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Ebay Beats Earnings Forecast

From Staff

Second-quarter operating results for Internet auctioneer eBay Inc. beat Wall Street expectations as the company expanded its service around the world.

For the three months ended June 30, eBay earned $11.6 million, or 4 cents a share, compared with $816,000, or break-even, adjusted for a stock-split in the comparable period a year ago. Revenues nearly doubled to $97.4 million from $49.5 million. Analysts had predicted earnings of 3 cents a share.

In other Tuesday reports:

Citing costs associated with the company’s name change and the acquisition of new properties, Spokane-based WestCoast Hospitality Corp. reported a drop in net income to $1.9 million in the second quarter of 2000 from $3 million for the same period a year earlier. Previously, the publicly traded company had been Cavanaughs Hospitality.

Though net income for the hotel and hospitality company declined, its second quarter revenues climbed 18.1 percent to $33 million, from $28 million last year. Revenue per available room grew 5.9 percent and occupancy was up 2.1 percent to 67.3 percent.

WestCoast’s stock closed Tuesday at $6.75, down 25 cents on the New York Stock Exchange.

Ambassadors International Inc. has reported a 16 percent increase in net income for the second quarter.

The Spokane-based promoter of international education and sports travel earned $7.6 million for the period ended June 30, or 78 cents per share, compared with $6.5 million, or 67 cents per share, for the second quarter in 1999.

Net revenue increased 14 percent to $19.4 million, based on gross receipts of $59.6 million For the first six months, net income was $6.1 million, or 63 cents per share, compared with $5.4 million, or 55 cents per share, for 1999. The company posted a loss during the first quarter.

Receipts were $77 million, up from $73.4 million.

At the end of the quarter, the company had $130.8 million cash on hand, of which $60.3 million was customer deposits.

Chief Executive Officer John Ueberroth said the company still is looking for acquisition opportunities while completing the integration of a sports division purchased a year ago into its Education Group.

In just a year, he noted, passenger volume for that group doubled.

Ambassadors stock closed Tuesday down 12 cents at $17.50.