Orbitz posts $287 million 3rd-quarter loss, to cut 10% of workforce
November 11, 2008 | Online Travel
A onetime accounting charge gave Orbitz Worldwide Inc. a substantial third-quarter loss Monday, and the Chicago online travel site operator also disclosed plans to cut its workforce by 10 percent.
Orbitz’ revenue rose 8.6 percent, to $240 million from $221 million, in the Sept. 30 quarter. But the travel company reported a net loss of $287 million, or $3.44 a diluted share, compared with a much smaller loss in last year’s quarter of $31 million, or 38 cents a share.
The difference was a $297 million “impairment” charge the company recorded to write down the value of goodwill and other intangible items on its books. Such non-cash charges, though required under accounting regulations when industry conditions are in decline, aren’t considered to be particularly important in terms of a corporation’s operating situation.
Get the full story at the Chicago Tribune
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