Online travel pioneer Travelzoo Inc. doesn't have many fans on Wall Street. Analysts resent the company's refusal to help them out by providing estimates of future earnings. They say that makes the company "opaque."

Nine-year-old Travelzoo has a simple business model that has served it well. Through its Web sites, search engine, e-mailed news flashes and top 20 deals, the company has amassed a loyal group of 11 million subscribers around the world. Subscriptions are free. Travelzoo makes its money by charging its clients more than 600 travel-related companies ? fees to advertise on Travelzoo's listings of discounted last-minute rates. Clients include such big names as American Airlines, Avis Rent A Car, Caesars Entertainment and Marriott.

Travelzoo's track record shows just how powerfully productive that model can be. Over the past three years, the company's revenues have grown at an average annual rate of 57%. Meanwhile, the company's operating margin stands at a hyper-healthy 43%, helped in no small part by the fact that the company has a mere 80 employees. In 2006, net income more than doubled from 2005 levels, to $1.01 per share. Over the same period, revenues rose 37%, to $70 million.

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