YourTravelBiz International Inc. (YTB) – the travel company which has recruited at least 700 Bermudians – made a net loss of $9.9 million and saw total revenue fall by 58 percent last year.

The company's net loss for 2009, which included a net loss from discontinued operations of $3.1 million or three cents per share, compared to a net loss of $4.5 million in 2008.

Total revenue was $67.3 million for the year ended December 31, 2009 versus $159.5 million for fiscal 2008.

However, YTB received a boost after the independent auditor's report for last year removed a paragraph from its previous year's report raising doubt over the company's ability to continue as a going concern.

Robert Van Patten, YTB CEO said: "We are absolutely thrilled with the audit firm removing the going concern. It justifies the significant sacrifices the home office and our independent marketing representatives have made this past year. 2009 continued to be a challenging year for our entire industry as well as the general economy as a whole

"Despite the challenges the economy faces, we remain focused on increasing our capital reserves, reducing corporate overhead and other administrative expenses in 2010. We are determined to solidify our business and grow the company back to the level our management team and sales force believe is achievable."

The company said that its operating results for 2009 and 2008 were also impacted by a number of significant items, while it recorded impairment charges of $7.9 million and $3.5 million for each year respectively, 2009 relating primarily to asset impairments, which included the headquarters property, goodwill, as well as other intangible assets, and 2008 consisted mainly of write-offs of obsolete inventory and a write-down of property and equipment.

General and administrative expenses decreased by $19.9 million, or 39 percent, compared to 2008, largely attributable to the decrease in expenses related to the company's national convention.