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Total revenue for the quarter ended March 31, 2009 decreased 49% to $21.8 million, compared to $42.7 million for the first quarter of 2008. Net loss for the quarter ended March 31, 2009 was ($1.9) million, or ($0.02) per diluted share, compared to a net loss of ($3.5) million, or ($0.03) per diluted share, for the same period of 2008. General and administrative expenses decreased by $3.4 million or 23%, compared to the same period of 2008, primarily attributable to the Company's cost reduction program.
Scott Tomer, YTB Chief Executive Officer commented, "The results for the March quarter reflect the difficult economic environment that has affected, and is continuing to affect, the entire travel industry. To overcome this trend we put into place significant cost containment initiatives that included a reduction in labor and fringe costs, as well as reductions in our discretionary spending. The reductions in labor and fringe costs were approximately $1.1 million for the full year 2008 and approximately $800,000 for the three months ended March 31, 2009. I am also excited about the major sales initiative that the Company intends to roll out in the coming months, and the addition of Bob Van Patten, a consultant with 25 years of senior management experience to assist the Company with cost structure, compliance and other matters to improve our overall profitability."
Mr. Tomer concluded, "While the financial results for the quarter have not met our internal goals, we are seeing signs of improvement in our Company. We have taken steps to help us successfully manage our business through this economic crisis and are constantly looking for initiatives that add value for our Travel Store Owners while generating additional revenue for the Company. I am confident in our ability to continue to weather the current downturn and I am optimistic that the initiatives we have taken will allow us to emerge from this in a position of strength."
About YTB International
YTB International, Inc. was recognized as the 26th largest seller of travel in the U.S. in Travel Weekly's 2008 Power List, based on 2007 annual retail value of travel services booked.
YTB provides Internet-based travel booking services for home-based independent representatives in the United States, Puerto Rico, the Bahamas, Canada, Bermuda, and the U.S. Virgin Islands. The Company operates through three subsidiaries: YourTravelBiz.com, Inc., YTB Travel Network, Inc., and REZconnect Technologies, Inc.
For more information about YTB International visit http://www.ytb.com or http://www.thefactsaboutytb.com.
Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Company's actual results, see the Company's reports filed from time to time with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2008. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
Investor Contacts:
Yemi Rose
KCSA Strategic Communications
212-896-1233
(Tables Follow)
YTB International, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
Dollars in thousands 2009 2008
ASSETS
Current assets:
Cash and cash equivalents $1,806 $1,203
Other current assets, net 11,387 16,576
Total current assets 13,193 17,779
Property and equipment, net 18,130 18,728
Intangible assets, net 2,303 2,322
Goodwill 2,979 2,979
Other assets 1,278 1,278
TOTAL ASSETS $37,883 $43,086
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $22,885 $26,942
Other long-term liabilities 956 951
TOTAL LIABILITIES 23,841 27,893
TOTAL STOCKHOLDERS' EQUITY 14,042 15,193
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $37,883 $43,086
YTB International, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Dollars in thousands, except share Three months ended March 31,
and per share data 2009 2008
Total net revenues $ 21,789 $ 42,728
Operating expenses:
Operating expenses (exclusive of
depreciation and amortization
shown below) 22,937 45,655
Depreciation and amortization 658 536
Total operating expenses 23,595 46,191
Loss from operations (1,806) (3,463)
Other income (expense):
Interest and dividend income 29 69
Interest expense (26) (17)
Foreign currency translation gain (loss) 2 (1)
Total other income (expense) 5 51
Loss before income tax provision (1,801) (3,412)
Income tax provision 111 106
Net loss $(1,912) $(3,518)
Net loss per share:
Weighted average shares outstanding -
basic for Class A and Class B
shares 103,792,941 102,858,468
Weighted average shares outstanding -
diluted for Class A and Class B
shares 103,792,941 102,858,468
Net loss per share - basic for Class
A and Class B (amounts for Class A
and Class B shares are the same under
the two-class method) $(0.02) $(0.03)
Net loss per share - diluted for Class
A and Class B (amounts for Class A
and Class B shares are the same under
the two-class method) $(0.02) $(0.03)
SOURCE YTB International, Inc.
http://www.ytb.com
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