Preview Travel reduces loss, spins off TV
Preview reports a third-quarter loss that beat the Street and also said it will become a pure Internet player.
Preview Travel reported a net loss of $4.8 million--$0.35 per share--compared with a net loss of $2.5 million--$1.44 a share--for the like quarter a year ago, before it went public in November.
Analysts had predicted that Preview would lose $.40 per share, according to First Call. Last quarter, Preview Travel reported a net loss of $5 million, or $.39 per share.
Preview Travel, incorporated March 1985, began as a television production company. In January 1995 it first launched online at America Online, at the urging of Preview board member and AOL executive Ted Leonsis, according to Pelowski and SEC filings.
The company launched on the Web 11 months later, in December of 1995.