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YTB Reports $1.6 million Net Loss, Revenue DeclineAugust 10, 2009 By: George Dooley
YTB International, Inc. reported that total revenue for the quarter ending June 30 decreased 59 percent to $18.1 million, compared to $43.7 million for the second quarter of 2008. However, net income from continuing operations increased to $1.3 million in the second quarter of 2009, compared to a net loss of $0.1 million for the second quarter of 2008, the company said.
Net loss for the quarter was $1.6 million compared to a net loss of $0.2 million for the same period of 2008. The net loss was primarily attributable to a decline in the number of new Internet Business Centers ("IBCs") sold during the quarter in addition to discontinued operations costs of $2.9 million. General and administrative expenses decreased by $2.2 million in the second quarter of 2009 compared to the same period of 2008, primarily attributable to YTB’s cost reduction program.
YTB said it had reduced its net loss for the six months ending June 30 by $0.2 million to $3.5 million compared to a net loss of $3.7 million for the same period of 2008. YTB’s six-month results were significantly impacted by the recording of the sale of REZConnect Technologies, Inc., formerly a wholly-owned YTB subsidiary and related exit costs at the end of the second quarter of 2009.
As of June 30, YTB had cash and cash equivalents of $1 million.
"While our company still has work to do with regard to continued cost cutting, we are bolstered by both the reduction of our net loss for the first half of the year, and the significant improvement in net income from continuing operations in the second quarter,” Scott Tomer, YTB CEO commented. “Although our industry continues to feel the effects of the current economic downturn, we remain cautiously optimistic as we are seeing signs of a return of consumer confidence, and we are hopeful that will in turn lead to increased spending on travel. While I am hesitant to say that the worst of the economic turmoil is behind us, I am confident that with our new marketing initiatives and expanded service offerings, we will be able to turn the corner in the near future.
"Looking to the second half of the year, we plan to continue to effectively manage our cost structure, ensuring that we are as agile as possible in order to take advantage of the inevitable market turnaround," Tomer continued. "Through our ongoing marketing initiatives, we are working to increase travel sales, while simultaneously working to make it easier and more affordable for our Site Owners to manage their businesses.
“We recognize that today's customers are more value oriented in their purchase decisions, and in turn have responded by expanding the value received in running an IBC by bringing 'in-house' our new 'Shop YTB' where store owners can direct customers to shop for items that they would already normally purchase online, allowing the store owner to receive cash back on these purchases," Tomer said. "This is just one of many new programs that we are putting in place with the knowledge that, once the economy begins to turn, the value of our platform will speak for itself,” Tomer said.