Shares of OpenTable Inc. (OPEN) gained 5 percent in after-hours trading on Tuesday as the provider of online restaurant reservation service reported a 36 percent increase in profit for the fourth quarter on higher revenues at its North America and International segments. Both earnings per share and revenue topped analysts' expectations.
The San Francisco, California-based company's net income for the fourth quarter increased to $6.99 million or $0.29 per share from $5.14 million or $0.21 per share in the year-ago period.
Excluding tax-affected stock-based compensation expense and amortization of acquired intangibles, adjusted net income rose to $8.94 million or $0.37 per share from $8.04 million or $0.33 per share in the same period last year. On average, 16 analysts polled by Thomson Reuters expected earnings of $0.30 per share for the quarter. Analysts' estimates typically exclude one-time items.
OpenTable, which provides restaurant reservation solutions in the U.S., Canada, Mexico, Europe and Asia, said its consolidated revenues grew 21 percent to $37.17 million from $30.77 million last year and topped analysts' consensus estimate of $36.81 million.
Matt Roberts, President and CEO of OpenTable said, "Our business continued to demonstrate strong momentum in 2011. We're pleased with the growth of our market penetration in both restaurants and seated diners in North America and the progress we made in our International segment."
Total international revenues for the quarter increased 15 percent to $5.61 million, while total North America revenues grew 22 percent to $31.56 million.
Installed restaurant base in North America rose 24 percent to 17,150, while seated diners increased 38 percent to 24.6 million. Installed restaurant base on an international basis rose 27 percent to 7,969, while seated diners surged 45 percent to 2.2 million.
Subscription revenues rose 14 percent from last year to $13.3 million, while reservation revenues grew 32 percent to $20.3 million. Other revenues decreased 5 percent to $3.6 million.
For fiscal year 2011, OpenTable's net income rose to $21.55 million or $0.88 per share from $14.08 million or $0.58 per share in the prior year.
Adjusted net income rose to $31.16 million or $1.28 per share from $20.78 million or $0.87 per share in the prior year. Analysts expected the company to earn $1.20 per share for the year.
Revenue for the year surged 41 percent to $139.52 million from $98.99 million last year and topped analysts' consensus estimate of $139.03 million.
The company's installed restaurant base as of December 31, 2011 totaled 25,119, a 25 percent increase over the prior-year period.
OPEN closed Tuesday's regular trading at $51.45, up $1.31 or 2.61 percent on a volume of 3.03 million shares. The stock further gained $2.58 or 5.01 percent to $54.03 in after-hours trading.
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