Travelzoo Slips To Loss In Q1 - Quick Facts

(RTTNews) - Travelzoo (TZOO) reported that its first-quarter net loss attributable to the company was $6.61 million or $0.58 per share compared to net income of $3.12 million or $0.26 per share in the prior year.

The operating loss for the first-quarter was $3.7 million attributable to Travelzoo from continuing operations. At the consolidated level, including minority interests, the operating loss from continuing operations was $5.3 million. The losses were primarily caused by two unusual, non-recurring expenses: a one-time impairment charge of $2.9 million for intangible assets and goodwill due to the COVID-19 pandemic, and an increased bad debt provision of $1.0 million.

Revenue was $20.3 million, down from $29.2 million year-over-year. Reported revenue excludes revenue from discontinued operations in Asia Pacific.