Orlando, FL, March 7, 2012 (GLOBE NEWSWIRE) -- Travel Holdings, Inc., one of the largest travel brokerage companies in the world, today reported financial results for its fourth quarter ended December 31, 2011. The company reported a record 130% increase in net earnings for this period versus last year - driven largely by a surge in hotel room bookings of more than 38% year-over-year.
Travel Holdings enjoyed extremely strong demand from its international channels of distribution - including airline partners and international wholesalers for the company’s pre-purchased room blocks product. Tourico Holidays, a subsidiary of Travel Holdings, pre-purchases blocks of rooms at over 670 hotels at over 150 destinations around the world. By guaranteeing hotel partners month-over-month revenue, clients of Tourico Holidays gain exclusive access to lower rates, greater availability, and no black-out dates. The heighted demand for this product played a significant role in Travel Holdings’ 46% increase in gross earnings compared to the prior year.
Travel Holdings also gained a tremendous lift from its partnership with Mauiva™ and its innovative AirCruise product. The Mauiva AirCruise™ is a unique vacation experience conducted via private plane to multiple cities on both the East Coast and West Coast of the United States. Introduced in April 2011, the Mauiva AirCruise utilizes the convenience of private airports and special VIP privileges to provide guests with a hassle-free vacation experience where the traveler spends more time experiencing each destination and less time getting there. To date, nearly 10,000 people have booked a Mauiva AirCruise experience.
Overall, Travel Holdings served 3.77 million people from 97 countries in 2011 - a 31% increase year-over-year.
"The innovative investments we’ve made in our core business have yielded new sources of revenue that drove an exceptional fourth quarter in 2011, exceeding expectations and achieving a record increase in net earnings," said Robert Fischer, Chief Financial Officer of Travel Holdings. "We will continue to take an innovative approach with our travel offerings and maintain our upward trajectory by being nimble and first to respond to market demands. Driven by the performance of our fourth quarter and the momentum we’ve established heading into 2012, we’ve raised our growth expectations for the coming year."
About Travel Holdings
Travel Holdings, Inc. (www.travelholdings.com), one of the most distinctive and expansive travel brokerage companies in the world, was created in early 2004 through the merger of Tourico Holidays, LastMinute Travel, and Travel Global Systems (TGS). Travel Holdings uses proprietary technology to supply travel inventory at competitive pricing, integrating with all segments of the online travel industry including retail, wholesale, group, travel agents, corporate and affiliates. The company is a truly global organization with headquarters in Orlando and additional, local offices across the United States, South America, Europe and Asia.