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YTB International Reports Loss for QuarterNovember 16, 2010 By: Staff
YTB International, Inc
. announced its financial results for the quarter ended September 30, 2010, including total net revenue for the third quarter of 2010 of $9.9 million, compared to$15.9 million for the third quarter of 2009
. Net loss for the quarter ended September 30, 2010 was ($0.7) million compared to a net profit of $0.4 million for the same period of 2009.
YTB’s total net revenue for the nine month period ended September 30, 2010, was $28 million, compared to $55.3 million for the nine month period ended September 30, 2009. The company said it reduced its net loss for the nine months ended September 30, 2010 by $1.5 million to ($1.6) million compared to a net loss of ($3.1) million for the same period of 2009.
From an operating viewpoint, excluding non-cash charges (adjusted operating income), YTB said it experienced a small profit for the quarter. In addition, the number of active subscribers increased 11.6 percent during the three months ended September 30, 2010, from June 30, 2010.
"Though third-quarter results were not where we want them to be from a financial standpoint but, with regard to subscriber activity, we are extremely pleased with the positive momentum generated during the third quarter and look to continue this growth in the fourth quarter," said Robert M. Van Patten, YTB CEO. "Not since the first quarter of 2008 has YTB ended a quarter with an increase in subscribers. By growing subscribers, tightly managing costs, and improving our balance sheet, we believe that we are positioned well for future growth."