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Travelzoo Reports Fourth Quarter 2011 Results

01/26/2012| 11:05:31 PM| 中文

Travelzoo Inc., a global Internet media company, today announced financial results for the fourth quarter ended December 31, 2011, with revenue of $35.2 million, an increase of 23% year-over-year.

Travelzoo Inc., a global Internet media company, today announced financial results for the fourth quarter ended December 31, 2011, with revenue of $35.2 million, an increase of 23% year-over-year. Operating income was $8.2 million, up 22% year-over-year. Net income was $6.4 million, with diluted earnings per share (EPS) of $0.40, up from $0.23 in the prior-year period.

"In a typically slower period for travel advertising, Q4 revenues grew faster year-over-year than in any such quarter in the past four years," said Chris Loughlin, chief executive officer of Travelzoo. "We remain positive about our Local Deals business, in which we differentiate from others by focusing on higher quality deals, as well as our ability to run and grow this business profitably. In the past two quarters, we have focused on putting the systems and teams in place that we intend to use in 2012 to continue to scale the business with attractive profitability."

North America

North America business segment revenue for the fourth quarter grew 16% year-over-year to $25.6 million. Operating profit for the fourth quarter was $6.5 million, or 25% of revenue, down from $6.7 million, or 30% of revenue, in the prior-year period.

Europe

Europe business segment revenue for the fourth quarter grew 48% year-over-year to $9.7 million. In local currency terms, revenue for the fourth quarter grew 49% year-over-year. Operating profit for the fourth quarter was $1.7 million, compared to an operating profit of $22,000 in the prior-year period.

Subscribers

Travelzoo had a total unduplicated number of newsletter subscribers in North America and Europe of 21.5 million as of December 31, 2011, up 14% from December 31, 2010. In North America, total unduplicated number of subscribers was 15.7 million as of December 31, 2011, up 10% from December 31, 2010. In Europe, total unduplicated number of subscribers was 5.8 million as of December 31, 2011, up 26% from December 31.

Income Taxes

Income tax expense was $1.9 million, compared to $3.0 million in the prior-year period. The effective income tax rate was 23%, down from 44% in the prior-year period.

Asset Management

During the fourth quarter 2011, Travelzoo generated $7.1 million of cash from operating activities. Accounts receivable remained unchanged at $13.3 million compared to prior-year period. Accounts payable increased by $11.8 million over the prior-year period to $21.7 million. Capital expenditures were $558,000, up from $138,000 in the prior-year period. Travelzoo exited the fourth quarter with $38.7 million in cash and cash equivalents. 

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