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Dutton Associates is no longer providing research on Travelzoo Inc.
Archived Research
06/17/2004 Update Report Travelzoo Neutral Rating Maintained Due To Current Price Level; Be Buyer in $15-$16 Range Neutral
06/14/2004 Research Note Travelzoo Included On Preliminary List For Russell 3000® Index; Neutral Rating Reiterated As Price Ahead of Fundamentals Neutral
05/24/2004 Research Note Travelzoo Closes Week At A New All Time High; Stock Has Exceeded Its Fundamantals; Rating Reduced To Neutral, Buy On Weakness Neutral
05/17/2004 Research Note Travelzoo Closes Week At A New All Time High Of $14.78; Reducing Rating To Buy On Recent Price Appreciation Buy
04/13/2004 Research Note Travelzoo's Q1 2004 Revenues Increased 74% And Net Income Increased 162%; Record Results; Strong Buy Rating Reiterated Strong Buy
03/24/2004 Update Report Travelzoo Strong Buy Rating Maintained In Update; Increased Trading Liquidity; Rapid Growth of Its Services To Consumers and Travel Providors and Agents Strong Buy
01/26/2004 Research Note Travelzoo Reports Results For Its Fourth Quarter And Year-End Fy2003; Revenues Increased 83% - Net Income Increased 140% For Fy2003 Strong Buy
01/09/2004 Research Note Travelzoo: Nasdaq Listing Providing Increase In Liquidity; Reiterate Price Target Of $13.50 Strong Buy
12/22/2003 Research Note Travelzoo Records 76% Growth In Subscriber Base For Year; Strong Buy Reiterated With $13.50 Target Price Strong Buy
11/24/2003 Update Report Travelzoo Rating Raised To Strong Buy; EPS Estimated At $.14 in 2003 Increasing to $.48 in 2004 Strong Buy
11/03/2003 Research Note Travelzoo Completes Secondary Stock Offering; Should Meet NasdaqSC Requirements; Expected To Trade Under Symbol TZOO; Buy Rating Reiterated Buy
10/06/2003 Research Note Travelzoo Inc. Reports Record Results For Third Quarter; Revenues Increased 89% & Net Income Increased 151% Buy
07/14/2003 Research Note Travelzoo An Undiscovered Jewel Buy
06/17/2003 Research Note Travelzoo's Web Site Visitors' Proclivity To Book Travel Confirmed By Nielsen's Data Buy
04/11/2003 Research Note Travelzoo Reports Record Results For Q1 - Revenues Up 89% & Net Income Up 183% Buy
03/27/2003 Initial Report Buy Rating Issued For Travelzoo Buy

Current Dutton Associates disclaimer and 17b disclosure information regarding Travelzoo Inc.

Information, opinions or recommendations contained in Dutton Associates' research reports or research notes are submitted solely for advisory and information purposes. The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Such information and the opinions expressed are subject to change without notice. A Dutton Associates research report or note is not intended as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. Neither the Firm, its principals, nor the assigned analysts own or trade shares of any company covered. The Firm does not accept any equity compensation. Anyone may enroll a company for research coverage, which currently costs US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $25,000 from the Company for 4 Research Reports with coverage commencing on 03/27/2003. Reports are performed on behalf of the public, and are not a service to any company. The analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests and insure independence. Please read full disclosure and other reports and notes on the Company at www.DuttonAssociates.com.

The views expressed in this research report or note accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by Dutton Associates is in any way related to the specific recommendations or views contained in this research report or note.

Dutton Associates. John M. Dutton, President, 4989 Golden Foothill Parkway, Suite 4, El Dorado Hills, CA 95762 Phone (916) 941-8119, Fax (916) 941-8093

Periodic Research Reports and Research Notes on this Company are available at our web site: www.DuttonAssociates.com.

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