Open Table Surges Following Earnings

Shares of Open Table OPEN, the provider online restaurant reservations, surged by more than four percent in Thursday's after-hours session after the company forecast a first-quarter profit of 25 cents to 29 cents per share on a GAAP basis on consolidated revenue of $44.7 million to $46.1 million. For the full year, California-based Open Table forecast GAAP EPS of $1.27 to $1.45 on revenue of $186.1 million to $193.1 million. Analysts are expecting first-quarter revenue of $45.8 million and full-year revenue of $189.2 million. Open Table posted a fourth-quarter profit of $7.5 million, or 32 cents a share, on revenue of $43 million. Reservation revenues were $24.5 million in the fourth quarter, a 21 percent increase from revenues of $20.3 million in fourth quarter of 2011, the company said in a statement. "Subscription revenues were $14.5 million in Q4 2012, up 10% over Q4 2011 revenues of $13.3 million. Subscription revenues primarily increased as a result of the increase in installed restaurants using our Electronic Reservation Book solution," according to the statement. Shares of Open Table fell nearly 2.4 percent on volume that was roughly quadruple the daily average during Thursday's regular trading session.