Expedia Canada Reports Record Gross Bookings for Second Quarter
TORONTO, Aug. 5 /CNW/ - Expedia Canada Corp., operator of Expedia.ca and the Canadian unit of Expedia, Inc. (NASDAQ: EXPE), today reported that gross bookings on Expedia.ca more than doubled, rising 113% year-over-year, for the second quarter ended June 30. Gross bookings rose to US$47.5 million in the period. Sequentially, Canadian gross bookings rose 15% .
Expedia's record results in Canada were driven by strong growth in all inventory categories, but particularly strength in its merchant hotel and Expedia(R) Holiday Maker build-your-own-package businesses, as well as the launch of the French language site in November 2002.
"Despite industry-wide challenges, including SARS in Toronto and the general weakness in the travel sector, Expedia.ca maintained and improved upon its position as the leading Canadian online travel service this quarter,"said Stuart MacDonald, Managing Director of Expedia Canada Corp."Our industry-leading packaging tools and the launch of our French-language site show Expedia's commitment to this market and our eagerness to invest in building the best customer experience of any online agency in Canada."
In the first quarter of 2003, Expedia Inc.'s board of directors approved a merger transaction with InterActiveCorp (NASDAQ: IACI) (formerly USA Interactive) under which IAC will purchase the shares of Expedia it does not already own. The transaction requires majority approval of the Expedia shares outstanding; however, IAC controls a majority of such shares, assuring shareholder approval. The transaction is expected to be completed following a vote by shareholders on Aug. 8, 2003.
About Expedia Canada Corp.
Expedia Canada Corp., a subsidiary of Expedia, Inc. (NASDAQ:EXPE), operates one of Canada's leading full-service online travel services, Expedia.ca. To help Canadians plan and purchase travel, Expedia.ca provides the best combination of scheduled and charter flights, car and hotel reservations, vacation packages, destination and mapping information. Expedia.ca supports all major airline, hotel and car rental loyalty programs, enabling customers to automatically receive points from virtually any chosen travel partner when reserving through Expedia.ca. Expedia.ca customers are supported by customer support agents available 24 hours a day, seven days a week via a toll-free number and email response.
About Expedia, Inc.
Expedia, Inc. (NASDAQ: EXPE) is the world's leading online travel service and the fourth largest travel agency in the U.S. Expedia's award-winning Expert Searching and Pricing (ESP) technology delivers the most comprehensive flight options available online. ESP also allows customers to dynamically build complete trips that combine flights, Expedia Special Rate hotels and other lodging, ground transportation, and destination activities. Expedia operates Classic Custom Vacations, a leading wholesaler of premiere vacation packages to destinations such as Hawaii, Mexico, Europe and the Caribbean; and Metropolitan Travel, a corporate travel agency. Travelscape, Inc., wholly owned by Expedia, also operates as WWTE(TM), bringing complementary cross-sell and dynamic packaging booking functionality to third parties on a private-label basis. Expedia is a majority-owned subsidiary of InterActiveCorp (NASDAQ: IACI).
In connection with the proposed merger transaction, InterActiveCorp and Expedia have filed a proxy and information statement/prospectus with the Securities and Exchange Commission. Investors and security holders are urged to read carefully the proxy and information statement/prospectus regarding the proposed transaction, because it will contain important information. Investors and security holders may obtain a free copy of the proxy and information statement/prospectus and other documents containing information about InterActiveCorp and Expedia, without charge, at the SEC's web site at http://www.sec.gov. Free copies of InteraActiveCorp's filings may be obtained by directing a request to InterActiveCorp, 152 West 57th Street, New York, New York, 10019, Attention: Investor Relations, and free copies of Expedia's filings may be obtained by directing a request to Expedia, Inc. 13810 SE Eastgate Way, Suite 400, Bellevue, Washington 98005, Attention: Investor Relations.
This press release contains forward-looking statements relating to future events or future financial performance that involve risks and uncertainties. Such statements can be identified by terminology such as"may,""will,""should,""expects,""plans,""anticipates,""believes,""estimates,""predicts,""potential"or"continue"or the negative of such terms or comparable terms. These statements are only predictions and actual results could differ materially from those anticipated in these statements based upon a number of factors including final adjustments made in closing the quarter and those identified in the company's filings with the SEC.
Expedia, the airplane logo and Classic Custom Vacations are either registered trademarks or trademarks of Expedia, Inc. in the U.S., Canada and other countries. The names of actual companies and products mentioned herein may be trademarks of their respective owners.
For further information: For investor information about Expedia, Inc.:
Marj Charlier, Director of Investor Relations, (425) 564-7666, or call our
Investor Relations team at (425) 564-7233; For more information, media only:
Expedia Canada Corp., Amy Gillespie or Melinda Hawkins, Edelman, (416) 979-1120,