NEW YORK (AP) ? Online travel deal provider Travelzoo Inc. said Monday that it will buy back up to 500,000 shares of its common stock.
It will pay for the shares with cash on hand. Timing will depend on the level of Travelzoo’s cash balances and other factors.
Last month Travelzoo, which is based in New York, reported second-quarter results that missed Wall Street’s expectations despite a 51 percent increase in net income. Its stock lost a third of its value that day and has fallen further since then.
Buying back shares has the effect of boosting the value of the stock for remaining shareholders.
Travelzoo’s stock gained $1.89, or 5.8 percent, to $34.44 in morning trading Monday. Over the past year, the stock has traded from $14.06 and $103.80.
