Sabre Holdings Corp. (BBB+/Negative/--) reported a profit from continuing operations of $83 million in the second quarter of 2002 versus $65 million in the prior-year period, excluding special items ($68 million versus $28 million, including special items). Standard & Poor's ratings and outlook on Sabre remain unaffected by this announcement. The company's revenues declined by 8.5%, due primarily to continuing reduced travel-booking levels, which declined by 10.3% in the quarter. However, the company continues to make progress in its cost reduction program, with a 15.3% drop in expenses. Travel has not recovered as quickly as expected, resulting in the company's revised revenue projection for an 8% decline in travel bookings and revenue growth of negative 3% to positive 1% for
