Ticker:  JTM
Website: www.jasons.com
CEO: John D Sandford
Chairman: Geoffrey D Burns
Annual meeting date: Held 3 August 2006, Auckland

Shares.net.nz comment

Jasons Travel Media (JTM) has been part of the New Zealand travel industry for forty years.
JTM was brought to the NZAX market when the company raised $3.6m in June 2005.
These funds were applied to a restructuring of the company’s debt which is now at a much more reasonable level with interest-bearing debt currently standing at $2.2m verses total borrowings of $7.7m in 2005.

Net profit before amortization was $666,000 – well ahead of the prospectus forecast of $542,000. This has allowed the company to pay a 1.5 cent final dividend which along with the interim of 1.5 cents gives a fully imputed dividend of 4.5 cents.
Jasons has developed an online presence through Jasons Travel Channel, a web presence used for travel information and booking services which generated over 4.5 million user sessions last year.
The development of Jasons Travel Channel has allowed clients to market via both print and online, a strategy which has benefited print sales.

Jasons Travel Media is expected to benefit from a fall in the dollar making New Zealand a more affordable travel destination.

Perhaps the final comment belongs to the CEO John Sandford, who said at the time of the company’s annual result: “Notwithstanding an exceptional year, the New Zealand domestic travel market is likely to become more challenging for our customers now that strong economic growth has peaked and internal transport costs are higher.”

Financial Comment

Jason Travel Media has 17,000,000 shares on issue @ .50 cents giving a market cap of $8,500,000. The profit of $666,000 puts JTM on a price earnings ratio of 12.8 and a gross yield of 9%. These figures feel about right when compared with the market.
HOLD

Company comments on its latest result

“The company has completed the March 2006 year strongly with several milestones reached and there has been a very pleasing step back into profitability,” company chairman Geoff Burns said.
“Notable highlights include the company's successful public offer, the listing of Jasons on the NZAX market and a rebuilding of the balance sheet.”

Latest financial result (full year)

Audited figures for the year to March 31, 2006
(Released 13 June, 2006 – figures in $NZ’000)

Recent milestones

August 2006 CEO John Sandford tells the company’s AGM that while the business is traditionally very seasonal and the bulk of its revenue is billed in the second half, “current trading is in line with our expectations”.

June 2006  Announcing a full-year net profit of $546,000 CEO John Sandford says the company was confident that its focus on a dual print and online media strategy “will produce another solid result for the current year. Jasons is well positioned
to sustain dynamic growth over the medium to longer term.”

June 2005 Jasons Travel Media, a business founded in 1967 by chief executive John Sandford, debuts on the NZAX after the issue of 7.2 million shares at 50c each in a fully subscribed IPO.

Company activities

Jasons Travel Media Limited is the region’s largest travel publisher with staff and products covering Australia, New Zealand and the South Pacific Islands.

Jasons produces over 34 print publications with circulations totalling over 4.8 million copies per annum. It runs one of the region’s largest and most active travel websites - Jasons Travel Channel (www.jasons.com).

A third revenue stream for the company is Jasons VisitorPoint, which handling third party tourism brochure distribution through 1,700 company-owned sites around New Zealand.

Jasons tourism and travel industry databases are also distributed through other major tourism and travel web portals, industry sites and private label print directories.