Priceline.com Posts Wider Loss on Litigation Expenses
Online travel agency Priceline.com posted a wider loss for its fiscal first-quarter, weighed down by a hefty litigation charge.
Quarterly loss applicable to common shareholders totaled $16.3 million, or 44 cents a share, compared with a loss $964,000, or 2 cents a share in the prior-year quarter. Results included a $55 million charge for a lawsuit settlement, partially offset by $15.9 million in revenue and $2.8 million in interest income from an excise tax refund.
Excluding one-time items and other benefits and expenses, pro forma net income was 43 cents a share.
Revenue rose 25% to $301.4 million from $241.9 million last year.
Analysts polled by Thomson Financial expected a profit of 33 cents a share on revenue of $283.6 million.
Shares fell $1.25, or 2%, to $62.80 in aftermarket electronic trading, after closing up $1.51, or 2.4%, at $64.05 on Tuesday.