Travelzoo 2010 Annual Report Download - page 66

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TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
2010 2009 2008
Year Ended December 31,
(In thousands, except per share
amounts)
Revenues ................................................. $112,784 $93,973 $ 80,817
Cost of revenues ............................................ 7,253 5,628 2,842
Gross profit .............................................. 105,531 88,345 77,975
Operating expenses:
Sales and marketing ....................................... 54,454 49,707 43,297
General and administrative................................... 27,565 24,930 21,366
Total operating expenses................................. 82,019 74,637 64,663
Income from continuing operations . ............................. 23,512 13,708 13,312
Interest income and other income . . ............................. 166 61 284
Gain (loss) on foreign currency ................................. (197) (78) 494
Income from continuing operations before income tax expense .......... 23,481 13,691 14,090
Income tax expense .......................................... 10,324 7,273 8,177
Income from continuing operations . ............................. 13,157 6,418 5,913
Loss from discontinued operations, net of tax....................... — (5,642) (10,029)
Income tax benefit related to dissolution of Asia Pacific business
segment ................................................ — 4,409 —
Loss from discontinued operations . . ............................. — (1,233) (10,029)
Net Income (loss) ........................................... $ 13,157 $ 5,185 $ (4,116)
Basic net income (loss) per share from:
Continuing operations ...................................... $ 0.80 $ 0.39 $ 0.41
Discontinued operations ..................................... $ — $ (0.08) $ (0.70)
Net income (loss) ........................................... $ 0.80 $ 0.32 $ (0.29)
Diluted net income (loss) per share from:
Continuing operations ...................................... $ 0.80 $ 0.39 $ 0.37
Discontinued operations ..................................... $ — $ (0.08) $ (0.62)
Net income (loss) ........................................... $ 0.80 $ 0.32 $ (0.25)
Shares used in computing basic net income (loss) per share ............ 16,444 16,408 14,273
Shares used in computing diluted net income (loss) per share ........... 16,453 16,416 16,190
See accompanying notes to consolidated financial statements
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