Daytrading, Eminis, Forex trading, Swing Trading TOP STORY - 489135

The company's GAAP net income for the quarter declined 72% from prior year, which was boosted by a tax gain. On a GAAP basis, the company's net income for the quarter was $47.8 million or $1.

05 per share, compared to $170.6 million or $3.71 per share in the same period last year.

The just concluded third quarter GAAP net income included a $28.1 million non-cash tax benefit from reversing a portion of priceline.com's deferred tax asset valuation allowance while the year-ago quarter included a $160 million net non-cash tax benefit.

In addition, the GAAP net income for the third quarter of 2006 includes $1.6 million for impact of favorable federal transportation tax determination, $373 thousand in amortization of acquisition-related intangibles, $3.54 million in stock-based compensation and $1.

61 million in option payroll tax expense. The Connecticut based online travel agency said that excluding items, its pro forma net income for the quarter jumped to $30.2 million or $0.

72 per share from $19.3 million or $0.47 per share in the same period a year ago.

The company's earnings topped the $0.67 per share consensus estimate of 11 analysts polled by Thomson FirstCall. The company's total revenues for the quarter rose to $313.

5 million from $258.7 million in the same period last year and trounced the $302.1 million revenue consensus estimate of Wall Street analysts.

Merchant revenues added $238.5 million to the total revenue of the quarter, reflecting an increase of 21% over the year-ago quarter. Agency revenues for the quarter rose to $73.

32 million from $35.49 million in the same period last year. The company's gross travel bookings for the quarter accounted for $903.

2 million, compared to $611 million in the prior year quarter. Domestic bookings contributed $504.7 million and International bookings ringed in $398.

4 million in the third quarter of 2006. This compares to $446.2 million in Domestic bookings and $164.

8 million in International bookings in the year ago quarter. The company noted that international bookings were fueled by positive e-commerce market trends, strong results in fast-growing continental markets and contributions from inventory integration and cross-sell programs. Priceline.

com said that its money saving travel services, including its "Name Your Own Price" option, were highly attractive during the quarter to budget-minded consumers squeezed by rising travel prices, which boosted the bookings for the quarter. For the nine months ended September 30, 2006 the company's net income declined to $59.3 million or $1.

34 per share from $187 million or $4.12 per share in the same period last year. On a pro forma basis, the company's net income for nine months ended September 2006 was $60.

72 million or $1.46 per share. The company's total revenues for nine months climbed to $863 million from $758.

7 million in the same period last year. During the quarter, Priceline.com completed an offering of $345 million principal amount of convertible senior notes.

A portion of the net proceed was used to purchase 3.9 million shares of Priceline.com common stock.

The company intends to use the balance amount to repay its previously issued convertible notes over the next few years as well as for general corporate purposes. The company also completed its exchange offer for its outstanding convertible notes payable in 2008 and 2010. The third quarter 2006 results of Priceline.

com include the operating results of Amsterdam-based Internet hotel reservation services - Bookings B.V., which was acquired in July 2006 in a cash transaction valued at about EUR110 million or US$133 million.

Priceline.com raised its fourth quarter and full year 2007 earnings forecast, citing favorable impact of the recent convertible note offering, the use of proceeds thereof, including the repurchase of 3.85 million shares of priceline.

com common stock, and the impact of the recent exchange offer. Looking ahead to the fourth quarter, the company raised its pro forma net income forecast to $0.36 - $0.

42 per share range from its prior forecast range of $0.35 - $0.38 per share.

The revenue for the fourth quarter is anticipated to increase 15% over last year. Wall Street analysts expect the company to earn $0.38 per share, on revenues of $226.

51 million. For full year 2007, the company raised its pro forma net income to $2.37 - $2.

67 per share range from its previous guidance range of $2.15 - $2.40 per share.

Analysts polled by Thomson FirstCall have earnings per share consensus estimate of $2.30 for the year. Priceline.

com's competitor Expedia Inc. ( | | | ) is slated to report its third quarter results on November 9, 2006. Bloomberg reports that Priceline.

com's stock has climbed 81% this year while its rival Expedia Inc. has fallen 31%. PCLN closed Wednesday's regular trade up $0.

26 at $40.40. In the after-hours the stock gained 7.

18% and reached a new high of $43.30.