Priceline.com (PCLN)

Priceline.com Monday said its third-quarter profit totaled $319 million, or $6.42 per share, compared with $84.5 million, or $1.74 per share, a year earlier. Revenue increased 30% to $730.7 million.
GAAP 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 Company’s net operating loss carry forwards. The valuation allowance was reversed to reflect the amount of deferred tax asset that is estimated to be more likely than not to be realized after taking into consideration current operating results and future estimated domestic taxable income. Pro forma net income in the 3rd quarter was $173.3 million or $3.45 per diluted share, compared to $2.39 per share a year ago. The results topped Street expectations.

Nov 9 · 7:21:00 PM · Source: Company News
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by Larry Etter