(Corrects paragraph 7 to say that 1,500 restaurant clients were
offline due to Sandy, not 15,000)
* Sees FY2012 rev $160.2 mln-$161.8 mln vs prior view $160
* Sees FY2012 adj EPS $1.64-$1.68 vs prior view $1.54-$1.66
* Third-quarter adj EPS $0.42 vs est $0.36
* Shares down 4 pct after market
Nov 1 OpenTable Inc trimmed the upper
end of its revenue forecast for the full year, saying superstorm
Sandy was likely to reduce fourth-quarter reservation revenue
from North America.
Shares of the company fell 4 percent in after-market trading
on Thursday after closing at $47.36 on the Nasdaq.
The company, which helps users reserve tables at restaurants
through its website and mobile apps, narrowed its full-year
revenue forecast to between $160.2 million and $161.8 million
from the previous range of $160 million to $164 million.
"Through the first three weeks of October, the industry
diner count declined almost 1 percent year over year, and we
expect this trend to worsen as Hurricane Sandy weighs on the
industry," Chief Financial Officer Duncan Robertson said on a
conference call. Sandy struck the U.S. east coast on Oct. 29.
The superstorm interrupted operations at many of the
company's restaurant clients, primarily from Washington D.C. to
Boston, and diner counts have dropped dramatically there in the
last few days, Robertson said.
OpenTable's revenue includes monthly subscription charges
from restaurants and a fee for each guest seated through online
reservation. North American reservation revenue would be lower
by about $500,000 in the current quarter due to the storm, the
Nearly 1,500 of its restaurant clients were offline as of
Tuesday, it said. OpenTable had 18,975 restaurant customers in
North America at the end of the third quarter.
The company, which was able to beat analysts' estimates for
its third quarter profit, raised its earnings estimate for the
full year, forecasting an adjusted per-share profit of between
$1.64 and $1.68, up from the $1.54 to $1.66 forecast earlier.
Third-quarter adjusted net income of 42 cents per share was
higher than analysts' average estimate of 36 cents per share.
OpenTable said it plans to increase its focus on mobile
devices in the coming months and expects the integration of its
app within Siri, Apple iPhone's voice-activated
personal assistant, to help boost mobile reservations.
Third-quarter net income rose to $5.9 million, or 26 cents
per share, from $4.1 million, or 17 cents per share, a year
OpenTable, founded in 1998 as a restaurant reservation
service in San Francisco, said revenue rose 16 percent to $39.7
million. Analysts too expected $39.7 million, according to
Thomson Reuters I/B/E/S.
Number of seated diners rose 26 percent during the quarter
to 27.4 million.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by