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YTB Shock: Anticipates $9.9 Million LossMarch 31, 2010 By: George Dooley
Ever controversial multilevel marketer YTB International anticipates a net loss of $9.9 million for the fiscal year 2009, compared to a net loss of $4.5 million for the prior year, the company told the Securities and Exchange Commission (SEC).
YTB also said that it is unable to file its Annual Report (Form 10-K) for the fiscal year ending December 31, 2009 by the SEC deadline ”without unreasonable effort and expense.”
Headquartered in Wood River, IL, YTB said, based on the information available at this time, the net loss from discontinued operations for the year ending December 31, 2009 is expected to be $3.1 million compared to a net loss of $762,000 for 2008. Net revenues are anticipated to be $67.3 million in 2009 compared to $159.5 million reported in 2008.
YTB said the delay was caused by the resignation of John D. Clagg as CFO on February 2, 2010. YTB said it had been unable to complete all of the information requested by YTB’s independent auditors.
YTB expects to file the Form 10-K no later than the 15th calendar day following the due date. Robert M. Van Patten, YTB’s CEO and interim CFO signed the filing.
In its SEC filing, YTB said total operating expenses for 2009 are currently $75 million compared to $162.8 million reported in 2008. Other items anticipated to have a significant impact on the net loss for 2009 include non-cash impairment charges for goodwill and intangible assets of $450,000 and $2.2 million, respectively, compared to $149,000 of goodwill impairment reported in 2008.
Also currently included in the net loss for 2009, are asset impairment charges of $4.5 million compared to $366,000 reported in the prior year period. The $4.5 million in asset impairment charges in 2009 relate primarily the $3.9 million write-down of YTB’s headquarters property.
YTB intends to sell the property within the next 12 months. Inventory impairment charges are anticipated to be $724,000 for 2009 compared to $3.0 million reported in 2008, YTB said.