Travelzoo 2007 Annual Report Download

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L
TRA
VEZOO
TRA
VEL
ZOO
NASDAQ: TZOO
2007 Annual Report
2008 Proxy Statement

Table of contents

  • Page 1
    TRAVELZ OO NASDAQ: TZOO 2007 Annual Report 2008 Proxy Statement

  • Page 2

  • Page 3
    ... business hours at Travelzoo's principal executive offices, located at 590 Madison Avenue, 37th Floor, New York, New York 10022, for ten days prior to the meeting. A stockholder may examine the list for any legally valid purpose related to the meeting. On behalf of the entire Board of Directors...

  • Page 4
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  • Page 5
    ...HEREBY GIVEN that the Annual Meeting of Stockholders of Travelzoo Inc., a Delaware corporation, will be held on Thursday, June 3, 2008, at 10:00 a.m., local time, at 590 Madison Avenue, 21st Floor, New York, New York 10022, for the following purposes: 1. To elect five directors for terms expiring in...

  • Page 6
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  • Page 7
    ... of business on April 28, 2008. On the record date, there were 14,250,479 shares of our common stock outstanding. Where and when is the Annual Meeting? The Annual Meeting of Stockholders will take place on June 3, 2008 at 590 Madison Avenue, 21st Floor, New York, New York 10022. The meeting will...

  • Page 8
    ... the Form 10-Q by logging on to Travelzoo's investor relations Web site at www.travelzoo.com/ir, by calling the Securities and Exchange Commission at (800) SEC-0330 for the location of the nearest public reference room, or through the EDGAR system at www.sec.gov. Information on our Web site does not...

  • Page 9
    ... to 2007 after serving as Vice President of Sales and Marketing since 1999. From 1995 to 1998, Mr. Bartel was an Engagement Manager at McKinsey & Company in Los Angeles. From 1992 to 1994, Mr. Bartel was a research fellow at Harvard Business School. Mr. Bartel holds an MBA in Finance and Accounting...

  • Page 10
    ...Mather, in Silicon Valley, New York, London and Los Angeles. During his 30 years as an international marketing and brand strategist, Neale-May has consulted with over 300 leading multi-nationals, new venture starts and emerging growth companies. Neale-May is the founder and executive director of the...

  • Page 11
    ... investment community and (ii) to review and supervise preparation of all SEC filings, press releases and other broadly disseminated correspondence. Nominating Committee Travelzoo does not have a nominating committee of the Board of Directors. Since it is a "Controlled Company" under Rule 4350-4 of...

  • Page 12
    ... to the Board of Directors (and the Board of Directors has approved) that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2007 for filing with the SEC. The committee has not yet selected Travelzoo's independent auditors for fiscal...

  • Page 13
    ... Rayner ...Kelly M. Urso(5) ...Jason Yap ...Directors and executive officers as a group (11 persons)(6) ...Persons Owning More Than 5% of Common Stock JPMorgan Chase & Co.(7) ...270 Park Avenue New York, New York 10017 Barclays Global Investors, NA(8) ...45 Fremont Street San Francisco, California...

  • Page 14
    ... on our Web site, at the address and location specified above. A copy of the code of ethics is also available in print to stockholders and interested parties without charge upon written request delivered to our Corporate Secretary at Travelzoo Inc., 590 Madison Avenue, 37th Floor, New York, NY 10022...

  • Page 15
    ... directors. The Committee includes Mr. Ralph Bartel (Chair) and Ms. Kelly M. Urso. Ms. Urso satisfies the independence requirements of the NASDAQ. The Compensation Committee does not have a charter. Role of Management. During 2007, the Committee engaged in its annual review of executive compensation...

  • Page 16
    ...July 1, 2007. Mr. Ralph Bartel's base salary is below the average base salary of chief executive officers working in New York City per The Wall Street Journal. Executive Bonus Plan. We believe that the Executive Bonus Plan provides the Company with a valuable tool to assist in focusing executives on...

  • Page 17
    ...April 1, 2007. pursuant to the terms of Ms. Tafoya's employment agreement dated May 8, 2001, as amended, Ms. Tafoya received a quarterly commission equal to 1.0% of the Company's net advertising revenues generated from the sales of advertising on the Travelzoo Web site and the Top 20 newsletter. The...

