (428) (273)
Total operating loss (20,008) (30,077)
Reorganisation costs (155) 0
Loss on termination of operations (244) 0
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (20,407) (30,077)
Other interest receivable and similar income 1,484 1,131
Interest payable and similar charges (854) (33)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (19,777) (28,979)
Tax (charge) / credit on loss
on ordinary activities (61) (5)
RETAINED LOSS FOR THE PERIOD FOR THE GROUP (19,838) (28,984)
Weighted average number of shares `000 46,171 36,177
Basic and diluted loss per share GBP (0.43) GBP (0.80)
Adjusted loss per share * GBP (0.40) GBP (0.57)
Dividend per share GBP nil GBP nil
* Adjusted loss per share is excluding stock compensation cost and loss
on termination of operations
CONSOLIDATED BALANCE SHEET
[Prepared in accordance with UK GAAP]
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
FIXED ASSETS
Intangible assets 25,218 17,097 10,998 18,338
Tangible assets 9,604 6,511 6,305 6,816
Investments 0 0 43 34
34,822 23,608 17,346 25,188
CURRENT ASSETS
Debtors 11,276 7,645 8,129 7,583
Cash at bank and
in hand 33,778 22,900 35,196 28,903
45,054 30,545 43,325 36,486
CREDITORS: amounts
falling due
within one year (32,030) (21,715) (16,025) (26,876)
NET CURRENT ASSETS 13,024 8,830 27,300 9,610
TOTAL ASSETS LESS
CURRENT LIABILITIES 47,846 32,438 44,646 34,798
CREDITORS: amounts
falling due after
more than one year (2,040) (1,383) 0 (1,633)
NET ASSETS 45,806 31,055 44,646 33,165
CAPITAL AND RESERVES
Called up share
capital 9,672 6,557 5,918 6,519
Share premium
account 100,927 68,425 63,002 68,213
Merger reserve 3,236 2,194 1,404 2,194
Shares to be issued 34,081 23,106 15,918 22,823
Profit and loss
account (102,110) (69,227) (41,596) (66,584)
EQUITY SHAREHOLDERS`
FUNDS 45,806 31,055 44,646 33,165
Exchange rate for the
period end ($ per
pound) 1.475
All dollar translations are solely for the convenience of the reader
CONSOLIDATED CASH FLOW STATEMENT
[Prepared in accordance with UK GAAP]
Quarter Quarter Quarter Quarter
ended ended ended ended
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
Net cashflow from
operating activities (8,325) (5,785) (6,696) (2,637)
Returns on investment
and servicing of finance
Interest received 439 305 349 345
Interest paid (47) (33) (15) (47)
Net cashflow from returns
on investment and
servicing of finance 392 272 334 298
Taxation 164 114 (26) (68)
Capital expenditure and
financial investment
Payments to acquire
intangible fixed
assets (378) (263) (654) (142)
Payments to acquire
tangible fixed assets (507) (352) (1,222) (580)
Receipt/(Payments)
to acquire investments 49 34 0 22
Net cashflow from capital
expenditure and financial
investment (836) (581) (1,876) (700)
Acquisitions
Payments to acquire
subsidiary
undertakings (325) (226) (332) (31)
Cash acquired
with subsidiary 7 5 0 414
Acquisitions and
disposals (318) (221) (332) 383
Net cashflow before
financing (8,923) (6,201) (8,596) (2,724)
Financing
Issue of shares 0 0 28,462 108
Capital element of
finance lease
repayments (360) (250) 0 (200)
New finance leases 0 0 0 1,273
Net cashflow
from financing (360) (250) 28,462 1,181
Decrease in cash
in the period (9,283) (6,451) 19,866 (1,543)
Average exchange rate
for the period
($ per pound) 1.439
All dollar translations are solely for the convenience of the reader
CONSOLIDATED CASH FLOW STATEMENT
[Prepared in accordance with UK GAAP] 9 months ended 9 months ended
30-Sep-01 30-Sep-00
GBP `000 GBP `000
(unaudited) (unaudited)
Net cashflow from operating activities (9,881) (15,205)
Returns on investment and servicing of finance
Interest received 1,035 842
Interest paid (122) (33)
Net cashflow from returns on investment
and servicing of finance 913 809
Taxation 112 (4)
Capital expenditure and financial investment
Payments to acquire intangible fixed assets (405) (1,206)
Payments to acquire tangible fixed assets (2,039) (5,085)
Receipt/(Payments) to acquire investments 40 (14)
Net cashflow from capital expenditure
and financial investment (2,404) (6,305)
Acquisitions
Payments to acquire subsidiary undertakings (257) (2,696)
Cash acquired with subsidiary 419 419
Acquisitions and disposals 162 (2,277)
Net cashflow before financing (11,098) (22,982)
Financing
Issue of shares 108 28,570
Capital element of finance lease repayments (563) 0
New finance leases 1,273 0
Net cashflow from financing 818 28,570
Decrease in cash in the period (10,280) 5,588
NOTES
1 Statutory information
The financial information for the periods ended 30 September 2001,
30 June 2001, 30 September 2000 and 30 June 2000 has been neither
audited or reviewed by the Group`s auditors and does not constitute
accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 2000 have been
reported on by the Group`s auditors, Deloitte & Touche, and which have
been filed with the Registrar of Companies. The report of the auditors
thereon was unqualified and did not contain a statement under section
237(2) or (3) of the Companies Act 1985.
