YourTravelBiz International Inc. — the travel company which has recruited at least 700 Bermudians — made a net loss of $423,000 for the first quarter of 2010. That compared to a net loss of $1.9 million for the same period in 2009.

However, travel commissions paid per travel store owner were up approximately 61 percent compared to the same period last year.

Meanwhile total revenue for the quarter ended March 31, 2010 more than halved at $9.3 million versus $21.4 million for the first quarter of 2009.

Robert Van Patten, YTB's CEO, said: "While the financial results for the quarter have not met our internal goals, we are pleased with the continued signs of improvement and stabilisation in our company.

"General and administrative expenses decreased by approximately $6 million or 55 percent, compared to the same quarter of 2009, primarily as a result of our consistent focus on trimming overhead and non-essential corporate expenses.

"By seeking to continuously build capital reserves and increase our business and travel store owners, I am confident we have the right plan in place for future growth."

Scott Tomer, chairman of YTB, said: "The growing trend of online retail sales is remarkable."