Priceline beats estimates
Auction site reports narrower 2Q loss on strength of new services
July 24, 2000: 7:53 a.m. ET
NEW YORK (CNNfn) - Priceline.com, the Internet site that auctions such items as airline tickets and groceries, reported a smaller-than-expected second-quarter loss Monday.
The Norwalk, Conn.-based company posted a loss of 1 cent a share excluding one-time items, smaller than the loss of 3 cents a share forecast by Wall Street analysts and the loss of 10 cents a share reported a year earlier.
Including the one-time items, Priceline lost $1.6 million compared with a net loss of $13.9 million a year earlier. On a per share basis, including preferred dividend requirements, the loss was 7 cents a share versus 10 cents in the prior year.
Sales more than tripled to $352 million.
The results were driven by new and repeat customers, and sales from expanded product offerings such as long-distance calling services, the company said.
During the quarter, Priceline said it added 1.5 million new customers for a total of 6.8 million.
"We believe we are rounding the final turn and on the homestretch toward profitability," President and CEO Daniel Schulman said. "We continue to attract record new customers, but even more importantly, our loyalty among existing customers is accelerating."
Schulman said it sold 1.29 million leisure airline tickets in the quarter and 43,500 room nights from its hotel service.
The company also sold more than 429,600 rental car days.
Auction site reports narrower 2Q loss on strength of new services
July 24, 2000: 7:53 a.m. ET
NEW YORK (CNNfn) - Priceline.com, the Internet site that auctions such items as airline tickets and groceries, reported a smaller-than-expected second-quarter loss Monday.
The Norwalk, Conn.-based company posted a loss of 1 cent a share excluding one-time items, smaller than the loss of 3 cents a share forecast by Wall Street analysts and the loss of 10 cents a share reported a year earlier.
Including the one-time items, Priceline lost $1.6 million compared with a net loss of $13.9 million a year earlier. On a per share basis, including preferred dividend requirements, the loss was 7 cents a share versus 10 cents in the prior year.
Sales more than tripled to $352 million.
The results were driven by new and repeat customers, and sales from expanded product offerings such as long-distance calling services, the company said.
During the quarter, Priceline said it added 1.5 million new customers for a total of 6.8 million.
"We believe we are rounding the final turn and on the homestretch toward profitability," President and CEO Daniel Schulman said. "We continue to attract record new customers, but even more importantly, our loyalty among existing customers is accelerating."
Schulman said it sold 1.29 million leisure airline tickets in the quarter and 43,500 room nights from its hotel service.
The company also sold more than 429,600 rental car days.
