YTB International Inc. (Pink Sheets: YTBLA) today announced its financial results for the 12 months ended December 31, 2007. Revenue for fiscal 2007 was $141.3 million, up 177 percent from $50.9 million the year prior. The Internet-based travel booking service provider attributed the 177 percent increase in revenues to its advances and growth within the travel industry.
Net income for the year ended December 31, 2007 was posted at $3.2 million, or $0.03 per diluted share, compared to a net loss of ($6.0) million, or ($0.07) per diluted share, for the 2006 fiscal year. Scott Tomer, CEO of YTB International, said the company doubled the size of its network of RTAs and has reported three consecutive quarters of profitable growth.
“As our company grows, so does the attention we have gained within the travel industry. Over the past year we have received praise for our energy and industry-changing business strategy from leading travel companies and organizations. However, not surprisingly, we have also attracted criticism from those companies with whom we indirectly and directly compete. We challenged these critics by concentrating on our business and making YTB one of the most successful travel service companies around. Moving into 2008, we see no signs of slowing down, as we expanded our services into Canada,” Tomer stated.
YTB International provides Internet-based travel booking services for travel agencies and independent travel agents in the United States, Puerto Rico, the Bahamas, Canada, Bermuda and the U.S. Virgin Islands. YTB International operates through three subsidiaries: YourTravelBiz.com Inc., YTB Travel Network Inc., and REZconnect Technologies Inc.
“We have established a strong network of contacts within the travel world, which have led to significant agreements that have expanded the scope of our travel business. Most recently, we announced an exclusive partnership with Shanghai Spring International Travel Service and Mandarin Voyages to market and sell European tour packages, including trips to France, Germany, Belgium and Holland. These agreements expand our RTAs’ ability to offer fun, unique travel options,” J. Kim Sorensen, CEO of YTB Travel Network stated. “We are very proud of these efforts and look forward to helping more RTAs find success through selling travel.”
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