Travelzoo Inc. | ||||
Condensed Consolidated Statements of Operations | ||||
(Unaudited) | ||||
(In thousands, except per share amounts) | ||||
|
|
| ||
| Three months ended | Twelve months ended | ||
| December 31, | December 31, | ||
| 2009 | 2008 | 2009 | 2008 |
| -------- | -------- | -------- | -------- |
Revenues | $ 23,779 | $ 19,610 | $ 93,973 | $ 80,817 |
Cost of revenues | 1,488 | 909 | 5,628 | 2,842 |
| -------- | -------- | -------- | -------- |
Gross profit | 22,291 | 18,701 | 88,345 | 77,975 |
Operating expenses: |
|
|
|
|
Sales and marketing | 12,258 | 10,601 | 49,707 | 43,297 |
General and administrative | 6,509 | 5,704 | 24,930 | 21,366 |
| -------- | -------- | -------- | -------- |
Total operating expenses | 18,767 | 16,305 | 74,637 | 64,663 |
| -------- | -------- | -------- | -------- |
Operating income from continuing operations |
3,524 |
2,396 |
13,708 |
13,312 |
Other income and expense: |
|
|
|
|
Interest income and other income | 21 | 19 | 61 | 284 |
Gain (loss) on foreign currency | (94) | 424 | (78) | 494 |
| -------- | -------- | -------- | -------- |
Income from continuing operations before income taxes |
3,451 |
2,839 |
13,691 |
14,090 |
Income taxes | 1,981 | 1,115 | 7,273 | 8,177 |
| -------- | -------- | -------- | -------- |
Income from continuing operations | 1,470 | 1,724 | 6,418 | 5,913 |
|
|
|
|
|
Loss from discontinued operations, net of tax | (546) | (1,853) | (5,642) | (10,029) |
Income tax benefit related to dissolution of Asia Pacific business segment |
4,409 |
- |
4,409 |
- |
| -------- | -------- | -------- | -------- |
Gain (loss) from discontinued Operations |
3,863 |
(1,853) |
(1,233) |
(10,029) |
| -------- | -------- | -------- | -------- |
Net income (loss) | $ 5,333 | $ (129) | $ 5,185 | $ (4,116) |
| ======== | ======== | ======== | ======== |
|
|
|
|
|
Basic net income (loss) per share from: |
|
|
|
|
Continuing operations | $ 0.09 | $ 0.12 | $ 0.39 | $ 0.41 |
Discontinued operations | $ 0.23 | $ (0.13) | $ (0.08) | $ (0.70) |
Net income (loss) | $ 0.32 | $ (0.01) | $ 0.32 | $ (0.29) |
Diluted net income (loss) per share from: |
|
|
|
|
Continuing operations | $ 0.09 | $ 0.11 | $ 0.39 | $ 0.37 |
Discontinued operations | $ 0.23 | $ (0.12) | $ (0.08) | $ (0.62) |
Net income (loss) | $ 0.32 | $ (0.01) | $ 0.32 | $ (0.25) |
Shares used in computing basic net income (loss) per share |
16,444 |
14,285 |
16,408 |
14,273 |
Shares used in computing diluted net income (loss) per share |
|
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|
1/ 4
Travelzoo Inc. | |||
Condensed Consolidated Balance Sheets | |||
(Unaudited) | |||
(In thousands) | |||
| |||
| December 31, |
| December 31, |
| 2009 |
| 2008 |
| -------- |
| -------- |
ASSETS |
|
|
|
Cash and cash equivalents | $ 19,776 |
| $ 14,179 |
Accounts receivable, net | 11,279 |
| 11,397 |
Other receivables | 94 |
| - |
Deposits | 139 |
| 185 |
Prepaid expenses and other current assets | 7,070 |
| 2,356 |
Deferred tax assets | 966 |
| 1,089 |
Assets held for sale | - |
| 831 |
| -------- |
| -------- |
Total current assets | 39,324 |
| 30,037 |
| -------- |
| -------- |
Deposits, less current portion | 381 |
| 292 |
Deferred tax assets, less current portion | 52 |
| - |
Restricted cash | 875 |
| 875 |
Property and equipment, net | 4,089 |
| 4,100 |
Intangible assets, net | 1,411 |
| 18 |
| -------- |
| -------- |
Total assets | $ 46,132 |
| $ 35,322 |
| ======== |
| ======== |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Accounts payable | 6,834 |
| 6,434 |
Accrued expenses | 4,278 |
| 3,913 |
Deferred revenue | 828 |
| 666 |
Deferred rent | 134 |
| 101 |
Liabilities related to assets held for sale | - |
