YTB International Inc. — the travel company which has recruited at least 700 Bermudians — suffered a net loss of $500,000 during the second quarter of 2010 as the company aims to emerge from the impact of the recession.

That compares with a net loss of $1.6 million, or two cents per share, for the same period in 2009, while the company reported a net loss of $900,000, or one cent per share, for the first half of this year, versus $3.5 million, or three cents per share, for the opening six months of last year.

The company posted a total revenue for the second quarter of $8.8 million compared to $18 million for the corresponding period in 2009.

For the six months ended June 30, 2010, YTB recorded net cash flow from operating activities of $500,000 versus net cash used in operating activities of ($1 million) for the first six months of 2009.

As of June 30, 2010, the company had cash and cash equivalents of $1.8 million. In addition, commissions paid per travel store owners and business owners during the six months ended June 30, 2010 were up approximately 55 percent compared to the same period of 2009.

Robert Van Patten, YTB CEO, said: "We are hopeful that the worst of the economic turbulence is behind us and I remain cautiously optimistic that as consumer confidence returns, the company will be able to turn the corner in the near future and have an improved second half in 2010.

"The new marketing initiatives and expanded product offerings we have introduced are truly a value, and I believe our independent marketing representatives and business owners have been quite impressed with the diversified line of products available under our growing platform."

Scott Tomer, chairman of YTB, said: "The company is continuously striving to strengthen the balance sheet while building our core assets and increasing our capital reserves.

"As promised, we have solidified the ZamZuu distribution systems with numerous new, value-driven, high commissionable products and plan to unveil several additional blockbuster products at the upcoming national convention.

"We are extremely pleased with the enhancements we have made to our product line as well as the additional earnings opportunities for the independent marketing representatives and business owners. I am as confident as ever in the direction the company is heading and look forward to a successful convention."