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Travelzoo Reports Fourth Quarter 2010 Results

02/04/2011| 11:51:24 PM| 中文

Travelzoo Inc., a global Internet media company, today announced financial results for the fourth quarter ended December 31, 2010, with revenue of $28.5 million, an increase of 20% year-overyear.

Travelzoo Inc., a global Internet media company, today announced financial results for the
fourth quarter ended December 31, 2010, with revenue of $28.5 million, an increase of 20% year-overyear.

Operating profit from continuing operations was $6.7 million, up 90% year-over-year. Net income
from continuing operations was $3.8 million, with diluted net income per share from continuing
operations of $0.23, compared to diluted net income per share from continuing operations of $0.09 in the prior-year period. Revenue, operating profit and income from continuing operations for all periods exclude the results of Travelzoo’s former Asia Pacific business segment, which are reported as discontinued operations.

“We rounded off 2010 with strong revenue growth and the highest quarterly EPS since Q1
2007,” said Chris Loughlin, CEO of Travelzoo. “Operating income increased 90% year-over-year in
spite of start up costs related to Local Deals. We now publish Local Deals in 30 cities across the U.S.,U.K., and Spain.”

North America

North America business segment revenue grew 14% year-over-year to $22.0 million. Operating
profit was $6.7 million, or 30% of revenue, up from an operating profit of $5.3 million, or 28% of
revenue, in the prior-year period.

Europe

Europe business segment revenue grew 43% year-over-year to $6.6 million. In local currency
terms, revenue grew 47% year-over-year. Operating profit was $22,000, compared to an operating loss of $1.8 million in the prior-year period. Travelzoo began operations in the U.K. in May 2005, in Germany in September 2006, and in France in March 2007. In May 2008, Travelzoo began publishing its weekly Top 20® list in Spain, after having operated a sales office in Barcelona since November 2006.

Subscribers

Travelzoo had a total unduplicated number of newsletter subscribers in North America and Europe of 18.9 million as of December 31, 2010, up 12% from December 31, 2009, and up 1% from September 30, 2010. In North America, total unduplicated number of subscribers was 14.3 million as of December 31, 2010, up 8% from December 31, 2009 and up 1% from September 30, 2010. In Europe, total unduplicated number of subscribers was 4.6 million as of December 31, 2010, up 28% from December 31, 2009 and up 2% from September 30, 2010.

Asset Management

During the fourth quarter, Travelzoo generated $8.8 million of cash from operating activities.
Accounts receivable decreased by $862,000 quarter-over-quarter and increased by $2.0 million over the prior-year period to $13.3 million. Accounts payable increased by $2.6 million quarter-over-quarter and increased by $3.1 million over the prior-year period to $9.9 million. Capital expenditures were $138,000 down from $391,000 in the prior quarter and down from $384,000 in the prior-year period. Travelzoo exited the fourth quarter with $41.2 million in cash and cash equivalents.

 

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