WOOD RIVER, Ill., Aug. 12 /PRNewswire-FirstCall/ -- YTB
International, Inc. (OTC Bulletin Board: YTBLA) ("YTB" or the
"Company"), a provider of e-commerce business solutions for
individual consumers and home-based independent representatives in
the United States, Puerto Rico, Bermuda, the Bahamas, the U.S.
Virgin Islands, and Canada,
today announced its financial results for the quarter ended
June 30, 2010.
Total revenue for the second quarter of 2010 was $8.8 million, compared to $18.0 million for the second quarter of 2009.
Net loss for the quarter ended June
30, 2010 was ($0.5) million,
or ($0.00) per diluted share,
compared to a net loss of ($1.6)
million, or ($0.02) per
diluted share, for the same period of 2009.
The company reduced its net loss for the six months ended
June 30, 2010 by $2.6 million to ($0.9)
million, or ($0.01) per
diluted share, compared to a net loss of ($3.5) million, or ($0.03) per diluted share, for the same period of
2009. For the six months ended June
30, 2010, the Company had net cash flow from operating
activities of $0.5 million, compared
to net cash used in operating activities of ($1.0) million for the same period of 2009.
As of June 30, 2010, the
Company had cash and cash equivalents of $1.8 million. In addition, commissions paid
per Travel Store Owner and Business Owner during the six months
ended June 30, 2010 were up
approximately 55% compared to the same period of 2009.
Robert M. Van Patten, YTB Chief
Executive Officer commented, "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. The new marketing initiatives and expanded product
offerings we have introduced are truly a value, and I believe our
Independent Marketing Representatives and Business Owners have been
quite impressed with the diversified line of products available
under our growing platform. The Company is continuously
striving to strengthen the balance sheet while building our core
assets and increasing our capital reserves."
J. Scott Tomer, Chairman of YTB
added, "As promised, we have solidified the ZamZuu Distribution
Systems with numerous new, value-driven, high commissionable
products and plan to unveil several additional blockbuster products
at the upcoming National Convention. We are extremely pleased
with the enhancements we have made to our product line as well as
the additional earnings opportunities for the Independent Marketing
Representatives and Business Owners. I am as confident as
ever in the direction the Company is heading and look forward to a
successful Convention."
About YTB International
YTB International, Inc. was recognized as the 29th largest
seller of travel in the U.S. in Travel Weekly's 2010 Power
List, based on 2009 annual retail value of travel services
booked.
YTB provides e-commerce business solutions for individual
consumers and home-based independent representatives in
the United States, Puerto Rico, the Bahamas, Canada, Bermuda, and the U.S. Virgin Islands. The Company operates
through two subsidiaries: ZamZuu, Inc. (formerly YTB Marketing,
Inc. and YourTravelBiz.com, Inc.) and YTB Travel Network, Inc.
For more information about YTB, 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, 2009. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequently occurring events or circumstances.
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For: YTB International,
Inc.
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Media
Contact:
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618-655-9477
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PR@ytb.com
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YTB International,
Inc.
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Condensed Consolidated Balance
Sheets
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Dollars in
thousands
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(Unaudited)
June 30, 2010
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December 31, 2009
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Assets
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Current assets:
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Cash
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$
1,807
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$
678
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Other current assets,
net
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5,138
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6,680
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Total current assets
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6,945
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7,358
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Assets held for sale
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6,686
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5,248
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Property and equipment,
net
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4,085
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6,432
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Goodwill
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2,529
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2,529
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Other assets
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15
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49
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Total assets
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$
20,260
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$
21,616
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Liabilities and Stockholders'
Equity
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Current liabilities
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$
11,940
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$
12,289
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Other long-term
liabilities
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1,610
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1,914
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Total liabilities
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13,550
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14,203
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Total stockholders'
equity
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6,710
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7,413
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Total liabilities and
stockholders' equity
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$
20,260
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$
21,616
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YTB International,
Inc.
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Condensed Consolidated
Statements of Operations
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(Unaudited)
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Dollars in thousands, except
share
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Three months ended June
30,
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and per share
data
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2010
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2009
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Total net revenues
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$
8,829
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$
18,048
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Operating expenses
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Operating expenses (exclusive of
depreciation and
amortization shown
below)
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8,792
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16,316
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Depreciation and
amortization
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434
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678
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Total operating
expenses
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9,226
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16,994
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Operating (loss)
income
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(397)
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1,054
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Total other (expense)
income
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(44)
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35
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(Loss) income from continuing
operations before
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income tax provision
(benefit)
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(441)
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1,089
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Income tax provision
(benefit)
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28
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(192)
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Loss (income) from continuing
operations
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(469)
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1,281
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Loss from discontinued
operations (net of tax)
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(11)
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(2,871)
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Net loss
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$
(480)
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$
(1,590)
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Net income (loss) per
share:
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Weighted average shares
outstanding - basic and diluted
for Class A and Class B
shares
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114,133,504
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105,627,059
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(Loss) income per share from
continuing operations -
basic and diluted *
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$
(0.00)
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$
0.01
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Loss per share from discontinued
operations - basic and
diluted *
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$
(0.00)
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$
(0.03)
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Net loss per share - basic and
diluted *
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$
(0.00)
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$
(0.02)
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* Amounts for Class A and
Class B shares are the same under the two-class method.
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YTB International,
Inc.
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Condensed Consolidated
Statements of Operations
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(Unaudited)
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Dollars in thousands, except
share
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Six months ended June
30,
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and per share
data
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2010
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2009
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Total net revenues
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$
18,114
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$
39,420
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Operating expenses
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Operating expenses (exclusive of
depreciation and
amortization shown
below)
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17,994
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38,642
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Depreciation and
amortization
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890
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1,336
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Total operating
expenses
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18,884
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39,978
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Operating loss
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(770)
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(558)
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Total other (expense)
income
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(74)
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38
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Loss from continuing operations
before
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income tax provision
(benefit)
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(844)
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(520)
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Income tax provision
(benefit)
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53
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(82)
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Loss from continuing
operations
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(897)
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(438)
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Loss from discontinued
operations (net of tax)
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(6)
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(3,064)
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Net loss
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$
(903)
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$
(3,502)
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Net loss per share:
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Weighted average shares
outstanding - basic and
diluted for Class A and Class B
shares
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113,577,292
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104,715,067
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Loss per share from continuing
operations - basic and
diluted *
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$
(0.01)
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$
(0.00)
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Loss per share from discontinued
operations - basic
and diluted *
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$
(0.00)
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$
(0.03)
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Net loss per share - basic and
diluted *
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$
(0.01)
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$
(0.03)
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* Amounts for Class A and
Class B shares are the same under the two-class method.
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SOURCE YTB International, Inc.
Copyright . 12 PR Newswire