Sabre Holdings Increases First Quarter and Full Year 2004 Earnings Projections
March 31 2004 - 8:00AM
PR Newswire (US)
Sabre Holdings Increases First Quarter and Full Year 2004 Earnings
Projections SOUTHLAKE, Texas, March 31 /PRNewswire-FirstCall/ --
Sabre Holdings Corporation today raised its earnings projection for
the first quarter due to strong travel bookings and lower than
expected company expenses. The company also raised its full year
2004 earnings projection. For the first quarter, the company now
projects diluted earnings per share in the range of $0.32 to $0.35,
on an adjusted basis, exceeding previous guidance of $0.24 to
$0.27. On a GAAP basis, the company now projects earnings per share
in the range of $0.26 to $0.29 versus previous projections of $0.18
to $0.21. Special items in the first quarter, net of tax and
minority interests, are projected to be approximately $9 million,
which include stock compensation and amortization of intangible
assets. Although expenses for the first quarter are lower than
plan, the company expects spending to gradually return to plan
levelsthroughout the year. In addition, the company projects
Travelocity's operating loss in the first quarter to be less than
originally expected. Travelocity remains on track to turn
profitable in the second quarter. Based on these revised
expectations,the company projects diluted earnings per share for
2004 in the range of $1.25 to $1.35, on an adjusted basis,
exceeding previous guidance of $1.15 to $1.25. On a GAAP basis, the
company projects full year earnings per share in the range of $1.04
to $1.14 versus previous projections of $0.94 to $1.04. Sabre
Holdings plans to announce its first quarter, 2004 financial
results on Thursday, April 22. About Sabre Holdings Corporation
Sabre Holdings, an S&P 500 company, is a world leader in travel
commerce, retailing travel products and providing distribution and
technology solutions for the travel industry. Sabre Holdings
supports travelers, travel agents, corporations and travel
suppliers through its companies: Travelocity, Sabre Travel Network,
and Sabre Airline Solutions. Headquartered in Southlake, Texas, in
the Dallas-Fort Worth Metroplex, the company has approximately
6,000 employees in 45 countries. Full year 2003 revenues totaled
$2.05 billion. Sabre Holdings is traded on the New York Stock
Exchange under the symbol TSG. More information is available at
http://www.sabre-holdings.com/. Statements in this news release or
in the schedule hereto which are not purely historical facts,
including statements about forecasted financial projections, travel
bookings, or other statements about anticipations, beliefs,
expectations, hopes, intentions or strategies for the future, may
be forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended.Readers are
cautioned not to place undue reliance on forward-looking
statements. All forward-looking statements are based upon
information available to Sabre Holdings Corporation on the date
this report was submitted. Sabre Holdings Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Any forward-looking statements involve risks and
uncertainties that could cause actual events or results to differ
materially from the events or results described in the
forward-looking statements, including risks or uncertainties
related to: competition from established and emerging travel
distribution channels, the financial instability of many air
carriers and Sabre Holdings Corporation's revenues being highly
dependent on the travel and transportation industries. Sabre
Holdings Corporation may not succeed in addressing these and other
risks. Further information regarding factors that could affect our
financial and other results can be found in the risk factors
section of the Sabre Holdings Corporation's most recent filing on
Form 10-K with the Securities and Exchange Commission. Sabre
Holdings Corporation Non-GAAP Financials Reconciliations ($ in
millions) 1st Quarter Full Year 1Q 2004 Guidance FY 2004 Guidance
Net Earnings Reconciliation Low High Low High GAAP Net Earnings
$36.4 $40.6 $146.6 $160.7 Adjustments, net of taxes: Add:
Amortization of intangibles, stock compensation and transaction
fees from merger & acquisition activity 8.6 8.6 29.9 29.9
Adjusted net earnings $45.0 $49.2 $176.5 $190.6 GAAP EPS $0.26
$0.29 $1.04 $1.14 Adjusted EPS $0.32 $0.35 $1.25 $1.35 Diluted
share count 140.0 million 141.0 million Travelocity Revenue
Reconciliation FY 2004 FY 2003 GAAP Revenue $501.0 $394.5 Growth %
27% Less: recognition of deferred revenue on warrants - (7.8)
Adjusted Revenue $501.0 $386.7 Growth % 30% Travelocity Operating
Income Reconciliations FY 2004 GAAP OperatingIncome (Loss) ($21.7)
GAAP operating margin (4.3%) Add: amortization of intangibles and
transaction fees from merger & acquisition activity 27.8 Add:
stock compensation 8.9 Adjusted Operating Income (Loss) $15.0
Adjusted Operating margin 3.0% DATASOURCE: Sabre Holdings
Corporation CONTACT: Media Relations - Michael Berman, Sabre
Holdings, +1-682-605-2397; or Investor Relations - Karen Fugate,
Sabre Holdings, +1-682-605-2343 Web site:
http://www.sabre-holdings.com/
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