SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
PURSUANT TO SECTION 13 or 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): July 11, 2003
|(Exact Name of Registrant as Specified in Charter)
|(State or Other
|590 Madison Avenue, 21st Floor
New York, New York
|(Address of Principal Executive Offices)||(Zip Code)|
|Registrant's telephone number, including area code:
Item 7. Financial Statements and Exhibits.
Press Release, dated July 11, 2003.
Item 9. Regulation FD Disclosure
This information, required by Item 12. Results of Operations and Financial Condition, is being furnished under Item 9. Regulation FD Disclosure in accordance with SEC Release No. 33-8216.
Reference is made to the press release of Registrant issued on July 11, 2003, regarding earnings for the second quarter ended June 30, 2003, which is incorporated herein by reference. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: July 16, 2003||By:|| /s/ Ralph Bartel
Chairman of the Board and Chief Executive
FOR IMMEDIATE RELEASE
NEW YORK, July 11, 2003 Travelzoo Inc. (OTCBB:TVZO), the Internets largest publisher of sales and specials available directly from hundreds of travel companies, today reported record revenues and record profit for the second quarter ended June 30, 2003.
Second Quarter 2003 Financial Highlights:
Travelzoo Inc. reported revenues of approximately $4.3 million for the second quarter ended June 30, 2003, an increase of 94% over revenues of approximately $2.2 million for the same period last year, and a quarterly sequential increase of 16% over revenues of approximately $3.7 million for the quarter ended March 31, 2003.
The company reported a record net income of $596,397 for the second quarter of 2003 compared to a net income of $145,880 for the same period in 2002. Net income per share for the second quarter of 2003 was $0.03 per basic and diluted share.
Income before income taxes for the second quarter ended June 30, 2003 was $1,015,772 or 24% of revenues, compared to $246,848, or 11% of revenues, for the same period last year.
For the first six months of 2003, revenues were approximately $8.0 million compared to approximately $4.2 million for the same period last year, a 92% increase. Net income per share for the first half of 2003 was $0.05 compared to $0.01 in the first half of 2002.
Travelzoo Inc. is the Internets largest publisher of sales and specials available directly from hundreds of travel companies. Travelzoos media products include the Travelzoo® website (www.travelzoo.com) and the Top 20® and Weekend.com® e-mail newsletters. Travelzoo lists sales and specials from more than 200 advertisers, including Air New Zealand, Alamo Rent A Car, American Airlines, American Express Travel, Avis Rent A Car, Carnival Cruise Lines, Fairmont Hotels & Resorts, Gate 1 Travel, Ian Schrager Hotels, InterContinental Hotels, JetBlue Airways, Kimpton Hotels, Liberty Travel, Lufthansa, Marriott, Omni Hotels, Pleasant Holidays, Royal Caribbean Cruises, Spirit Airlines, Starwood Hotels & Resorts, The Venetian, Travelocity, United Airlines, US Airways, Virgin Atlantic Airways and Wyndham Hotels & Resorts.
Certain statements contained in this press release that are not historical facts may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words expect, predict, project, anticipate, believe, estimate, intend, plan, seek and similar expressions are generally intended to identify forward looking statements. Because these forward looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Travelzoo is a registered trademark of Travelzoo Inc. All other company and product names mentioned are trademarks of their respective owners.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
|Three months ended
|Six months ended
|Revenues||$ 4,291||$ 2,211||$ 8,005||$ 4,177|
|Cost of Revenues||81||86||164||172|
|Sales and Marketing||2,295||1,316||4,218||2,312|
|General and Administrative||903||563||1,960||1,125|
|Total Operating Expenses||3,198||1,879||6,178||3,491|
|Income from Operations||1,012||246||1,663||514|
|Income before Income Taxes||1,015||247||1,668||515|
|Net Income||$ 596||$ 146||$ 981||$ 282|
|Basic Net Income per Share||$ 0.03||$ 0.01||$ 0.05||$ 0.01|
|Diluted Net Income per Share||0.03||0.01||0.05||0.01|
|Shares Used in Computing|
|Basic Net Income per Share||19,425||19,425||19,425||19,425|
|Shares Used in Computing|
|Diluted Net Income per|
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
|Cash||$ 2,343||$ 1,258|
|Accounts Receivable, net||1,697||1,312|
|Other Current Assets||140||115|
|Deferred Income Taxes||81||81|
|Total Current Assets||4,369||2,788|
|Deferred Income Taxes||32||32|
|Property and Equipment, net||105||142|
|Intangible Assets, net||180||213|
|Total Assets||$ 4,686||$ 3,240|
|Income Tax Payable||501||440|
|Additional paid-in capital||(116||)||(116||)|
|Total Stockholders' Equity||2,772||1,791|
|Total Liabilities and|
|Stockholders' Equity||$ 4,686||$ 3,240|