But they do need to explain some things. I wonder how the people who were coerced into re-signing up feel about this paragraph. Yes, it does seem like YTB is a whole new company--yeah right!
The Registrant anticipates that it will report significant changes in its results of operations for its fiscal year ended December 31, 2009 compared to its fiscal year ended December 31, 2008. Based on the information available at this time, the Registrant anticipates a net loss of $9.9 million or $.09 per diluted share compared to a net loss of $4.5 million or $.04 per diluted share for the comparable prior year period.Whoops. Did anyone tell YTB that your Operating Revenues should not exceed your income? So let me get this straight, YTB has been overestimating the value of the Headquarters property (a refurbed K-Mart in Wood River, IL) by $3.9 million dollars? But what is amusing is that the sale of the K-Mart is juse being announced by YTB today, but yes folks, you heard it here first.
The net loss from discontinued operations for the year ended December 31, 2009 is expected to be $3.1 million or $.03 per diluted share compared to a net loss of $762,000 or $.01 per diluted share for 2008. Net revenues are anticipated to be $67.3 million in 2009 compared to $159.5 million reported in 2008. Total operating expenses for 2009 are currently $75.0 million compared to $162.8 million reported in 2008.
Other items anticipated to have a significant impact on the net loss for 2009 include non-cash impairment charges for goodwill and intangible assets of $450,000 and $2.2 million, respectively, compared to $149,000 of goodwill impairment reported in 2008. Also currently included in the net loss for 2009, are asset impairment charges of $4.5 million compared to $366,000 reported in the prior year period. The $4.5 million in asset impairment charges in 2009 relate primarily the $3.9 million write-down of the Registrant’s headquarters property to its estimated realizable value in conjunction with the Registrant’s fourth quarter decision to sell the property within the next twelve months. Inventory impairment charges are anticipated to be $724,000 for 2009 compared to $3.0 million reported in 2008.