OpenTable Inc (NASDAQ: OPEN) Hits New High

OpenTable Inc NASDAQ: OPEN) shares jumped by 10.78% following the Company's reporting of net income of $3.8 million, or $0.16 per diluted share, in Q3 2010 compared to $0.9 million, or $0.04 per diluted share, in Q3 2009. It is trading at a price of $68.02 at a volume of 4.44 million as against its average volume of 0.557 million shares. Non-GAAP consolidated net income for Q3 2010, which excludes tax-affected stock-based compensation expense and tax-affected acquisition related expense, was $5.6 million, or $0.23 per diluted share. Consolidated net revenues for Q3 2010 was $24.5 million, a 44% increase over Q3 2009, following seated diner revenue of 15.9 million, a 54% increase over Q3 2009. Reservation revenues were $11.4 million in Q3 2010, up 61% over Q3 2009 revenues of $7.1 million. Reservation revenues primarily increased as a result of the increase in seated diners. Installation and other revenues were $2.1 million in Q3 2010, up 157% over Q3 2009 revenues of $0.8 million. Installation and other revenues increased primarily as a result of an increase in revenue from other product offerings, including advertising sales, web service licensing, featured private dining listings and third-party restaurant coupon sales. We delivered very strong growth across every key financial metric in the third quarter,” said Matt Roberts, CFO of OpenTable. “The business continues to deliver significant operating margins even as we invest for long-term growth.” OpenTable is a leading provider of free, real-time online restaurant reservations for diners and reservation and guest management solutions for restaurants. The OpenTable network delivers the convenience of online restaurant reservations to diners and the operational benefits of a computerized reservation book to restaurants.
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