- The net loss for the fist six months of the year was $2.6 million compared to $903K last year.
- The net loss for the most recent six months was $356K.
- YTB's assets have increased from $15.6 to $17.2 million.
- But their liabilities have increased from $1.3 to $7.6 million.
- $3.7 million of assets are notes receivable.
- YTB has once again changed the terminology to prevent comparisons from previous quarters.
- YTB (once again) no longer seems to be separating travel commissions despite their assertion that travel is back.
- YTB continues to lose people. In December they had 33.7K people and by the end of June they had 25.6K. This is 44 reps per day. This is a net figure.
- To stem the losses, they are re-releasing the travel program. Become a travel agent for $199 and a monthly $49.95 fee.
- To further stem the losses they are trying to charge people $50 per month to hear advice from Coach Tomer.
- They instituted a $3600/month guarantee, but it is predicated on following ALL activities stipulated by the company, which undoubtedly includes buying the travel agent program, the Coach Tomer advice program, various marketing materials from their privately held sister company, and travel and expenses incurred to recruit.
- YTB seems to be upping the use of their privately held printing company owned by Coach Tomer and Kim Sorensen.
- YTB seems to finally realize that people are not buying travel from them with this statement:
The product sales and commissions revenue decrease is primarily due to a $1.0 million reduction in travel commissions resulting from a decline in the number of customers utilizing us as their travel sale provider in 2011 compared to 2010.
- In June of 2010 YTB had $1.8 million in cash. In June 2011, they have $662K
Aug 15, 2011
YTB Loses Again In Financial Report
YTB has released their 2Q 10-Q Financial Report and upon a cursory review, it does not look any better.
Posted by John at 8:46 AM