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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/