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YTB Reports Loss, Revenue DeclineAugust 13, 2010 By: George Dooley
YTB International, Inc. reported a decline in revenue and a net loss for the second quarter ending June 30. Total revenue for the second quarter of 2010 was $8.8 million, compared to $18 million for the second quarter of 2009. Net loss for the quarter was $500,000 million, compared to a net loss of $1.6 million for the same period of 2009.
YTB said it had reduced its net loss for the six months ending June 30 by $2.6 million to $900,000, compared to a net loss of $3.5 million for the same period of 2009. YTB said it had net cash flow from operating activities of $500,000 million in the second quarter of 2010, compared to net cash used in operating activities of $1 million for the same period of 2009.
As of June 30, the company had cash and cash equivalents of $1.8 million. In addition, commissions paid per Tavel Store Owner (TSO) and Business Owner (BO) during the six months ending June 30, 2010 were up approximately 55 percent compared to the same period of 2009.
"We are hopeful that the worst of the economic turbulence is behind us and I remain cautiously optimistic that as consumer confidence returns, the company will be able to turn the corner in the near future and have an improved second half in 2010,” Robert M. Van Patten, YTB CEO commented.
YTB also noted that it has seen a decline in number of active travel store owners and business owners during the first six months of 2010 by a net of 8,100 to 33,074 active TSOs and BOs as of June 30, 2010. This is down from the 41,174 reported as of December 31, 2009.