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What: Shares of Travelzoo (NASDAQ:TZOO) flew higher today by as much as 19% after the company reported solid first-quarter earnings.

So what: Revenue in the first quarter came in at $42.2 million, a modest 7% increase but topping the Street's forecast of $41.2 million. Net income was $5.6 million, or $0.36 per share, also beating the consensus estimate of $0.34 per share. The company set a new quarterly revenue record.

Now what: CEO Chris Louglin said that Travelzoo accelerated subscriber growth and boosted engagement through various initiatives, while continuing to develop its new hotel booking platform. That platform is due out later in 2013. The company closed out the quarter with 22.9 million subscribers, up 5% from a year ago. The Europe business segment posted strong growth of 14% to $12.4 million, which is encouraging considering tough macro conditions there.

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