NORWALK, CT— Priceline.com reported that fourth quarter hotel room unit sales increased 115% in 2001, and rental car sales rose 38% for the year. Pro forma net income for the company totaled $3.3 million, or $0.01 per diluted share, compared to a 4th quarter 2000 pro forma net loss of $25 million, or $0.15 per share. Pro forma EBITDA for the 4th quarter 2001 was $6.2 million. Revenue in the fourth quarter 2001 was $235.3 million, an increase from fourth quarter 2000 revenue of $228.2 million. Gross profit for the 4th quarter 2001 was $39.3 million, compared to a gross profit of $35.1 million last year. For the full year 2001, Priceline.com had revenue of $1.17 billion, compared to full-year 2000 revenue of $1.24 billion. Gross profit for 2001 was $192.9 million, compared to a pro forma gross profit of $193.7 million for 2000. Pro forma EBITDA for 2001 was $24.4million; and pro forma net income in 2001 was $15.1 million, or $0.07 per diluted share, compared to a pro forma net loss of $36.1 million, or $0.22 per share in 2000. Priceline.com also reported it added 854,082 new customers, raising its year-end 2001 total customer base to nearly 12.7 million. Priceline.coms customer base at the end of 2000 was 9 million. Repeat business for the 4th quarter 2001 was a company-record 63.6%, compared to 54.5% for the same quarter last year. Looking forward, the company is targeting first quarter 2002 revenue of between $260 million and $290 million, consistent with expectations that industry conditions will continue to put pressure on its bind rates, said Richard Braddock, chairman/CEO of Priceline.
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