Starwood Hotels & Resorts Worldwide, Inc. reported EPS from continuing operations for the first quarter of 2009 of $0.04 per share compared to $0.42 in the first quarter of 2008. Excluding special items, which net to charges of $18 million in 2009 and $4 million in 2008, EPS from continuing operations was $0.14 for the first quarter of 2009 compared to $0.44 in the first quarter of 2008. Excluding special items, the effective income tax rate in the first quarter of 2009 was 16.4 percent compared to 28.7 percent in the same period of 2008, primarily due to lower pretax income from high tax jurisdictions in 2009.

Closely watched Expedia, Inc., the online travel giant, announced drops in bookings, revenue and profit for the first quarter ended March 31, 2009. Revenue was down 8 percent to $635.7 million, gross profit was down 8 percent to $492.2 million, adjusted net income was down 11 percent to $62.8 million, and net income attributable to Expedia Inc. was down 23 percent to $39.5 million.

Happy Vacations is in the process of filing for Chapter 11 bankruptcy protection. “As soon as the bankruptcy has been completed and a filing number has been received, it will immediately be made available on our website,” the tour operator said.

Continental Airlines reported a first-quarter net loss of $136 million ($1.10 diluted loss per share). First-quarter results were adversely affected by significant declines in high-yield traffic as many business travelers curtailed travel or purchased lower-yield economy tickets due to the weakened economy.

Marriott International, Inc. reported first quarter 2009 adjusted income from continuing operations attributable to Marriott of $87 million, a 29 percent decline over the year-ago quarter, and adjusted diluted earnings per share (EPS) from continuing operations attributable to Marriott shareholders of $0.24, down 27 percent. The company’s EPS guidance for the 2009 first quarter, disclosed on February 12, 2009, totaled $0.13 to $0.15.

If Ambassadors International does not sell assets, get additional financing and/or renegotiate debt obligations, it may be forced to seek bankruptcy protection, the company said in its annual earnings report.