Travelzoo 2010 Annual Report Download - page 47

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Dividend Policy
Travelzoo has not declared or paid any cash dividends since inception and does not expect to pay cash
dividends for the foreseeable future. We currently intend to retain future earnings to finance the expansion of our
business. The payment of dividends will be at the discretion of our board of directors and will depend upon factors
such as future earnings, capital requirements, our financial condition and general business conditions.
Sales of Unregistered Securities
There were no unregistered sales of equity securities during fiscal year 2010.
Repurchases of Equity Securities
There were no shares of the Company’s outstanding common stock repurchased during the year ended
December 31, 2010.
Performance Graph
The following graph compares, for the dates specified, 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”). Measurement points are the last trading day of each of the
Company’s fiscal years ended December 31, 2005, December 31, 2006, December 31, 2007, December 31, 2008,
December 31, 2009, and December 31, 2010. The graph assumes that $100 was invested on December 31, 2005 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
Travelzoo Inc.
NASDAQ Market Index
S&P 500 Publishing
12/31/1012/31/0912/31/0812/31/0712/31/0612/31/05
0
50
100
150
200
250
Measurement Point 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Travelzoo Inc. $100.00 $136.14 $ 62.18 $25.27 $ 55.86 $188.09
NASDAQ Market Index $100.00 $109.52 $120.27 $71.51 $102.89 $120.29
S&P 500 Publishing $100.00 $115.31 $ 86.59 $37.18 $ 56.61 $ 60.46
20