February 11, 2004, 12:00 AM

Orbitz bookings grew 34% last year to $3.44 billion

Gross bookings--the value of travel arrangements booked--at Chicago-based travel site Orbitz Inc. increased 34% in the year just concluded to $3.44 billion from $2.57 billion a year earlier.

Gross bookings--the value of travel arrangements booked--at Chicago-based travel site Orbitz Inc. increased 34% in the year just concluded to $3.44 billion from $2.57 billion a year earlier, the company reports. Orbitz’s net revenue from those bookings increased 38% to $241.8 million from $175.5 million the year before.

The company experienced a net loss of $16 million for the year, compared with a loss of $17.9 million a year earlier.

Q4 gross bookings increased 34% to $926.5 million from $690.6 million in Q4 a year earlier. Revenue grew 35% to $69.7 million from $51.5 million.

Orbitz is projecting revenue of $320-$340 million this year. The company went public in December.

"In just 2½ years, Orbitz has become one of the top three travel sites on the Internet based on gross bookings," says Jeff Katz, chairman, president and CEO. "We have become widely accepted as having a leading air travel offering and customer care program. In addition, we are particularly pleased with the success of our recent diversification from air into other travel areas, such as hotels, cars and vacation packages. Hotels are one of our fastest-growing product offerings.”

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