Expedia posts $65.4m net income in 4Q

Expedia posted fourth-quarter net income of $65.4 million, or 22 cents a share, down 2.7% from $67.1 million, or 20 cents a share, a year earlier.

Published: 08 Feb 2008

Expedia posted fourth-quarter net income of $65.4 million, or 22 cents a share, down 2.7% from $67.1 million, or 20 cents a share, a year earlier.

Adjusted net income for the fourth quarter decreased $4 million compared to the prior year period as higher OIBA was offset by a net increase in foreign exchange losses and an increase in net interest expense.

Net income decreased $2 million due to the same factors impacting adjusted net income as well as a higher effective tax rate.

Barry Diller, Expedia, Inc.'s Chairman and Senior Executive said, "We ended the year on higher ground with a stabilised supplier outlook, expanded global reach, established media businesses and sharpened marketing prowess. At the same time, we continued to make strides in capital efficiency by leveraging our balance sheet to meaningfully reduce our share base with an eye toward further repurchases."

"Through significant investment, innovation and execution, Expedia delivered four consecutive quarters of top-line growth acceleration in 2007," said Dara Khosrowshahi, Expedia Inc.'s CEO and President.

"While we're pleased by our return to OIBA growth in 2007 and mindful of potential challenges from near-term economic conditions, we will continue to invest in further growth opportunities in 2008 and beyond to drive long-term shareholder value," he said.

For the full-year, Expedia earned $295.9 million, or 94 cents per share, compared with $244.9 million, or 70 cents per share, in the prior year. Excluding certain items, the company earned $1.22 per share. The company's annual revenue rose year over year to $2.67 billion from $2.24 billion.

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