Online travel leader and cruise specialist Uniglobe.com Inc.
(CDNX:UTO.B and OTCBB:UGTRF) today announced its financial results for the fourth quarter and for the year ended December 31, 2001.
During 2001, the Company completed the phasing out of its cruise wholesale and InHouse travel fulfillment operations and, accordingly, the following comparative information for the 2000 fiscal year refers to the Company’s retail-only business.
Retail gross travel bookings in the fourth quarter of 2001 were US$2.97 million, down 43 percent from retail gross travel bookings of US$5.23 million in the fourth quarter of 2000.
Revenues from retail operations in the fourth quarter of 2001 were US$446,018, up 3 percent from revenues from retail operations of US$432,853 in the fourth quarter of 2000.
Total expenses for the fourth quarter of 2001 were US$1.18 million, down 28 percent from total expenses of US$1.64 million in the fourth quarter of 2000.
The net loss for the fourth quarter of 2001 was US$774,570 ($.03 per share), down 44 percent from a net loss of US$1,375,262 ($.06) in the fourth quarter of 2000.
During the fourth quarter of 2001, Uniglobe.com announced cost cuts including layoffs, salary reductions, and reduced contractual obligations to third-party suppliers. At the same time, Uniglobe.com implemented transaction fees for services. The full effect of these changes will be realized in the first quarter of 2002.
Retail gross travel bookings in 2001 were US$19.35 million, down 26 percent from retail gross travel bookings of US$26.21 million in 2000.
Revenues from retail operations in 2001 were US$1.99 million, down 14 percent from revenues from retail operations of US$2.30 million in 2000.
Expenses for 2001 were US$5.28 million, down 38 percent from expenses of US$8.54 million in 2000.
The net loss for 2001 was US$3.46 million (US$0.14 per share), down 43 percent from a net loss of US$6.08 million (US$0.26 per share) in 2000.
The above retail-only results for 2000 are a non-GAAP measure which means the results do not have standardized meaning and are unlikely to be comparable to similar measures presented by other issuers.
“This was a year of cost cuts for Uniglobe.com. We have dramatically reduced our expenses while implementing new fees for the services we provide our customers. At the end of 2001, we had approximately US$2 million of working capital. This cash will be used to fund operations in our ongoing efforts to reach profitability. Our year-over-year retail bookings were down due to a combination of September 11th, the economy, and the Company focusing on cost cuts. Cruise bookings have dramatically picked up in 2002, and we are beginning to see booking numbers return to levels experienced before the events of the September 11th. As cruise sales make up 80 percent of our Company’s revenues, we were delighted to see recent reports from the top cruise lines that bookings are at record levels. This should translate to a positive year ahead for Uniglobe.com,” said Christopher Charlwood, President and Chief Operating Officer of Uniglobe.com.