Pegasus results show recovery trend
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.
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