Please refer to our website for important information, including our earnings release issued earlier this morning, along with the slides that accompany today’s prepared remarks. An archived recording of this conference call will be available on the Travelzoo Investors’ website at www.travelzoo.com/ir, beginning approximately 90 minutes after the conclusion of this call.For today’s format of the call I will review our fourth quarter and full-year 2011 financial results, and then Chris will provide an update on our strategy. Thereafter we will conclude with a question-and-answer session. Now, if you will please open our management presentation, which is available at www.travelzoo.com/earnings. Turning to slide four, this slide provides you the key financial highlights for the quarter. We achieved revenues of $35.2 million this quarter which is up 23 percent the same period last year. This represents our fastest year-over-year revenue growth rate for our fourth quarter in four years. We also achieved earnings per share of $0.40 which is up 75 percent from $0.23 for the same period last year. In addition, we maintained steady growth in new subscribers. On slide five, we look at revenue by segment. Please note that this is our first full quarter of comparing year-on-year quarterly revenues where our new local deal formats existed in the prior year period. Revenue in North America was $25.6 million representing a year-over-year growth rate of 16 percent which has been accelerating growth rate compared to our last fourth quarter. In Europe; revenue growth was 48 percent year-over-year and we believe was impacted by the economic uncertainty that played out in Europe during this quarter. Turning to slide six; starting this quarter we will provide a further breakout of our revenue by type which is closely in line with the way we do our business. We hope this will provide further insights into our business. The first category of revenue is Travel, as you can see this will include the products our subscribers and advertisers have grown to love over the years that present tested high quality deals coming primarily from our flagship products such as Top 20, Newsflash, website and network.
In addition Travel will include our Getaways voucher based format launched earlier this year. This aligns with the way we do manage Getaways and make sense as they include hotel stays which are existing products (inaudible) as well. It probably is worth mentioning here that we are very pleased with the rollout of Getaways today. As a majority of these deals from new hotels and the business that has shifted from our existing products to Getaway; as on an overall basis generated incremental revenue for us.These early signs continue to make us confident in the continue rollout of Getaways even if there is some shifts from our existing products. The second category of revenue is Search. This will include both our search products we have developed over the year’s Fly.com and Supersearch. We continue to believe these two are the great compliments to our business as both provided easy way for our subscribers to compare this and shop for airline, hotels and car rentals. The third category of revenue is Local. This will include both local deals voucher based format which was new to us in the last 15 months and entertainment is included in that which was recently seen to make some vouchers with non voucher deals. We believe these revenues as one category represent our efforts to provide subscribers with high quality local deals whether it is a whether it is a restaurant, a spa or a Broadway play and regardless of the form in which advertise choose vouchers, or non vouchers. Now let’s take a look at the revenue by type for each segment for this quarter starting on slide 7. North America fourth quarter revenue broke down by type shows travel growing at 12 percent year-over-year which is higher than the 4 percent rate we saw for the last year’s fourth quarter. Getaways drove much of this growth and offset some of the trends we continue to believe impact us such as the airline consolidation and competition. Read the rest of this transcript for free on seekingalpha.com