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(April 19, 2001) -- Travel Web site Travelocity.com, Fort Worth, Texas, reported a net profit, excluding special items, as well as a positive cash flow for the first quarter.

Gross travel bookings grew 65% over the first quarter of last year and 20% over the prior quarter to $833.6 million, the company reported. At $72.9 million, revenues were 104% higher than the same quarter in 2000 and 11% higher than last year's fourth quarter. Gross profit of $47.7 million improved 141% and 7% over the first and fourth quarters of 2000, respectively. Net profit, excluding special items, was $618,000 or 3 cents per share for the quarter.

Those special items included a $22.4 million expense related to the amortization of goodwill, $2.6 million in non-cash stock compensation expense, a $7.2 million gain related to the cumulative effect of the adoption of SFAS 133, and a $5.8 million loss related to unrealized changes in the fair value of warrants held by the company.

The company's membership also increased in the first three months of 2001, up 2 million to 27 million members. In addition, average monthly unique bookers were 661,000, up 67% from 395,000 for the same period in 2000 and up 26% from 525,000 the previous quarter. -- Adrienne Mand

Copyright April 2001, Crain Communications Inc.

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