  • Page 18
    ... executives to execute a release in order to receive severance benefits; and • the change in control and severance provisions help retain key personnel during rumored or actual acquisitions or similar corporate changes. Compensation Committee Report The information contained in this report...

  • Page 19
    ... Officer Christopher Loughlin(3) ...Executive Vice President, Europe Raymond Ng(4) ...Executive Vice President, Asia Shirley Tafoya ...Senior Vice President of Sales Jason Yap(5) ...Executive Vice President, Japan, India and Australia 2007 322,004 2006 329,723 2007 2006 2007 2006 2007 2006 2007...

  • Page 20
    ...of our named executive officers during the fiscal year ended December 31, 2007. Estimated Possible Payouts Under Non-Equity Incentive Plan Awards Threshold Target ($) ($) Name Ralph Bartel(1)...Wayne Lee(1)...Chris Loughlin(2) ...Raymond Ng(3) ...Shirley Tafoya(1) ...Shirley Tafoya(4) ...Jason Yap...

  • Page 21
    ...and annual payouts are described in the Compensation Discussion & Analysis. Outstanding Equity Awards at December 31, 2007 The following table sets forth certain information concerning equity awards for each of our named executive officers that remained outstanding as of December 31, 2007. Number of...

  • Page 22
    ...a base salary and is eligible to participate in the Company's Executive Bonus Plan. Prior to April 1, 2007, Ms. Tafoya also received a 1.0% commission on net advertising revenues (as defined in the agreement) generated from the sales of advertising on the Travelzoo Web site and the Top 20 newsletter...

  • Page 23
    ... the Company and its directors, executive officers or principal stockholders. Independent Public Accountants KPMG LLP ("KPMG") served as Travelzoo's independent registered public accounting firm for our 2007 fiscal year. KPMG representatives are not expected to be present at the Annual Meeting or...

  • Page 24
    ... of fees for professional services rendered for the annual audit of Company's consolidated financial statements and review of the interim consolidated financial statements included in quarterly reports and audit services rendered in connection with other statutory or regulatory filings. Policy on...

  • Page 25
    ... address should be directed to Investor Relations, Travelzoo Inc., 590 Madison Avenue, 37th Floor, New York, New York 10022 or by telephone at (212) 484-4900. Other We will bear the cost of solicitation of proxies. Proxies will be solicited by mail and also may be solicited by our executive officers...

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  • Page 27
    ... from the Company's management and independent auditors. Recognizing these inherent limits on the scope of the Committee's review, however, the Board expects the Committee to exercise independent judgment in assessing the quality of the Company's financial reporting process and its internal controls...

  • Page 28
    ... or supplemented. 6. Review and discuss, prior to filing, the Company's financial statements proposed to be included in the Company's Annual Report on Form 10-K with the Company's financial management and independent auditors, including major issues regarding accounting and auditing principles and...

  • Page 29
    ...retention and treatment of complaints receive by the Company regarding accounting, internal accounting controls or auditing matters; and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters. 2. Report actions of the...

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  • Page 31
    ... Jurisdiction of Incorporation or Organization) 36-4415727 (I.R.S. Employer Identification No.) 590 Madison Avenue, 37th Floor, New York, New York (Address of Principal Executive Offices) 10022 (Zip Code) Registrant's telephone number, including area code: (212) 484-4900 Securities registered...

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  • Page 33
    ... Directors, Executive Officers and Corporate Governance of the Registrant ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships and Related Transactions, and Director Independence ...Principal Accountant...

  • Page 34
    ..., the Newsflash e-mail alert service, the SuperSearch pay-per-click travel search engine, and the Travelzoo Network, a network of thirdparty Web sites that list deals published by Travelzoo. More than 900 companies purchase our advertising services, including American Airlines, ATA, Avis Rent A Car...

  • Page 35
    ... the number of shares reported as outstanding. As of December 31, 2007, there were 14,250,479 shares of common stock outstanding. In October 2004, the Company announced a program under which it would make cash payments to persons who establish that they were stockholders of Travelzoo.com Corporation...

