Travelzoo Inc. reported Monday that its profit multiplied in the first quarter as its subscriber base and online advertising grew from a year-ago quarter weighed down by a one-time charge.
The Internet travel service company reported income of $2.5 million, or 15 cents per share, up sharply from $338,000, or 2 cents per share, recorded in the same quarter of the prior year.
Excluding the impact of its discontinued Asia Pacific business segment, the company earned 13 cents per share in the 2009 quarter.
Revenue grew 24 percent to $28.5 million as the company's subscriber base and online advertising grew. The company said business was solid in North America with 12 percent growth. Revenue in Europe more than doubled.
Shares of Travelzoo rose $2.76, or 16.7 percent, to $19.26 in afternoon trading. The stock earlier hit a new year high of $19.73, eclipsing a prior peak of $16.50 set on Friday.