Priceline.com Reports 3rd Quarter EPS of $5.33

Priceline.com Incorporated PCLN today reported 3rd quarter 2010 financial results for the Priceline Group of Companies. Third quarter gross travel bookings for the Group, which refers to the total dollar value, generally inclusive of all taxes and fees, of all travel services purchased by consumers, 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. Non-GAAP net income in the 3rd quarter was $272.3 million, a 57.1% increase versus the similar period in the prior year. Non-GAAP net income per diluted share was $5.33, compared to $3.45 per diluted share a year ago. First Call analyst consensus for the 3rd quarter 2010 was $4.97 per diluted share. Non-GAAP EBITDA for the 3rd quarter was $362.5 million, an increase of 61.4% over the prior year. The section below entitled "Non-GAAP Financial Measures" provides a definition and information about the use of non-GAAP financial measures in this press release and the attached financial and statistical supplement reconciles non-GAAP financial information with the Group's financial results under GAAP.