YTB International Reports 2009 Revenue Down 58 Percent

YTB International, Inc., announced its financial results for the year ended Dec. 31, reporting that total revenue for the year decreased 58 percent to $67.3 million, compared to $159.5 million for fiscal 2008.

Net loss for the year ended Dec. 31, 2009 was $9.9 million, or $0.09 per diluted share, compared to a net loss of $4.5 million, or $0.04 per diluted share, for 2008. The year included a net loss from discontinued operations of $3.1 million, or $0.03 per diluted share, compared to a net loss from discontinued operations of $762,000, or $0.01 per diluted share, for 2008.

In addition, its operating results for 2009 and 2008 were affected by a number of significant items. It recorded impairment charges of $7.9 million and $3.5 million for 2009 and 2008, respectively. The impairment charges in 2009 related primarily to asset impairments, which included the headquarters property, goodwill, as well as other intangible assets.

The impairment charges in 2008 consisted primarily of write-offs of obsolete inventory and a write-down of property and equipment. General and administrative expenses decreased by $19.9 million, or 39 percent, compared to 2008, primarily attributable to the decrease in expenses related to the company’s national convention, additional reductions in staffing and fringe costs, as well as continued reductions of discretionary expenditures in the operating structure of the organization associated with YTB’s ongoing cost-cutting initiatives.