Travelzoo today reported record revenues for the first quarter ended March 31, 2005.
Earnings per share for Q1 2005 were $0.11 per basic share and $0.10 per diluted share.
First Quarter 2005 Financial Highlights:
Travelzoo reported revenues of approximately $11.2 million for the first quarter ended March 31, 2005, an increase of 74% over revenues of approximately $6.5 million for the same period last year, and a quarterly sequential increase of 7% over revenues of approximately $10.5 million for the fourth quarter ended December 31, 2004. All revenues were generated from the sale of online advertising to travel companies.
Income from operations for the first quarter ended March 31, 2005 was approximately $3.4 million or 30.4% of revenues, compared to approximately $1.7 million, or 26.5% of revenues, for the same period last year.
Travelzoo reported a net income of approximately $1.8 million for the first quarter of 2005 compared to a net income of approximately $1.0 million for the same period in 2004.
Reported net income in the first quarter of 2005 included a charge of approximately $984,000 related to a program under which the company makes cash payments to persons who establish that they were former stockholders of Travelzoo.com Corporation, and who failed to submit requests for shares in Travelzoo Inc. within the required time period. The expenses related to the program were $559,722 in January 2005, $261,724 in February 2005, and $162,298 in March 2005. These expenses were included in general and administrative expense and were treated as having no recognizable tax benefit. This resulted in an effective income tax rate of 49% for the first quarter ended March 31, 2005.
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