  • Page 36
    ... with a fast, flexible, and cost-effective way to advertise their sales and specials to millions of Internet users. Our publications include the Travelzoo Web sites, the Travelzoo Top 20 e-mail newsletter, and the Newsflash e-mail alert service. The Company also operates SuperSearch, a pay-per-click...

  • Page 37
    ... Advertiser Benefits Consumer Benefits Travelzoo Web sites Web sites in the U.S., Canada, 24/7 China, France, Germany, Hong Kong, Japan, Taiwan, the U.K., among others, listing thousands of outstanding sales and specials from more than 900 travel companies Travelzoo Top 20 Popular e-mail newsletter...

  • Page 38
    ...), our Travelzoo Top 20 newsletter, Newsflash, our SuperSearch search engine, and the Travelzoo Network provide consumers information on current special offers at no cost to the consumer. Key features of our products include: • Aggregation of Offers From Many Companies. Our Travelzoo Web sites and...

  • Page 39
    ... to promote our brand to consumers. In addition, we utilize an online marketing program to acquire new subscribers for our e-mail publications. In 2007, we began testing outdoor brand advertising campaigns in Las Vegas and New York. In addition, we believe that we build brand awareness by product...

  • Page 40
    ... cooperative relationships to expand their businesses or to offer more comprehensive solutions. New technologies could increase the competitive pressures that we face. The development of competing technologies by market participants or the emergence of new industry standards may adversely affect...

  • Page 41
    .... We have registered the Travelzoo and Travelzoo Top 20 trademarks with the Office for Harmonization in the Internal Market of the European Community. We have registered the Travelzoo trademark in Australia, Canada, China, Hong Kong, Japan, South Korea, and Taiwan. The steps we have taken to protect...

  • Page 42
    ... revenue model depends on advertising fees paid by travel companies. If current clients decide not to continue advertising their offers with us and we are unable to replace them with new clients, our business may be adversely affected. To be successful, we must provide online marketing solutions...

  • Page 43
    ..., we began operations in the U.K. In 2006 we began operations in Canada, Germany and Spain. In 2007, we began operations in Australia, China, France, Hong Kong, Japan, and Taiwan. Our plan is to expand into additional countries in Asia Pacific and Europe in the future. We expect our operations in...

  • Page 44
    ... special offers or other marketing programs. If such events result in a long-term negative impact on the travel industry, such impact could have a material adverse effect on our business. We will not be able to attract travel companies or Internet users if we do not continually enhance and develop...

  • Page 45
    ... effect on our business. Intense competition may adversely affect our ability to achieve or maintain market share and operate profitably. We face intense competition. We compete for advertising dollars with large Internet portal sites, such as America Online, MSN and Yahoo!, that offer listings or...

  • Page 46
    ...companies. These broad market and industry fluctuations may adversely affect the price of our stock, regardless of our operating performance. We are controlled by a principal stockholder. Ralph Bartel, who founded Travelzoo and who is our Chairman of the Board, President, and Chief Executive Officer...

  • Page 47
    ..., and in our earnings per share, which could adversely affect the market price of the common stock. On October 15, 2004, we announced a program under which we would make cash payments to people who establish that they were former stockholders of Travelzoo.com Corporation, and who failed to submit...

  • Page 48
    ... in the U.S., Australia, Canada, China, Hong Kong, Japan, South Korea, Taiwan, and the U.K. If we are unable to protect our rights in the mark in North America, Europe and Asia Pacific, a key element of our strategy of promoting Travelzoo as a brand could be disrupted and our business could be...

  • Page 49
    our North America operations, including Chicago, Illinois, Las Vegas, Nevada, Los Angeles, California, Miami, Florida, Mountain View, California, San Francisco, California, and Toronto, Canada. We also have leased offices for our Europe operations in various cities and locations in France, Germany, ...

  • Page 50
    ... business conditions. Sales of Unregistered Securities There were no unregistered sales of equity securities during fiscal year 2007. Repurchases of Equity Securities We repurchased and retired 1,000,000 shares of the Company's outstanding common stock in 2007. There were no shares of the Company...

