Travelzoo 2003 Annual Report Download - page 45

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INDEPENDENT AUDITORS' REPORT
The Board of Directors and Stockholders
Travelzoo Inc.
We have audited the accompanying consolidated balance sheets of Travelzoo Inc. and subsidiaries as of
December 31, 2003 and 2002, and the related consolidated statements of operations, stockholders' equity, and
cash Öows for each of the years in the three-year period ended December 31, 2003. These consolidated
Ñnancial statements are the responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated Ñnancial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States
of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the Ñnancial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An audit also includes
assessing the accounting principles used and signiÑcant estimates made by management, as well as evaluating
the overall Ñnancial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material
respects, the Ñnancial position of Travelzoo Inc. and subsidiaries as of December 31, 2003 and 2002, and the
results of their operations and their cash Öows for each of the years in the three-year period ended
December 31, 2003, in conformity with accounting principles generally accepted in the United States of
America.
/s/ KPMG LLP
Mountain View, California
January 25, 2004
25