2 Accounting policies
These accounts have been prepared on the basis of accounting policies
as set out in the annual financial statements at 31 December 2000.
3 Turnover
Turnover and gross sales in the UK GAAP accounts includes an amount of
GBP 900,000 received from a trade partner.
CONSOLIDATED QUARTERLY RESULTS
MEMORANDUM INFORMATION
[Prepared in accordance with US GAAP]
Quarter Quarter Quarter Quarter
ended ended ended ended
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
Gross Sales 69,731 48,458 27,390 48,693
Gross Profit 7,899 5,489 2,595 4,646
Gross profit %
on Gross Sales 11.33% 11.33% 9.47% 9.54%
Earnings before interest,
tax, depreciation
and amortisation (2,015) (1,401) (6,604) (5,678)
Profit / (loss) * (977) (680) (6,156) (5,880)
Number of negotiated
fare tickets sold 106,553 106,553 67,399 120,944
Total number
of tickets sold 150,120 150,120 101,528 174,540
Calculation of profit / (loss)*
Earnings before interest,
tax, depreciation
and amortisation (2,015) (1,401) (6,604) (5,678)
Plus Other interest
receivable and
similar income 1,085 754 463 345
Less Interest payable
and similar charges (47) (33) (15) (547)
Profit / (loss) * (977) (680) (6,156) (5,880)
* Earnings after net interest, before tax, depreciation, amortisation
and stock compensation expense
Average exchange rate
for the period
($ per pound) 1.439
All dollar translations are solely for the convenience of the reader
CONSOLIDATED QUARTERLY RESULTS
[Prepared in accordance with US GAAP]
Quarter Quarter Quarter Quarter
ended ended ended ended
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
TURNOVER
Continuing operations 57,482 39,945 22,052 39,015
Acquisitions 0 0 0 1,122
Total turnover 57,482 39,945 22,052 40,137
Cost of sales (49,582) (34,456) (19,457) (35,491)
Gross profit 7,900 5,489 2,595 4,646
Administrative expenses
Marketing and sales (4,652) (3,233) (4,768) (5,896)
Development costs (1,012) (703) (529) (676)
Other administrative
expenses (4,251) (2,954) (3,902) (3,752)
Total operating expenses
(excl stock comp cost
and dep and amort) (9,915) (6,890) (9,199) (10,324)
EBITDA (excluding stock
compensation) (2,015) (1,401) (6,604) (5,678)
Stock compensation
cost 2,359 1,639 73 (1,370)
Depreciation and
amortisation (2,803) (1,948) (1,085) (1,981)
Reorganisation costs (223) (155) 0 0
Loss on termination
of operations 0 0 0 (244)
OPERATING LOSS
Continuing operations (2,629) (1,828) (7,616) (9,009)
Acquisitions (53) (37) 0 (264)
LOSS ON ORDINARY
ACTIVITIES BEFORE
INTEREST (2,682) (1,865) (7,616) (9,273)
Other interest receivable
and similar income 1,085 754 463 345
Interest payable and
similar charges (47) (33) (15) (547)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (1,644) (1,144) (7,168) (9,475)
Tax (charge) / credit
on loss on ordinary
activities (69) (48) (22) (11)
RETAINED LOSS FOR THE
PERIOD FOR THE GROUP (1,713) (1,192) (7,190) (9,486)
Weighted average number
of shares `000 46,697 46,697 40,173 46,510
Basic and diluted loss
per share $(0.04) GBP (0.03) GBP (0.18) GBP (0.20)
Adjusted loss
per share * $(0.09) GBP (0.06) GBP (0.18) GBP (0.17)
Adjusted loss
per ADR * $(0.17) GBP (0.12) GBP (0.36) GBP (0.34)
Average exchange rate
for the period
($ per pound) 1.439
All dollar translations are solely for the convenience of the reader
* Adjusted loss per share is excluding stock compensation cost and loss
on termination of operations
CONSOLIDATED NINE MONTH RESULTS
[Prepared in accordance with US GAAP]
9 months ended 9 months ended
