Pegasus results show recovery trend

Friday, 07 Feb, 2002 0

Pegasus Solutions has announced financial results for the fourth quarter 2001 that indicate a recovery in the hotel sector following 11 September.

Revenues were $38.9 million for the fourth quarter of 2001, compared to revenues from continuing operations of $39.6 million for the fourth quarter of the prior year.

John F. Davis, chairman and chief executive officer of Pegasus Solutions said: “Cash earnings were essentially flat with last year, and while I’m not normally pleased with flat earnings, after September 11, any results that are flat with last year have to be viewed as a victory.

“The events of 2001 created what was possibly the worst downturn in the history of travel. However, we are encouraged by trends indicating a recovery advancing faster than we expected, and as our core technology business continues to grow and produce favorable results.”

However, in a statement released today, the company said: “For 2002, even though we are still seeing some evidence that our business may recover better than we expected, it is uncertain as whether the recovery trends we see now will be sustained or when hotel bookings may plateau.”

The following is a summary of some of the key businesses indicators included in the results.

ASP CRS business represented 32% of total revenue, and revenues were up 13% from the 4th quarter of last year. During the quarter, it processed 10 million hotel bookings on behalf of its CRS ASP hotel customers.

Electronic Distribution, GDS and Internet connectivity/distribution business, contributed 10% of total revenue. Although GDS reservations were down compared to the 4th quarter of 2000, Internet reservations processed during the quarter were up 48%.

Financial Services, which operates the Pegasus Commission Processing service, represented 16% of total revenues. During the quarter, the group began to experience the impact of September 11th. The decline in average daily room rates and transaction volumes took their toll during the quarter. In total, Commission Processing processed $108 million in travel agency commissions, down 16% from the previous year’s quarter.

Utell representation business represented 37% of revenues contributing $14.3 million in revenue. As expected, Utell’s 4th quarter revenues were down 15% from last year. During the quarter, Utell generated approximately 550,000 hotel room reservations for its 5,500 hotel members. While reservations are still down from last year, the monthly recovery rate has shown recovery. January 2002 reservations were only off 6% compared to January of last year.

NSW, Australia Welcome to New South Wales – a place to feel free, feel alive, feel new. As the official...

Intrepid Travel is a world leader in sustainable experience-rich travel that has been taking travellers to discover the world’s most amazing places...

The Detroit Metro Convention & Visitors Bureau (DMCVB) is the only organization that promotes metro Detroit regionally, nationally and...

Celebrating its 30-year anniversary in 2022, Regent Seven Seas Cruises® offers guests An Unrivaled Experience® with every luxury included. Carrying...

IHG Hotels & Resorts: Redefining Hospitality Excellence IHG Hotels & Resorts is a globally renowned hospitality company that stands at...

Cunard is the operator of luxury cruise ships Queen Mary 2®, Queen Victoria® and Queen Elizabeth®. Renowned for impeccable White...

WANDERERS WELCOME to MISSISSIPPI Mississippi is a state for all those who are wanderers at heart. From lush, forested Appalachian foothills to...

This is Jersey. An island shaped by the sea where some of the most astonishing tides in the world circle...

The Florida Keys and Key West is a 126 mile long string of Islands connected to South Florida by the...

The Oregon Tourism Commission, dba Travel Oregon, works to enhance visitors’ experiences by providing information, resources and trip planning tools...

Some describe it as a natural playground. Some say, it’s simply unique as it offers a great array of travel...

Centara Hotels & Resorts is Thailand’s leading hotel operator. Its 93 properties span all major Thai destinations plus the Maldives,...

Rakuten is a global powerhouse, with deep roots in Asia, and dominance in Japan. We enable our clients globally to...

Welcome to WTE Miami WTE Miami is an international travel and tourism expo that offers your company a...

We make travel accessible for everyone We believe everyone should be free to experience the world. For us, there’s no...

Greater Fort Lauderdale’s assortment of adventures awaits you. Whether you want to relax on the beach as the sound of...

In 2019, Buffalo Tours and Olympus Tours joined the Flight Centre Travel Group (FCTG) family and formed Discova. With the...

Central Florida’s Polk County is conveniently located between Orlando and Tampa, and an easy drive to Central Florida attractions and...

Will Project Sunrise nonstop flights boost UK-Australia tourism?

Yes

Pegasus results show recovery trend

Have your say Cancel reply

Will Project Sunrise nonstop flights boost UK-Australia tourism?

Visit USA member survey shows ...

Virgin Atlantic drops Israel f...

ANTOR London travel trade even...

Qatar Airways - Virgin Austral...

Brazil launches new tourism ex...

CLIA expands trade support wit...