YTB International Losses Lessen

by louabbott on May 19, 2010

Quarterly Results for YTB’s quarter that ended March 31st, 2010 reflect losses still, but not as large as the same quarter last year.

It remains to be seen if their efforts to shore up revenue shinkage, cut expenses and reinvent their model will succeed.

Total revenue for the quarter ended March 31, 2010 was $9.3 million, compared to $21.4 million for the first quarter of 2009.  Net loss for the quarter ended March 31, 2010 was ($423,000), or ($0.00) per diluted share, compared to a net loss of ($1.9) million, or ($0.02) per diluted share, for the same period of 2009.  In addition, travel commissions paid per Travel Store Owner were up approximately 61% compared to the same period of 2009.

Robert M. Van Patten, YTB Chief Executive Officer commented, “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.  General and administrative expenses decreased by approximately $6.0 million or 55%, 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.”

J. Scott Tomer, Chairman of YTB added, “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.  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.”

Read the rest of the Press Release.

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