| 1,281 |
| -------- |
| -------- |
Total current liabilities | 12,074 |
| 12,395 |
| -------- |
| -------- |
Deferred tax liabilities | 533 |
| 465 |
Long-term tax liabilities | 2,139 |
| 900 |
Deferred rent, less current portion | 615 |
| 799 |
|
|
|
|
Common stock | 164 |
| 143 |
Additional paid-in capital | 4,772 |
| 185 |
Accumulated other comprehensive loss | (1,173) |
| (1,388) |
Retained earnings | 27,008 |
| 21,823 |
| -------- |
| -------- |
Total stockholders' equity | 30,771 |
| 20,763 |
| -------- |
| -------- |
Total liabilities and |
|
|
|
stockholders' equity | $ 46,132 |
| $ 35,322 |
| ======== |
| ======== |
2/ 4
3/ 4
Travelzoo Inc. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
(In thousands) | ||||
| ||||
| Three months ended | Twelve months ended | ||
| December 31, | December 31, | ||
| 2009 | 2008 | 2009 | 2008 |
| --------- | -------- | --------- | -------- |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net income (loss) | $ 5,333 | $ (129) | $ 5,185 | $(4,116) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
Depreciation and amortization | 535 | 258 | 1,992 | 667 |
Deferred income taxes | 139 | 769 | 139 | 769 |
Stock-based compensation | 94 | - | 94 | - |
Provision for losses on accounts receivable |
(44) |
73 |
258 |
316 |
Tax benefit from exercise of stock options |
- |
|
|
(110) |
Other comprehensive loss related to dissolution of Asia Pacific business segment |
110 |
- |
110 |
- |
Net foreign currency effects | 94 | (432) | 78 | (500) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable | 569 | (1,869) | (197) | (2,443) |
Deposits | 60 | 24 | (15) | 25 |
Other receivables | (92) | - | (92) | - |
Prepaid expenses and other current assets |
(5,040) |
(140) |
(4,617) |
(650) |
Accounts payable | (723) | 425 | 877 | 1,054 |
Accrued expenses | 179 | 514 | 77 | 877 |
Deferred revenue | 6 | 64 | 160 | 314 |
Deferred rent | (37) | (18) | (163) | 828 |
Other non-current liabilities | 1,222 | 20 | 1,239 | (356) |
| --------- | -------- | --------- | -------- |
Net cash provided by (used in) operating activities |
2,405 |
(441) |
5,125 |
(3,325) |
| --------- | -------- | --------- | -------- |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property and equipment | (384) | (916) | (1,992) | (3,867) |
Purchase of restricted cash Purchase of intangible asset | - - | - - | - (1,760) | (875) - |
| --------- | -------- | --------- | -------- |
Net cash used in investing activities
|
(384) |
(916) |
(3,752) |
(4,742) |
| --------- | -------- | --------- | -------- |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from exercise of stock options | - | - | 2,158 | 75 |
Tax benefit from exercise of stock options | - | - | - | 110 |
Proceeds from sale of Asia Pacific business segment, net of cash provided | 2,061 | - | 2,061 | - |
| --------- | -------- | --------- | -------- |
Net cash provided by financing activities |
2,061 |
- |
4,219 |
185 |
| --------- | -------- | --------- | -------- |
Effect of exchange rate on cash and cash equivalents |
- |
(300) |
5 |
(580) |
| --------- | -------- | --------- | -------- |
Net increase (decrease) in cash and cash equivalents |
4,082 |
(1,657) |
5,597 |
(8,462) |
Cash and cash equivalents at beginning of period |
15,694 |
15,836 |
14,179 |
22,641 |
| --------- | -------- | --------- | -------- |
Cash and cash equivalents at end of period | 19,776 | 14,179 | 19,776 | 14,179 |
| ========= | ======== | ========= | ======== |
Supplemental disclosure of cash flow information: |
|
|
|
|
Cash paid for income taxes net of refunds received |
$ 1,029 |
$ 850 |
$ 5,760 |
$ 8,193 |
| --------- | -------- | --------- | -------- |