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Monday, November 10, 2008
Online Vacation Center Holdings Corp. Announces Q3 Results
Comtex
PLANTATION, Fla., Nov 10, 2008 (BUSINESS WIRE) ----Online Vacation Center Holdings Corp. (OTCBB:ONVC) announced its results for the third quarter ended September 30, 2008 today.
Net Revenues from Continuing Operations
-- Net revenues from continuing operations for the three months ended September 30, 2008 increased by $163,499 from $1,812,478 to $1,975,977, or 9.0% more than the same period in the prior year. Net revenues from continuing operations for the nine months ended September 30, 2008 increased by $883,927 from $6,039,624 to $6,923,551 or 14.6% more than the same period in the prior year.
Income from Continuing Operations
-- Income from continuing operations for the three months ended September 30, 2008 increased by $312,407 to $41,870 compared to a loss from continuing operations of $270,537 for the same period in the prior year. Income from continuing operations for the nine months ended September 30, 2008 increased by $528,178 to $76,344 compared to a loss from continuing operations of $451,834 for the same period in the prior year.
Net Income (Loss)
-- Net income for the three months ended September 30, 2008 increased by $381,157 to $41,870 compared to a loss of $339,287 for the same period in the prior year. Net loss for the nine months ended September 30, 2008 decreased by $650,177 to $42,930 compared to a loss of $693,107 for the same period in the prior year.
About Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp. is a Florida holding company, focused on internally growing and developing a group of diversified vacation marketers with a wide range of products that can be cross-sold to an extensive customer base. Online Vacation Center Holdings Corp. is one of the country's largest cruise retailers. Its portfolio of travel companies, including Online Vacation Center, Dunhill Vacations News and West University Travel/Journeys Unlimited, allows customers to research, plan and purchase a vacation. The Company, based in Plantation, Florida, has been in business for over 30 years and became publicly traded in March 2006. Additional information can be found at www.onlinevacationcenter.com.
Forward Looking Statements
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current expectations, assumptions and projections about Online Vacation Center Holdings Corp. ("ONVC") and its industry. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: business and economic conditions, growth trends in the travel industry; variation in customer demand for ONVC's products and services, our dependency on travel providers for their inventory and other risks described in ONVCs Annual Report on Form 10-KSB for fiscal 2007 filed with the SEC on March 28, 2008 and in other SEC filings. Any forward-looking statements are based on management's beliefs as of the date of this press release and we undertake no obligation to update these statements for any reason, even if new information becomes available.
ONVC-F
SOURCE: Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp., Plantation Edward B. Rudner, 954-377-6400
Copyright Business Wire 2008
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