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EXHIBIT 99.1
PRICELINE.COM INCORPORATED
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, UNAUDITED)
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MARCH 31, DECEMBER 31,
2003 2002
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ASSETS
Current assets:
Cash and cash equivalents $ 52,560 $ 67,182
Restricted cash 17,025 18,248
Short-term investments 70,194 64,154
Accounts receivable, net of allowance for doubtful accounts of $1,262 at
March 31, 2003 and December 31, 2002 16,106 13,636
Prepaid expenses and other current assets 6,243 6,348
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Total current assets 162,128 169,568
Property and equipment, net 17,690 21,413
Goodwill 10,517 10,517
Other assets 17,923 9,664
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Total assets $ 208,258 $ 211,162
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 36,020 $ 35,375
Accrued expenses 24,983 27,889
Other current liabilities 2,833 2,063
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Total current liabilities 63,836 65,327
Long-term accrued expenses 422 715
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Total liabilities 64,258 66,042
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SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK 13,470 13,470
Stockholders' equity
Common stock 1,886 1,884
Treasury stock (338,410) (338,410)
Additional paid-in capital 2,040,850 2,033,944
Accumulated deficit (1,573,876) (1,565,869)
Accumulated other comprehensive income:
Cumulative currency translation adjustment 80 101
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Total stockholders' equity 130,530 131,650
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Total liabilities and stockholders' equity $ 208,258 $ 211,162
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PRICELINE.COM INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)
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THREE MONTHS ENDED
MARCH 31, DECEMBER 31,
2003 2002
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Merchant revenues $ 198,608 $ 259,667
Agency revenues 1,005 218
Other revenues 874 2,000
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Total revenues 200,487 261,885
Cost of merchant revenues 167,500 219,511
Cost of agency revenues - -
Cost of other revenues - 381
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Total costs of revenues 167,500 219,892
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Gross profit 32,987 41,993
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Operating expenses:
Advertising 11,098 10,227
Sales and marketing 8,064 10,564
General and administrative, including option payroll taxes 6,568 6,487
Stock based compensation - 250
Systems and business development 4,930 6,328
Depreciation and amortization 3,912 4,458
Restructuring charge (reversal) - (824)
Warrant costs 6,638 -
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Total operating expenses 41,210 37,490
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Operating (loss) income (8,223) 4,503
Other income:
Interest income 492 782
Equity in net income of pricelinemortgage - 492
Other - (36)
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Total other income 492 1,238
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Net (loss) income (7,731) 5,741
Preferred stock dividend (297) (1,854)
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Net (loss) income applicable to common stockholders $ (8,028) $ 3,887
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Net (loss) income applicable to common stockholders per basic common share $ (0.04) $ 0.02
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Weighted average number of basic common shares outstanding 224,860 227,503
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Net income applicable to common stockholders per diluted common share $ (0.04) $ 0.02
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Weighted average number of diluted common shares outstanding 224,860 239,970
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