Priceline.Com’S Sales Jump 500%

Priceline.com, the name-your-price Internet company, reported Monday a narrower-than-expected first-quarter loss and its sales surged more than 500 percent compared with a year ago.

The Norwalk, Conn.-based company lost $7.3 million, or 4 cents a share, in the quarter ended March 31, compared with a loss of $16.8 million, or 12 cents a share, a year ago.

The results exclude warrants issued to airlines and option payroll taxes.

Sales were $313.8 million, up from $49.4 million.

Priceline’s results topped Wall Street analysts’ expectations of a loss of 6 cents a share. But its stock fell $6.12-1/2 to $61.75 at 1 p.m. PDT amid a broad sell-off of technology shares on the Nasdaq Stock Market.

In other Monday earnings reports:

Northwest Bancorporation reported strong asset growth but lower first-quarter earnings due to restructuring costs associated with its mortgage subsidiary.

Earnings were $149,405, or nine cents a share, compared with $207,643, or 14 cents a share, for the same period a year ago.

Inland Northwest Bank, the main subsidiary, recorded earnings of $234,379, compared with $285,261 for the 1999 period.

The year-ago figure includes a gain on the sale of securities. Otherwise, the 2000 period would reflect a 5 percent earnings increase.

Also, net outstanding loans climbed 18.7 percent during the year, to $108.6 million.

Assets increased to $163 million from $142 million a year ago.

INB Mortgage Co. lost $56,000 during the quarter, but Northwest President Fred Schunter said the subsidiary is expected to break even for April and produce earnings next month based on loans in the pipeline.

Merck & Co.’s earnings rose 17 percent in the first quarter, more than expected, driven by strong sales of a new arthritis drug, Vioxx, and its cholesterol-lowering pill Zocor.

First-quarter profits at American Express increased 14 percent as the booming economy helped spur demand for the company’s charge cards, financial and travel services.

Hershey Foods Corp., the biggest U.S. chocolate confectioner, said first-quarter earnings increased 22 percent.

Lexmark International Group Inc., the leading manufacturer of computer printers, had a 22 percent improvement on its first-quarter earnings compared with 1999. That narrowly beat Wall Street forecasts.

The Washington Post Co. reported a 47 percent decline in first-quarter earnings as the company continued to spend money on building its online operations.

First-quarter earnings at Northrop Grumman Corp. rose 66 percent, easily beating expectations, due to pension income and improved results from its information technology and airplane parts businesses.

Kimberly-Clark Corp. said strong sales for the company’s major paper and personal-care products drove first quarter operating earnings up 11 percent.