The SABRE Group Reports First Quarter Results
FORT WORTH, Texas - The SABRE Group Holdings Inc. today reported first quarter net earnings of $67 million, or $0.51 per share, an increase of 4.8 percent over 1996's pro forma first quarter results. Operating income was $108 million for the quarter, a decrease of 1.7 percent over pro forma operating income for the same period in 1996.
All 1996 pro forma amounts reflect the impact of new contracts with American Airlines, which were entered into July 1, 1996 (made retroactive to Jan. 1, 1996), and the impact of certain other transactions resulting from the legal reorganization of the company.
Compared to 1996 actual results, first quarter net earnings decreased $3 million or 4.3 percent. Operating income decreased $8 million or 6.9 percent over the same quarter the previous year.
Revenue was $440 million for the quarter, an increase of 4.5 percent over 1996 pro forma revenue for the first quarter and a 2.8 percent improvement when compared to actual first quarter 1996 revenue.
"The company's first quarter earnings are right in line with our expectations," said Michael J. Durham, The SABRE Group's president and chief executive officer. "The management team is especially pleased at the enthusiasm with which The SABRE Group employees have embraced the changes and opportunities of being a public company. "
The SABRE Group is a world leader in the electronic distribution of travel and travel-related services around the globe, and is a leading provider of information technology solutions for the travel and transportation industry, including software development and product sales, transaction processing and consulting.
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