Travelzoo 2011 Annual Report Download - page 62

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35
TRAVELZOO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2009 2010
2011
(In thousands, except per share amounts)
Revenues ......................................................................................................................
.
$ 93,973 $ 112,784 $ 148,342
Cost of revenues ...........................................................................................................
.
5,628 7,253 13,283
Gross profit .........................................................................................................
.
88,345 105,531 135,059
Operating expenses:
Sales and marketing ............................................................................................
.
49,707 54,454 65,490
General and administrative .................................................................................
.
24,930 27,565 34,547
Settlement with State of Delaware .....................................................................
.
— — 20,000
Total operating expenses...........................................................................
.
74,637 82,019 120,037
Income from continuing operations .............................................................................
.
13,708 23,512 15,022
Interest income and other income ................................................................................
.
61 166 383
Gain (loss) on foreign currency ...................................................................................
.
(78) (197) (81)
Income from continuing operations before income tax expense ..................................
.
13,691 23,481 15,324
Income tax expense ......................................................................................................
.
7,273 10,324 12,005
Income from continuing operations .............................................................................
.
6,418 13,157 3,319
Loss from discontinued operations, net of tax .............................................................
.
(5,642) — —
Income tax benefit related to dissolution of Asia Pacific business segment ................
.
4,409 — —
Loss from discontinued operations ..............................................................................
.
(1,233) — —
N
et Income ...................................................................................................................
.
$ 5,185 $ 13,157 $ 3,319
Basic net income (loss) per share from:
Continuing operations ........................................................................................
.
$ 0.39 $ 0.80 $ 0.20
Discontinued operations .....................................................................................
.
$ (0.08) $ — $ —
Net income .........................................................................................................
.
$ 0.32 $ 0.80 $ 0.20
Diluted net income (loss) per share from:
Continuing operations ........................................................................................
.
$ 0.39 $ 0.80 $ 0.20
Discontinued operations .....................................................................................
.
$ (0.08) $ — $ —
Net income .........................................................................................................
.
$ 0.32 $ 0.80 $ 0.20
Shares used in computing basic net income (loss) per share .......................................
.
16,408 16,444 16,315
Shares used in computing diluted net income (loss) per share .....................................
.
16,416 16,453 16,414
See accompanying notes to consolidated financial statements