  • Page 51
    ... 20 e-mail newsletter, and the Newsflash e-mail alert service. We also operate SuperSearch, a pay-per-click travel search engine and the Travelzoo Network, a network of third-party Web sites that list deals published by Travelzoo. More than 900 travel companies purchase our advertising services. 19

  • Page 52
    ... Top 20 e-mail newsletter, in the Newsflash e-mail alert service, in SuperSearch, a pay-per-click travel search engine, and through the Travelzoo Network, a network of third-party Web sites that list deals published by Travelzoo. Revenues are principally generated from the sale of advertising in the...

  • Page 53
    ... price. The Company's common stock price affects the liability because the amount of cash payments under the program is based in part on the recent level of the stock price at the date valid requests are received. We do not know how many of the requests for shares originally received by Travelzoo...

  • Page 54
    ... general and administrative expenses as a percentage of revenue may also fluctuate depending on the number of requests received related to a program under which the Company intends to make cash payments to people who establish that they were former stockholders of Travelzoo.com Corporation, and who...

  • Page 55
    ... table sets forth the number of subscribers of each of our e-mail publications in North America, Europe, and Asia Pacific as of December 31, 2007 and 2006 and the total number of page views for the homepages of the Travelzoo Web sites in North America, Europe, and Asia Pacific for the years ended...

  • Page 56
    ... (i.e. Travelzoo Web sites, Travelzoo Top 20 newsletter, Newsflash, SuperSearch, and Travelzoo Network) and is attributed to an increase in our advertising rates for our existing products, an increase in the number of clients, an increase in the volume of advertising sold, and new product offerings...

  • Page 57
    ...in expenses related to our participation in industry conferences, public relations, and the introduction of video content on our Web site. The goal of our advertising campaigns was to acquire new subscribers for our e-mail products, promote SuperSearch and increase brand awareness for Travelzoo. For...

  • Page 58
    ... provides for each quarter in 2005, 2006, and 2007, an analysis of our average cost for acquisition of new subscribers for our Travelzoo Top 20 newsletter and our Newsflash e-mail alert service for our North America, Europe, and Asia Pacific operating segments. The table includes the following data...

  • Page 59
    ...years, driven by a gradual increase in online advertising rates by our media suppliers as well as increased activity from competitors using similar forms of online advertising for their own marketing efforts. The decline in new subscriber acquisition costs in North America in Q3 2006 was impacted by...

  • Page 60
    ... increase in salary and employee related expenses, a $1.3 million increase in advertising to acquire traffic to our Web sites, a $1.1 million increase in advertising to acquire new subscribers for our e-mail products and a $899,000 increase in advertising for brand awareness campaigns. There was...

  • Page 61
    ..., rent and office expenses, and legal and professional service expenses. There was also $914,000 in sales and marketing expenses due primarily to advertising to acquire new subscribers for our e-mail products and salary and employee related expenses. We began operations in Asia Pacific in 2007...

  • Page 62
    ... from our Europe and Asia Pacific business segments for which no income tax benefit is currently recognized. Our effective tax rate decreased in 2006 compared to 2005 due primarily to a decrease in the expenses related to the program to make cash payments to former stockholders which were treated as...

  • Page 63
    ... the amount of cash payments under the program is based in part on the recent level of the stock price at the date valid requests are received. Growth Strategy Our growth strategy has two main elements: • Replicate our business model in selected foreign markets in Asia Pacific and Europe; and...

  • Page 64
    ... resources to the development of the Travelzoo Network, a network of third-party Web sites that list travel deals published by Travelzoo. In 2008, we continue to develop shows and events listings. In 2008, we plan to develop a new travel search engine. Recent Accounting Pronouncements In September...

  • Page 65
    ...Statements and Supplementary Data TRAVELZOO INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm...Consolidated Balance Sheets ...Consolidated Statements of Operations ...Consolidated Statements of Stockholders' Equity and Comprehensive Income...

  • Page 66
    ... ended December 31, 2007, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, Travelzoo Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2007, based on criteria established...

  • Page 67
    ... liabilities ...Commitments and contingencies Stockholders' equity: Preferred stock, $0.01 par value per share (5,000 shares authorized; none issued)...Common stock, $0.01 par value per share (40,000 shares authorized; 14,250 and 15,250 shares issued and outstanding at 2007 and 2006, respectively...