30-Sep-01 30-Sep-00
GBP `000 GBP `000
(unaudited) (unaudited)
TURNOVER
Continuing operations 111,809 52,262
Acquisitions 1,612 4,848
Total turnover 113,421 57,110
Cost of sales (98,941) (50,320)
Gross profit 14,480 6,790
Administrative expenses
Marketing and sales (15,183) (15,497)
Development costs (2,042) (1,496)
Other administrative expenses (10,786) (8,357)
Total operating expenses (excl stock comp
cost and dep and amort) (28,011) (25,350)
EBITDA (excluding stock compensation) (13,531) (18,560)
Stock compensation cost 179 1,059
Depreciation and amortisation (5,731) (2,603)
Reorganisation costs (155) 0
Loss on termination of operations (244) 0
OPERATING LOSS
Continuing operations (19,054) (19,831)
Acquisitions (428) (273)
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (19,482) (20,104)
Other interest receivable and similar income 1,484 1,131
Interest payable and similar charges (854) (33)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (18,852) (19,006)
Tax (charge) / credit on loss
on ordinary activities (61) (5)
RETAINED LOSS FOR THE PERIOD FOR THE GROUP (18,913) (19,011)
Weighted average number of shares `000 46,171 36,177
Basic and diluted loss per share GBP (0.41) GBP (0.53)
Adjusted loss per share * GBP (0.41) GBP (0.55)
Adjusted loss per ADR * GBP (0.82) GBP (1.11)
* Adjusted loss per share is excluding stock compensation cost and loss
on termination of operations
CONSOLIDATED BALANCE SHEET
[Prepared in accordance with US GAAP]
30-Sep-01 30-Sep-01 30-Sep-00 30-Jun-01
$`000 GBP `000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash
equivalents 33,778 22,900 28,903 34,162
Accounts receivable,
net of allowance
of doubtful
accounts 4,519 3,064 3,143 3,669
Prepaid expenses 4,516 3,062 2,692 3,268
Other current assets 2,305 1,563 1,792 1,774
Total current assets 45,118 30,589 36,530 42,873
Property, plant,
furniture and
equipment, net 7,698 5,219 5,383 5,758
Other non-current
assets 1,906 1,292 1,467 1,660
Goodwill, net 21,408 14,514 15,538 16,739
TOTAL ASSETS 76,130 51,614 58,918 67,030
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Bank overdraft 0 0 0 75
Accounts payable 20,041 13,587 19,009 13,351
Deferred revenue 5,124 3,474 3,145 2,647
Accrued expenses and
other current
liabilities 8,192 5,554 4,722 5,004
Total current
liabilities 33,357 22,615 26,876 21,077
Other liabilities 9,788 6,636 6,886 5,653
Total liabilities 43,145 29,251 33,762 26,730
Stockholders equity:
Common stock GBP 0.014
par value; Authorised:
71,428,570 shares in Q3
2001, Q2 2001; Issued
& outstanding 46,833,516;
46,565,916 shares 9,672 6,557 6,519 6,341
Additional paid-in
capital 103,959 70,481 72,027 69,679
Accumulated deficit (80,755) (54,749) (53,557) (35,610)
Accumulated other
comprehensive loss 109 74 167 (110)
Total stockholders`
equity 32,985 22,363 25,156 40,300
TOTAL LIABILITIES AND
STOCKHOLDERS` EQUITY 76,130 51,614 58,918 67,030
Exchange rate for the
period end
($ per pound) 1.475
All dollar translations are solely for the convenience of the reader
CONSOLIDATED CASH FLOW STATEMENT
[Prepared in accordance with US GAAP]
Quarter ended Quarter ended Quarter ended
30-Sep-01 30-Sep-01 30-Jun-01
$`000 GBP `000 GBP `000
(unaudited) (unaudited) (unaudited)
Cash flows from operating activities:
Net (loss) / income (1,713) (1,192) (9,485)
Adjustments to reconcile net
(loss) / income provided by
operating activities:
Depreciation and amortisation 2,803 1,948 2,439
Changes in:
Trade working capital (incl.
