Florida-based iDine Rewards Network Inc., the nation’s leading provider of dining rewards programs, announced that even in economically difficult times, a well-run loyalty program can make money.
During the first nine months of 2002, total operating revenue for iDine reached approximately $57.3 million, an increase of 38.3 percent compared with the same period the previous year. Gross dining sales for the period amounted to a record $203.6 million on gross qualified member spend of $288 million, representing an increase of 39.4 percent over the corresponding prior year and the company recorded net income of $14.6 million or $0.62 per fully diluted share.
Contributing to iDine’s strong performance in 2002 is the continued progress the company has made in attracting members to its programs, activating new members and continuing to attract and provide more dining venues to its members. iDine began 2002 with 7.7 million enrolled accounts and has surpassed more than 12.5 million.