UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 5, 2009
Online Vacation Center Holdings Corp.
(Exact name of registrant as specified in its charter)
Florida
0-32137
65-0701352
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On May 5, 2009, the Registrant reported its 2009 first quarter financial results. A copy of the Registrant's press release containing this information is being furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.
(d) Exhibits.
99.1 Press Release dated May 5, 2009
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 5, 2009 ONLINE VACATION CENTER HOLDINGS CORP.
BY:
/s/ EDWARD B. RUDNER
Edward B. Rudner
Chief Executive Officer
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Exhibit 99.1
Online Vacation Center Holdings Corp. Announces Q1 Results
PLANTATION, Fla.--(BUSINESS WIRE)--Online Vacation Center Holdings Corp. (OTCBB: ONVC ) announced its results for the first quarter ended March 31, 2009 today.
Net Revenues from Continuing Operations
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· |
Net revenues from continuing operations increased by $ 568,919 to $ 2,824,743 for the three months ended March 31, 2009 compared with $ 2,255,824 for the same period in the prior year. The increase in net revenues from continuing operations was attributable to an increase in commission revenue and publishing revenue. |
Operating
Income from Continuing Operations
|
· |
Operating income from continuing operations increased by $ 1,117, 510 to $ 882,155 for the three months ended March 31, 2009 compared with a loss of $235,355 for the same period in the prior year. The increase is attributable to an increase in net revenues and a decrease in sales and marketing expense and general and administrative expense offset by an increase in depreciation and amortization expenses. |
Income
from Continuing Operations
|
· |
Income from continuing operations increased by $ 707,635 to $ 530,228 for the three months ended March 31, 2009 compared with a loss of $177,407 for the same period in the prior year. |
Net Income
and Earnings Per Share
|
· |
Net income increased by $826,909 to $530,228 for the three months ended March 31, 2009 compared with a net loss of $296,681 for the same period in the prior year. Weighted average shares outstanding – basic and diluted decreased to 17,257,406 shares respectively, for the three months ended March 31, 2009 compared with 18,496,845 for the same period in the prior year. Earnings per share – basic and diluted were $0.03 per share, respectively, compared with a loss of $0.02 per share, respectively. |
The Company also reported that it has repurchased to date 223,609 shares of its common stock at a total cost of $
117,101
and at an average cost of fifty-two
cents
per share, pursuant to the Board
of Director’s
authorization program of August 2008 and as amended in March 2009.
Additionally, the Company repurchased 250,000 shares of its common stock in March 2009 in two private transactions and 150,000 shares in May 2009 in one private transaction at a total cost of
$201,005. In accordance with its previously announced repurchase program, the Company may purchase up to $
232,899 of shares of its common stock
by June 30, 2009. The Company presently has 17,261,777
shares of common stock outstanding
which includes
623,609
shares in treasury.
About Online Vacation Center Holdings
Online Vacation Center Holdings Corp. is a Florida holding company, focused on building a network 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 Curves Travel, 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-K for fiscal 2008 filed with the SEC on March 27, 2009 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.
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ONLINE VACATION CENTER HOLDINGS CORP. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED)
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For the Three Months Ended March 31, |
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2009 |
2008 |
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NET REVENUES |
$ 2,824,743 |
$ 2,255,824 |
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OPERATING EXPENSES: |
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Selling and marketing |
680,433 |
987,899 |
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General and administrative |
1,142,317 |
1,416,182 |
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Depreciation and amortization |
119,838 |
87,098 |
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OPERATING INCOME (LOSS) |
882,155 |
(235,355) |
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Interest income (expense), net |
1,876 |
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(18,694) |
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Income (loss) from continuing operations before provision |
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(benefit) for income taxes |
884,031 |
(254,049) |
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Provision (benefit) for income taxes |
353,803 |
(76,642) |
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Income (loss) from continuing operations |
530,228 |
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(177,407) |
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DISCONTINUED OPERATIONS: |
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Loss from discontinued operations of Phoenix |
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International Publishing, LLC, net of tax |
- |
(119,274) |
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NET INCOME (LOSS) |
$ 530,228 |
$ (296,681) |
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EARNINGS PER SHARE - Basic |
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Income (Loss) from continuing operations |
$ 0.03 |
$ (0.01) |
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(Loss) from discontinued operations |
$ - |
$ (0.01) |
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Net Income (Loss) |
$ 0.03 |
$ (0.02) |
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Weighted average shares outstanding - Basic |
17,257,406 |
18,496,845 |
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EARNINGS PER SHARE - Diluted |
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Income (Loss) from continuing operations |
$ 0.03 |
$ (0.01) |
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(Loss) from discontinued operations |
$ - |
$ (0.01) |
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Net Income (Loss) |
$ 0.03 |
$ (0.02) |
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Weighted average shares outstanding - Diluted |
17,257,406 |
18,496,845 |
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ONVC-F
SOURCE: Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp.
Edward B. Rudner, 954-377-6400
investorrelations@onlinevacationcenter.com