exchange adjustments) (7,000) (5,018) 3,077
Corporation tax 230 160 (23)
Stock compensation expense (2,675) (1,859) 1,390
Net cash provided from
operating activities (8,355) (5,961) (2,602)
Cash flows from investing activities
Capital expenditure and
acquisitions (571) (397) (821)
Net cash used in investing
activities (571) (397) (821)
Cash flows from financing activities:
Increase / (decrease)
in bank overdraft 0 0 (80)
Proceeds from issuance
from common stock 504 350 1,048
Net cash provided from financing
activities 504 350 968
Net increase in cash receipts (8,422) (6,008) (2,455)
Cash at the beginning
of the period 40,898 28,903 30,946
Cash at acquisition 7 5 412
Cash at end of the period 32,483 22,900 28,903
Supplemental cash flow information:
Cash paid during the year for:
Interest 47 33 35
Average exchange rate
for the period ($ per pound) 1.439
All dollar translations are solely for the convenience of the reader
RECONCILIATION BETWEEN US AND UK GAAP - QUARTER ENDED 30 SEPTEMBER 2001
The effect of the above differences on the loss for the period and
shareholders` funds is shown in the following reconciliation GBP `000
(unaudited)
Retained loss for the period as reported in the consolidated
profit and loss for the period 1 July 2001 to 30 September 2001
under UK GAAP (2,650)
Amortisation of goodwill arising under UK GAAP 216
Amount received from trade partner (900)
Additional stock compensation cost arising under US GAAP 2,142
Loss for the quarter ended 30 September 2001 under US GAAP (1,192)
Shareholders` funds as reported in the consolidated balance sheet
under UK GAAP 31,055
Net assets of Carbookers Limited 43
Goodwill arising on the acquisition of the electronic commerce
division of Flightbookers plc net of accumulated amortisation
at 30 September 2001 (1,966)
Goodwill arising on the acquisition of Flightbookers Limited net
of accumulated amortisation at 30 September 2001 (616)
Amount received from trade partner (900)
Shares to be issued in connection with the acquisition
of Callbookers Limited (5,253)
Shareholders` funds as reported in the consolidated balance sheet
under US GAAP 22,363
RECONCILIATION BETWEEN US AND UK GAAP - QUARTER ENDED 30 SEPTEMBER 2000
The effect of the above differences on the loss for the period and
shareholders` funds is shown in the following reconciliation GBP `000
(unaudited)
Retained loss for the period as reported in the consolidated
profit and loss for the period 1 July 2000
to 30 September 2000 under UK GAAP (10,503)
Amortisation of goodwill arising under UK GAAP 216
Amount received from trade partner 0
Additional stock compensation cost arising under US GAAP 3,097
Loss for the quarter ended 30 September 2001 under US GAAP (7,190)
RECONCILIATION BETWEEN US AND UK GAAP - 9 MONTHS ENDED 30 SEPTEMBER 2001
The effect of the above differences on the loss for the period and
shareholders` funds is shown in the following reconciliation GBP `000
(unaudited)
Retained loss for the period as reported in the consolidated
profit and loss for the period 1 January 2001
to 30 September 2001 under UK GAAP (19,838)
Amortisation of goodwill arising under UK GAAP 648
Amount received from trade partner (900)
Additional stock compensation cost arising under US GAAP 1,177
Loss for the 9 months ended 30 September 2001 under US GAAP (18,913)
Shareholders` funds as reported in the consolidated balance sheet
under UK GAAP 31,055
Net assets of Carbookers Limited 43
Goodwill arising on the acquisition of the electronic commerce
division of Flightbookers plc net of accumulated
amortisation at 30 September 2001 (1,966)
Goodwill arising on the acquisition of Flightbookers Limited
net of accumulated amortisation at 30 September 2001 (616)
Amount received from trade partner (900)
Shares to be issued in connection with the acquisition
of Callbookers Limited (5,253)
Shareholders` funds as reported in the consolidated balance sheet
under US GAAP 22,363
RECONCILIATION BETWEEN US AND UK GAAP - 9 MONTHS ENDED 30 SEPTEMBER 2000
The effect of the above differences on the loss for the period is shown in
the following reconciliation GBP `000
(unaudited)
Retained loss for the period as reported in the consolidated
profit and loss for the period 1 January 2000
to 30 September 2000 under UK GAAP (28,984)
Amortisation of goodwill arising under UK GAAP 648
Additional stock compensation cost arising under US GAAP 9,325
Loss for the 9 months ended 30 September 2000 under US GAAP (19,011)
