Travelzoo 2003 Annual Report Download - page 15

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PERFORMANCE GRAPH
The following graph compares, for the two year period ending December 31, 2003, the cumulative total
stockholder return for Travelzoo, the NASDAQ Stock Market (U.S. companies) Index (the ""NASDAQ
Market Index''), and the Standard & Poor's 500 Publishing Index (the ""S&P 500 Publishing''). Measure-
ment points are the last trading day of each of the Company's Ñscal years ended December 31, 2002 and
December 31, 2003. The graph assumes that $100 was invested on December 31, 2002 in the Common Stock
of the Company, the NASDAQ Market Index and the S&P 500 Publishing and assumes reinvestment of any
dividends. The stock price performance on the following graph is not indicative of future stock price
performance.
DOLLARS
0
50
100
150
200
250
12/31/200312/31/2002
Travelzoo Inc.
NASDAQ Market Index
S&P 500 Publishing
Measurement Point 12/31/2002 12/31/2003
Travelzoo Inc. $100.00 $217.50
NASDAQ Market Index $100.00 $149.51
S&P 500 Publishing $100.00 $118.80
RATIFICATION OF INDEPENDENT AUDITORS (PROXY ITEM NO. 2)
Our Audit Committee, pursuant to its charter, has approved the appointment of KPMG LLP as
Travelzoo's principal independent auditors to examine the consolidated Ñnancial statements of Travelzoo and
its subsidiaries for our 2004 Ñscal year.
The Audit Committee and our Board of Directors are requesting that the stockholders ratify the
appointment of KPMG LLP as Travelzoo's principal independent auditors. The Audit Committee and the
Board of Directors are not required to take any action as a result of the outcome of the vote on this proposal.
However, if the stockholders do not ratify the appointment, the Audit Committee may investigate the reasons
for stockholder rejection and may consider whether to retain KPMG LLP or to appoint other independent
auditors. Furthermore, even if the appointment is ratiÑed, the Audit Committee in its discretion may approve
the appointment of diÅerent independent auditors at any time during the year if they determine that such a
change would be in the best interests of Travelzoo and its stockholders.
KPMG LLP representatives are not expected to be present at the Annual Meeting or to make a formal
statement. Consequently, representatives of KPMG LLP will not be available to respond to questions at the
meeting.
11