For the quarter ending March 31, YTB International reported a drop in total revenue to $9.3 million, compared to $21.4 million for the first quarter of 2009. Net loss for the quarter was $423,000 compared to a net loss of $1.9 million for the same period of 2009. YTB said travel commissions paid per travel store owner were up approximately 61 percent compared to the same period of 2009, but total commissions declined.
"While the financial results for the quarter have not met our internal goals, we are pleased with the continued signs of improvement and stabilization in our Company," Robert M. Van Patten, YTB's CEO, said. "General and administrative expenses decreased by approximately $6.0 million or 55 percent, compared to the same quarter of 2009, primarily as a result of our consistent focus on trimming overhead and nonessential corporate expenses. By seeking to continuously build capital reserves and increase our business and travel store owners, I am confident we have the right plan in place for future growth."
"In addition to our travel related products, we are striving to solidify the ZamZuu Product Distribution Systems with the appropriate high commissionable product mix, technology platforms and marketing programs in order to position YTB as a leader in the industry," J. Scott Tomer, chairman of YTB added. "The growing trend of online retail sales is remarkable and our management team and independent marketing representatives are focused on building and selling the most appealing business solutions possible for those individuals seeking to enhance their financial future."
In its report to the Securities and Exchange Commission (SEC), YTB said its travel and product commissions and services revenue for the first quarter of 2010 decreased $272,000 to $1.9 million from the $2.2 million reported in the comparable prior year quarter.
"The decrease in travel and product commissions and services revenue is attributable to the decrease in the number of active ITCs (agents) affecting the gross travel retail bookings which are driven by the number of customers utilizing us as their travel sale provider in 2010," YTB said. "In addition, general economic conditions have lowered the overall demand for travel."
On January 15, YTB renamed its YTB Marketing, Inc. subsidiary ZamZuu, Inc. and simultaneously launched ZamZuu, an e-commerce business solution. YTB says with the launch of ZamZuu it no longer operates under the trade name “YourTravelBiz” or the website “YourTravelBiz.com”
YTB now operates through two subsidiaries: ZamZuu, Inc. (formerly YTB Marketing, Inc. and YourTravelBiz.com, Inc.) and YTB Travel Network, Inc.