From Royal Gazette:
Travel website YourTravelBiz.com
International (YTB), which signed up 700 Bermudians, has suffered a
setback after two of its board members quit and it posted a
first-quarter loss.
The Alton, Illinois Telegraph revealed that Dr. Timothy Kaiser decided not to run for another term on the YTB board and Clay Winfield resigned, as recorded in filings with the US Securities and Exchange Commission (SEC).
Last night, YTB said total revenue for the first quarter of 2009 plunged 49 percent to $21.8 million, compared to $42.7 million for the first quarter of 2008, as the company made a net loss of $1.9 million. This follows a $4.5 million full-year loss for 2008.
YTB chief executive officer Scott Tomer said the loss reflected "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 labour and fringe costs, as well as reductions in our discretionary spending," Mr. Tomer added.
"The reductions in labour 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."
The newspaper said that YTB also announced it has reached a tentative settlement for a civil lawsuit filed against the company by the state of California to shut it down.
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Sounds like a heavy blow to YTB. I know people in this business. I hope this doesn't hurt them too badly.