  • Page 68
    TRAVELZOO INC. CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2007 2006 2005 (In thousands, except per share amounts) Revenues ...Cost of revenues ...Gross profit ...Operating expenses: Sales and marketing ...General and administrative ...Total operating expenses ...Income from ...

  • Page 69
    TRAVELZOO INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME Common Stock Shares Amount Additional Paid-In Retained Capital Earnings (In thousands) Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Treasury Stock Balances, December 31, 2004 ...16,...

  • Page 70
    ...of common stock, net of related costs ...Proceeds from stock option exercises ...Repurchase of common stock ...Net cash used in financing activities ...Effect of exchange rate changes on cash and cash equivalents ...Net increase (decrease) in cash and cash equivalents ...Cash and cash equivalents at...

  • Page 71
    ...co.uk, www.travelzoo.de, www.travelzoo.fr, among others), the Travelzoo Top 20 e-mail newsletter, the Newsflash e-mail alert service, the SuperSearch pay-per-click travel search engine, and the Travelzoo Network, a network of third-party Web sites that list deals published by Travelzoo. Travelzoo is...

  • Page 72
    ... the liability because the amount of cash payments under the program is based in part on the recent level of the stock price at the date valid requests are received. The Company does not know how many of the requests for shares originally received by Travelzoo.com Corporation in 1998 were valid, but...

  • Page 73
    ...Advertising revenues are principally derived from the sale of advertising in North America on the Travelzoo Web site, in the Travelzoo Top 20 e-mail newsletter, in Newsflash, from SuperSearch, and from the Travelzoo Network. Revenues generated from the Company's operations in Europe and Asia Pacific...

  • Page 74
    ...16,712 $ 1.01 $ 7,963 16,249 $ 0.49 $ 7,963 16,249 1,482 17,731 $ 0.45 Management of the Company has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these financial...

  • Page 75
    ... year ended December 31, 2007 approximately $410,000 of advertising services was purchased from the Company's clients under non-barter agreements and recorded in sales and marketing expense. In the years ended December 31, 2006 and 2005 there were no advertising services that were purchased from the...

  • Page 76
    ... Costs The Company accounts for Web site development costs in accordance with Emerging Issues Task Force Issue No. 00-02, "Accounting for Website Development Costs." Internal Web site development costs that qualify for capitalization have been immaterial for the years ended December 31, 2007...

  • Page 77
    ... one or more other businesses. This statement is effective for financial statements issued for fiscal years beginning on or after December 15, 2008. (2) Commitments and Contingencies The Company leases office space in Australia, Canada, China, France, Germany, Hong Kong, Japan, Spain, the U.K., and...

  • Page 78
    ... the liability because the amount of cash payments under the program is based in part on the recent level of the stock price at the date valid requests are received. The Company does not know how many of the requests for shares originally received by Travelzoo.com Corporation in 1998 were valid, but...

  • Page 79
    ...4 $506 The details of accrued expenses as of December 31, 2007 and 2006 were as follows (in thousands): December 31, 2007 2006 Accrued advertising expense ...Accrued compensation expense ...Accrued professional services expense ...Other accrued expenses ... ...$2,011 ...1,159 ...541 ...897 $1,257...

  • Page 80
    ...435,000 was recorded in stockholders' equity for the tax benefit of stock option exercises. Income tax expense for the years ended December 31, 2007, 2006 and 2005 differed from the amounts computed by applying the U.S. federal statutory tax rate applicable to the Company's level of pretax income as...

  • Page 81
    ...-term tax liabilities upon adoption of FIN 48. At December 31, 2007, the Company had approximately $1.1 million in total unrecognized tax benefits and approximately $111,000 in accrued interest. The Company has not accrued any penalties related to our uncertain tax positions as we believe that it is...

  • Page 82
    ...2002, the stockholders of Travelzoo.com Corporation approved the merger with Travelzoo Inc. On April 25, 2002, the certificate of merger was filed in Delaware upon which the merger became effective and Travelzoo.com Corporation ceased to exist. Each outstanding share of common stock of Travelzoo.com...

  • Page 83
    ... exchanged for the outstanding shares of Silicon Channels Corporation, the Company also issued to the majority stockholder in January 2001 fully vested and exercisable options to acquire 2,158,349 shares of common stock. The options have an exercise price of $1.00 per share, are outstanding as of...

