ONVC Online Vacation Center Holdings Corporation (QX)

Online Vacation Center Holdings Corp. (OTCBB: ONVC) announced its results for the first quarter ended March 31, 2009 today.

Net Revenues from Continuing Operations

• Net revenues from continuing operations increased by $568,919 to $2,824,743 for the three months ended March 31, 2009 compared with $2,255,824 for the same period in the prior year. The increase in net revenues from continuing operations was attributable to an increase in commission revenue and publishing revenue.

Operating Income from Continuing Operations

• Operating income from continuing operations increased by $1,117,510 to $882,155 for the three months ended March 31, 2009 compared with a loss of $235,355 for the same period in the prior year. The increase is attributable to an increase in net revenues and a decrease in sales and marketing expense and general and administrative expense offset by an increase in depreciation and amortization expenses.

Income from Continuing Operations

• Income from continuing operations increased by $707,635 to $530,228 for the three months ended March 31, 2009 compared with a loss of $177,407 for the same period in the prior year.

Net Income and Earnings Per Share

• Net income increased by $826,909 to $530,228 for the three months ended March 31, 2009 compared with a net loss of $296,681 for the same period in the prior year. Weighted average shares outstanding � basic and diluted decreased to 17,257,406 shares respectively, for the three months ended March 31, 2009 compared with 18,496,845 for the same period in the prior year. Earnings per share � basic and diluted were $0.03 per share, respectively, compared with a loss of $0.02 per share, respectively.

The Company also reported that it has repurchased to date 223,609 shares of its common stock at a total cost of $117,101 and at an average cost of fifty-two cents per share, pursuant to the Board of Director�s authorization program of August 2008 and as amended in March 2009. Additionally, the Company repurchased 250,000 shares of its common stock in March 2009 in two private transactions and 150,000 shares in May 2009 in one private transaction at a total cost of $201,005. In accordance with its previously announced repurchase program, the Company may purchase up to $232,899 of shares of its common stock by June 30, 2009. The Company presently has 17,261,777 shares of common stock outstanding which includes 623,609 shares in treasury.

About Online Vacation Center Holdings

Online Vacation Center Holdings Corp. is a Florida holding company, focused on building a network of diversified vacation marketers with a wide range of products that can be cross-sold to an extensive customer base. Online Vacation Center Holdings Corp. is one of the country's largest cruise retailers. Its portfolio of travel companies, including Online Vacation Center, Dunhill Vacations News and Curves Travel, allows customers to research, plan and purchase a vacation. The Company, based in Plantation, Florida, has been in business for over 30 years and became publicly traded in March 2006. Additional information can be found at www.onlinevacationcenter.com.

Forward Looking Statements

This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current expectations, assumptions and projections about Online Vacation Center Holdings Corp. ("ONVC") and its industry. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: business and economic conditions, growth trends in the travel industry; variation in customer demand for ONVC's products and services, our dependency on travel providers for their inventory and other risks described in ONVCs Annual Report on Form 10-K for fiscal 2008 filed with the SEC on March 27, 2009 and in other SEC filings. Any forward-looking statements are based on management's beliefs as of the date of this press release and we undertake no obligation to update these statements for any reason, even if new information becomes available.

� � ONLINE VACATION CENTER HOLDINGS CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) � � For the Three Months Ended March 31, 2009 � 2008 � NET REVENUES $ 2,824,743 $ 2,255,824 � OPERATING EXPENSES: Selling and marketing 680,433 987,899 General and administrative 1,142,317 1,416,182 Depreciation and amortization � 119,838 � 87,098 � � OPERATING INCOME (LOSS) 882,155 (235,355 ) � Interest income (expense), net � 1,876 � (18,694 ) �

Income (loss) from continuing operations before provision (benefit) for income taxes

884,031 (254,049 ) � Provision (benefit) for income taxes � 353,803 � (76,642 ) � Income (loss) from continuing operations 530,228 (177,407 ) � DISCONTINUED OPERATIONS: �

Loss from discontinued operations of Phoenix International Publishing, LLC, net of tax

� - � (119,274 ) � NET LOSS $ 530,228 $ (296,681 ) � EARNINGS PER SHARE - Basic Income (Loss) from continuing operations $ 0.03 $ (0.01 ) (Loss) from discontinued operations $ - $ (0.01 ) Net Income (Loss) $ 0.03 $ (0.02 ) � Weighted average shares outstanding - Basic � 17,257,406 � 18,496,845 � � EARNINGS PER SHARE - Diluted Income (Loss) from continuing operations $ 0.03 $ (0.01 ) (Loss) from discontinued operations $ - $ (0.01 ) Net Income (Loss) $ 0.03 $ (0.02 ) � Weighted average shares outstanding - Diluted � 17,257,406 � 18,496,845 � � � � ONLINE VACATION CENTER HOLDINGS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS � March 31, December 31, 2009 2008 (Unaudited) (Audited) ASSETS � CURRENT ASSETS Cash and cash equivalents $ 2,177,387 $ 1,693,447 Accounts receivable, net 938,545 1,236,109 Deposits and prepaid items 472,758 733,000 Deferred tax asset, net � � 27,672 � Total Current Assets 3,588,690 3,690,228 � Restricted cash 63,000 63,000 Property and equipment, net 131,759 140,285 Deferred tax asset, net 27,210 - Intangible assets, net 1,137,816 1,116,613 Goodwill 1,754,279 1,754,279 Other assets � 51,718 � � 58,306 � Total Assets $ 6,754,472 � $ 6,822,711 � � LIABILITIES AND STOCKHOLDERS' EQUITY � CURRENT LIABILITIES Accounts payable and accrued liabilities $ 1,236,302 $ 1,041,608 Deferred revenue 1,396,949 1,989,929 Notes payable and capital lease obligations, current portion � 114,327 � � 120,287 � Total Current Liabilities 2,747,578 3,151,824 � Notes payable and capital lease obligations 32,358 131,609 � Deferred tax liability 113,035 75,461 � � Total Liabilities � 2,892,971 � � 3,358,894 � � COMMITMENTS AND CONTINGENCIES � STOCKHOLDERS' EQUITY

Preferred stock, 1,000,000 shares authorized at $.0001 par value; 0 shares issued and outstanding

- -

Common stock, 80,000,000 shares authorized at $.0001 par value; 17,261,777 and 17,252,777 shares issued and outstanding

1,726 1,725 Additional paid-in capital 4,426,891 4,392,963 Accumulated deficit (375,015 ) (905,243 ) Treasury stock at cost; 373,699 shares � (192,101 ) � (25,628 ) Total Stockholders' Equity � 3,861,501 � � 3,463,817 � � Total Liabilities and Stockholders' Equity $ 6,754,472 � $ 6,822,711 � �

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