Orbitz Worldwide (NYSE:OWW), an online travel booking company, said Wednesday its fourth quarter losses widened as it recorded about $79.5 million in non-cash charges.
The Chicago-based company, which helps travellers book flights and hotels, reported a net loss of $78.0 million, or 76 cents per diluted share. That is up from an $18.1 million, or 21 cents per diluted share, loss for the year-ago period.
Adjusted EBITDA for the fourth quarter was $26.3 million, a decrease of 5% year-over-year.
Revenue increased 4% year-over-year to $182.4 million on more hotel and flight bookings. Revenue from hotel bookings rose 13% to $51.7 million, while sales from flight bookings rose 12% to $66.9 million. Higher average daily rates (average income per occupied room) for hotels also helped to boost revenues. The company said the total revenue figure also included a $5.3 million reduction in expected future rebate payments to American Airlines.
Analysts polled by Thomson Reuters had expected the company to report a loss of 5 cents a share on revenues of $177.3 million.
At quarter-end, the company had $188.4 million of current assets and $422.8 million in current liabilities.
For the first quarter of fiscal 2011, the company expects revenue in the range of $177 million to $184 million and an adjusted EBITDA of between $16 million and $21 million.
Shares closed down 3.85% on Wednesday at $4.