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EXHIBIT 99.1
Priceline.com To Update Post-September 11th Sales Activity
At Robertson Stephens Conference
PRICELINE.COM NOW EXPECTS 3RD QUARTER 2001 REVENUE TO BE AT
HIGH END OF PREVIOUS GUIDANCE OF $280 MILLION TO $300 MILLION
NORWALK, Conn., October 2, 2001 . . . Priceline.com Incorporated (Nasdaq:
PCLN) announced that it intends to update its post-September 11th sales activity
in a presentation tomorrow at the Robertson Stephens & Co. Consumer Conference
in New York.
Priceline.com will state that demand for its travel products is recovering
faster than it expected, and that the Company now expects 3rd quarter 2001
revenue to come in at the high end of the range of $280 million to $300 million
previously provided in the Company's September 18, 2001 press release.
The Company also will state that, for the week ended October 1, 2001, total
unique offers and total units sold had recovered to 94 percent and 82 percent
respectively of the levels for the week preceeding the September 11th terrorist
attacks.
The table below compares unique purchase offers and gross units sold for the
weeks ended September 10th, 17th, 24th, and October 1st respectively:
<Table>
<Caption>
Unique Purchase Offers
Week Ended Air % of week Hotel % OF WEEK RENTAL % OF WEEK TOTAL % OF WEEK
---------- --- --------- ----- --------- ------ --------- ----- ----------
ended 9/10 ENDED 9/10 CAR ENDED 9/10 PURCHASE ENDED 9/10
---------- ---------- --- ---------- -------- ----------
OFFERS
--------
Sept. 10 107,742 100.0% 45,485 100.0% 23,414 100.0% 176,641 100.0%
Sept. 17 35,374 32.8% 24,334 53.5% 8,109 34.6% 67,817 38.4%
Sept. 24 68,926 64.0% 36,888 81.1% 13,022 55.6% 118,836 67.3%
Oct. 1 102,234 94.9% 45,596 100.2% 17,352 74.1% 165,182 93.5%
</Table>
Gross Units Sold*
<Table>
<Caption>
WEEK ENDED AIRLINE % OF WEEK HOTEL % OF WEEK RENTAL % OF WEEK TOTAL % OF WEEK
---------- ------- --------- ----- --------- ------ ---------- -------- -----------
TICKETS ENDED 9/10 ROOM ENDED 9/10 CAR ENDED 9/10 UNITS ENDED 9/10
------- ---------- ---- ---------- --- ---------- ----- ----------
NIGHTS DAYS SOLD
------ ---- ----
Sept. 10 88,316 100.0% 63,355 100.0% 73,731 100.0% 225,402 100.0%
Sept. 17 26,223 29.7% 38,982 61.5% 32,192 43.7% 97,397 43.2%
Sept. 24 43,508 49.3% 54,667 86.3% 43,912 59.6% 142,087 63.0%
Oct. 1 63,532 71.9% 65,363 103.2% 54,883 74.4% 183,778 81.5%
</Table>
* Prior to refunds
(more)
-2-
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"We are pleased by the speed and progress of our ongoing recovery," said
priceline.com Chairman and CEO Richard S. Braddock. "Our strong customer
franchise and attractive inventory and pricing position us well to serve
customer travel needs during this transitional period, particularly in our hotel
business where these factors have combined with strong underlying momentum to
drive a nearly full recovery in three weeks."
Priceline.com stated that recovery in revenue from sales of travel products
trailed unit sales as a result of refunds granted in the aftermath of the
September 11th terrorist attacks and pressure from deep discounting of published
retail prices instituted by airlines, hotel companies and rental car companies
to spur near-term demand. The recovery of airline ticket sales also was
negatively affected by temporary disruptions in availability of inventory
related to anticipated schedule changes.
Priceline.com also announced that it plans to acquire a majority interest in the
equity of priceline.com Europe Ltd., which holds the rights to develop the
priceline.com business in Europe and is currently selling travel products in the
U.K. As part of the acquisition agreement, priceline.com Europe will continue to
operate the company and will take steps to create further operating efficiencies
in its business. Priceline.com stated that it would consolidate priceline.com
Europe's results in the 4th quarter 2001 and that the acquisition was expected
to reduce quarterly pro forma operating results by approximately $0.01 per share
for the next several quarters.
A copy of the Company's presentation will be made available tomorrow on
priceline.com's Web site in the Investor Relations section, and will be filed as
an exhibit to a form 8-K filed with the Securities and Exchange Commission
tomorrow.
ABOUT PRICELINE.COM
Priceline.com is the Name Your Own Price(sm) Internet service that offers
products for sale in four categories: a travel service that offers leisure
airline tickets, hotel rooms and rental cars; a personal finance service that
offers home mortgages, refinancing and home equity loans through an
independent licensee; an automotive service that offers new cars; and a
telecommunications service that offers long distance calling services.
Priceline.com licenses its business model to independent licensees, including
pricelinemortgage and certain international licensees. In these arrangements,
priceline.com generally receives royalties for licensing its intellectual
property. Priceline.com also holds securities carrying the right to purchase
a significant equity stake in the licensees under certain conditions. Unless
those rights are exercised, the results of licensee operations will not be
included in priceline.com's financial statements.
###
For press information, contact: Brian Ek 203-299-8167 (brian.ek@priceline.com)
INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict; therefore,
actual results may differ materially from those expressed, implied or forecasted
in any such forward-looking statements. Expressions of future goals and similar
expressions including, without limitation, "may," "will," "should," "could,"
"expects," "does not currently expect," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," "targets," or "continue," reflecting
something other than historical fact are intended to identify forward-looking
statements. The following factors, among others, could cause the Company's
actual results to differ materially from those described in the forward-looking
statements: adverse changes in general market conditions for leisure and other
travel products as the result of recent terrorist events, hostilities or other
similar or related events; adverse changes in the Company's relationships with
airlines and other product and service providers; systems-
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related failures and/or security breaches; the effects of increased
competition; the Company's ability to protect its intellectual property
rights; losses by the Company and its licensees; any adverse impact from
negative publicity as a result of recent events and negative customer
reaction to such publicity; legal and regulatory risks and the ability to
attract and retain qualified personnel. For a detailed discussion of these
and other factors that could cause the Company's actual results to differ
materially from those described in the forward-looking statements, please
refer to the Company's most recent Form 10-Q, Form 10-K and Form 8-K filings
with the Securities and Exchange Commission. Unless required by law, the
Company undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.