Travelzoo Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter of 2014
January 23, 2014 at 01:00 pm
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Travelzoo Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's revenues were $37,475,000 against $37,028,000 a year ago. Income from operations was $4,473,000 against $4,357,000 a year ago. Income before income taxes was $4,534,000 against $4,449,000 a year ago. Net income was $3,230,000 or $0.21 per diluted share against $3,757,000 or $0.24 per diluted share a year ago. Net cash used in operating activities was $1,815,000 against net cash provided by operating activities of $13,010,000 a year ago. Purchases of property and equipment were $1,866,000 against $698,000 a year ago. Earnings per share are lower than prior year's earnings per share due primarily to increased taxes compared to prior period.
For the year, the company's revenues were $158,234,000 against $151,168,000 a year ago. Income from operations was $2,278,000 against $25,489,000 a year ago. Income before income taxes was $2,707,000 against $25,798,000 a year ago. Net loss was $5,011,000 or $0.33 per basic and diluted share against income of $18,198,000 or $1.14 per diluted share a year ago. Net cash provided by operating activities was $16,852,000 against $36,700,000 a year ago. Purchases of property and equipment were $5,461,000 against $2,744,000 a year ago. Non-GAAP operating income was $24,278,000 against $28,489,000 a year ago. Non-GAAP net income was $16,989,000 or $1.11 per share against $21,198,000 or $1.33 per share a year ago. The business generated $10.5 million in adjusted operating cash flow. This cash flow is adjusted for $12.3 million cash payment made this quarter to settle a portion of the disputes over the unclaimed property, which was accrued last quarter as part of that $22 million charge.
In the first quarter of 2014, the company will put the stronger focus on profitability, which could result in an revenue decline of approximately $1.5 million from SuperSearch product versus the prior year period; they expect local revenue with will be seasonally lower; and expect to continue investment in the hotel booking platform, resulting in approximately $0.05 EPS impact, about $0.01 more than the impact in fourth quarter of 2013.
Travelzoo is a global Internet media company, which is engaged in offering travel, entertainment, and lifestyle experiences. The Company operates through four segments: Travelzoo North America, Travelzoo Europe, Jackâs Flight Club, and New Initiatives. Its Travelzoo North America segment consists of its operations in Canada and the United States. Its Travelzoo Europe segment consists of its operations in France, Germany, Spain, and the United Kingdom. Its Jackâs Flight Club segment consists of subscription revenue from members to access and receive flight deals via email or mobile applications. Its New Initiatives segment consists of its licensing activities in certain Asia Pacific territories, the Travelzoo META subscription service and Metaverse Travel Experiences, LLC (MTE). Its products and services are the Travelzoo Website (travelzoo.com), the Travelzoo iPhone and Android apps, the Top 20 email newsletter, the Travelzoo Network, and Jack's Flight Club.
Travelzoo Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter of 2014