800 Travel Systems Reports First-Quarter 2001 Earnings; Gross Reservations Increase 15.6% to 24.3 Million; Revenues Increase 17.2%; CEO Comments on Operations.Business & Travel Editors/High-Tech Writers TAMPA, Fla.--(BUSINESS WIRE)--May 15, 2001 800 TRAVEL SYSTEMS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq:IFLY IFLY International Federation of Liberal Youth IFLY I Freaking Love You ) (Nasdaq:IFLYW), a leading provider of travel-related products and services through its websites www.LowAirfare.com, www.CruiseBrokers.com, www.TourBrokers.com, and its call centers, today announced results for the first quarter of 2001. 800 Travel Systems reported gross reservations for the first quarter increased by 15.6%, rising to $24,349,036 from $21,066,066 in the same period during the prior year. For the first quarter, revenues totaled $3.6 million, an increase of 17.2% from revenues reported for the first quarter of 2000. The company reported a net loss of $(670,045) for the first quarter of 2001, compared to a net loss of $(73,337) for the same period in 2000. The net loss per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the first quarter of 2001 was $(.08) compared to a net loss per diluted share of $(.01) for the comparable period of last year. Peter M. Sontag, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Over the last six months of 2000, we increased our operating infrastructure in anticipation of expected increases in both gross travel reservations and fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. sales. While total bookings have improved, increased softness in the general economy and travel industry have helped to slow the level of our actual revenue increases. Like many companies, we are now in the process of taking steps to bring our costs more in line with anticipated revenues. Accordingly, we have begun the process of reviewing our departments for cost reduction opportunities and where appropriate, taking steps to accomplish this objective. In addition we will also continue to aggressively pursue initiatives intended to grow the Company's revenues in order to achieve our goal of profitability and ultimately increasing our shareholder value." Sontag explained, "Specific programs designed to help accomplish these objectives include: tutoring of our lower producing agents, continuing performance incentives for top producing agents, improving customer response times, implementation of on-line fulfillment initiatives and increasing gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. per agent and sales closing ratios." About 800 Travel Systems 800 Travel Systems is a leading provider of low-priced travel related products and services through its nationally recognized http://www.LowAirfare.com Website and through its easy to remember toll free numbers "800-LOW-AIRFARE" (800-569-2473) AND "800-FLY-4-LESS" (800-359-4537). A distinguishing feature of the www.LowAirfare.com Website is its ability to connect live reservation agents directly with on-line travel consumers in an instant messaging Exchanging text messages in real time between two or more people logged into a particular instant messaging (IM) service. Instant messaging is more interactive than e-mail because messages are sent immediately, whereas e-mail messages can be queued up in a mail server for seconds or format that allows consumers to book air travel, on-line, in real time. 800 Travel Systems is headquartered in Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. and employs more than 400 people, combined, in the Company's 33,000 square-foot reservations and communications center An agency charged with the responsibility for handling and controlling communications traffic. The center normally includes message center, transmitting, and receiving facilities. Also called COMCEN. See also telecommunications center. in Tampa and a similar 12,000 square-foot center in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . The Company also operates CruiseBrokers.com (www.CruiseBrokers.com), which specializes in discount cruise vacations; TourBrokers.com (www.TourBrokers.com), which specializes in discount tour vacations; Prestige Travel Club (www.prestigetravelclub.com), which offers discount travel services on cruises, tours, air, and other travel related services to individuals, businesses and not-for profit organizations and Prestige Travel Systems (www.ptstravel.com), which comprises a network of approximately 1,500 full service independent remote travel agents. Forward-looking and cautionary statements This press release contains statements which may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. This press release may include forward-looking statements that do not refer strictly to historical results or actions, which although believed to be reasonable, are inherently uncertain and difficult to predict. Such statements are subject to certain risks and uncertainties inherent in 800 Travel Systems' business and investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those projected as a result of various factors as set forth from time to time in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise the forward-looking statements made in this press release to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this press release or to reflect the occurrence of unanticipated events. |
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