Travelzoo 2004 Annual Report Download - page 48

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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 2004, 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, 2004. 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 the standards of the Public Company Accounting Oversight
Board (United States). 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 2004, and the
results of their operations and their cash Öows for each of the years in the three-year period ended
December 31, 2004, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Mountain View, California
January 22, 2005
30