YTB International significantly reduced operating expenses in the third quarter to post a profit of $362,000 despite a 62% drop in revenue. YTB said it sold fewer new travel Web sites and the number of active site owners decreased, resulting in the revenue decline. "To be clear, our revenue shortfall is not acceptable," said CEO Robert Van Patten. However, "our results show that our cost-cutting initiatives are beginning to take hold, as we have significantly decreased our general and administrative expenses."

Full Story:
Travel Weekly

Related Summaries