Amazon records first profitable year in its history

Online retailer's fourth quarter net revenue rose 36 percent

By Juan Carlos Perez, IDG News Service January 28, 2004

Amazon.com Inc.'s net revenue and net profit both grew healthily in its fourth quarter, ended Dec. 31, 2003, compared with 2002's fourth quarter, and helped the online retailer close 2003 with an annual profit, a first for the company, it announced Tuesday.

The fourth quarter's net revenue rose 36 percent to $1.95 billion. Net profit grew to $73 million, or $0.17 per share, compared with net profit of $3 million, or $0.01 per share, in 2002's fourth quarter.

Excluding one-time charges, Amazon's pro forma net profit was $125 million, or $0.29 per share, meeting the consensus expectation from financial analysts polled by Thomson First Call.

Jeff Bezos, Amazon's chief executive officer, in a statement credited the company's low prices, free shipping options and wide variety of products for the strong quarterly results.
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