Travelzoo just dropped the ball in its earnings numbers. They posted revenues of $19.7 million and posted $0.25 EPS; estimates were for revenues $20.4 million and $0.32 EPS; its tax rate also grew from 44% to 48%. For an old hi-flyer, this one is going to be a disappointment. Shares are halted in after-hours trading.

They gave no guidance and no revenue shortfall explanations either, other than this: "In Q1, we decided to invest a record $6.7 million in subscriber acquisition and in marketing the Travelzoo brand. We added four senior executives in North America, Europe, and Asia. We believe that this positions Travelzoo well to capture the growth opportunities we see ahead for the future."

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