  • Page 84
    ...the U.K. Asia Pacific consists of the Company's operations in Australia, China, Hong Kong, Japan, and Taiwan. The Company began operations in Europe in May 2005 and began operations in Asia Pacific in April 2007. Management relies on an internal management reporting process that provides revenue and...

  • Page 85
    ... in the Consolidated Balance Sheets. The Travelzoo Foundation (the "Foundation"), a private charitable trust, was formed in the fourth quarter of 2006 by Ralph Bartel, the Company's Chairman, President and Chief Executive Officer. The Foundation was funded with a cash donation from Ralph Bartel. The...

  • Page 86
    ... 2007 2006 2006 (In thousands, except per share amounts) June 30, 2006 Mar 31, 2006 Revenues ...$19,113 $19,943 $20,115 $19,740 $17,652 $17,586 $17,358 $16,929 Cost of revenues ...737 563 444 353 256 232 286 264 Gross profit ...Operating expenses: Sales and marketing ...General and administrative...

  • Page 87
    ... reporting as of December 31, 2007 has been audited by KPMG LLP, Travelzoo's independent registered public accounting firm, as stated in their report which appears in Part II, Item 8 of this Annual Report on Form 10-K. /s/ RALPH BARTEL Ralph Bartel Chairman of the Board and Chief Executive Officer...

  • Page 88
    ...) in Technology Management from Staffordshire University and an MBA from Columbia University Graduate School of Business in New York City. Raymond Ng has served as Executive Vice President, Asia since March 2007. From 1998 to 2006, Mr. Ng was the head of North Asia Business Development at Yahoo! Inc...

  • Page 89
    ... the University of California, Los Angeles. Jason Yap has served as Executive Vice President, Japan, India and Australia since May 2007. From 2001 to 2007, Mr. Yap held several executive positions at STAR Group Limited, a Newscorp company, most recently as Vice President, Digital Content & Marketing...

  • Page 90
    ... and Chief Executive Officer Chief Financial Officer March 17, 2008 March 17, 2008 /s/ HOLGER BARTEL Holger Bartel DAVID J. EHRLICH David J. Ehrlich Director March 17, 2008 /s/ Director March 17, 2008 /s/ DONOVAN NEALE-MAY Donovan Neale-May /s/ KELLY M. URSO Kelly M. Urso Director March...

  • Page 91
    ... 10.1 on Form 8-K (File No. 000-50171), filed February 7, 2008) 21.1‡ - Subsidiaries of Travelzoo Inc. 23.1‡ - Consent of Independent Registered Public Accounting Firm 24.1 - Power of Attorney (included on signature page) 31.1‡ - Certification of Chief Executive Officer Pursuant to Section 302...

  • Page 92
    EXHIBIT 21.1 SUBSIDIARIES OF TRAVELZOO INC. Subsidiaries Jurisdiction Travelzoo Travelzoo Travelzoo Travelzoo Travelzoo (Asia Pacific) Limited (Canada) Inc. (Europe) Limited (Hong Kong) Limited Kabushiki Kaisha Hong Kong Canada United Kingdom Hong Kong Japan

  • Page 93
    ..., and cash flows for each of the years in the three-year period ended December 31, 2007, and the effectiveness of internal control over financial reporting as of December 31, 2007, which report appears in the December 31, 2007 annual report on Form 10-K of Travelzoo Inc. /s/ KPMG LLP Mountain View...

  • Page 94
    ... and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. /s/ RALPH BARTEL Ralph Bartel Chairman of the Board and Chief Executive Officer Date...

  • Page 95
    ..., process, summarize and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. /s/ WAYNE LEE Wayne Lee Chief Financial Officer Date: March 17...

  • Page 96
    ... Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized and...Executive Officer Date: March 17, 2008 The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of this Report...

  • Page 97
    ...Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized and ...Officer Date: March 17, 2008 The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of this Report...

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  • Page 100
    Investors Relations: Travelzoo Inc. ATTN: Investor Relations 590 Madison Avenue 37th Floor New York, NY 10022 Web site: www.travelzoo.com/ir