Uniglobe Reports Financial Results for 2Q 2002

19th Jul 2002

Online travel leader and cruise specialist, Uniglobe.com Inc., today announced its financial results for the second quarter ended June 30, 2002, in accordance with generally accepted accounting principles in the U.S.

Gross travel bookings in the second quarter of 2002 were US$2.58 million compared with gross travel bookings of US$5.94 million in the second quarter of 2001. Revenues from operations in the second quarter of 2002 were US$362,703 compared with revenues from operations of US$579,993 in the second quarter of 2001. The net loss in the second quarter of 2002 was US$584,796, or US$0.02 per share, compared with a net loss of US$887,955, or US$0.04 per share, in the second quarter of 2001 - a 34% improvement year over year.

“Our cost cuts have resulted in a 36% reduction year over year in expenses from US$1,409,370 in the second quarter of 2001 to US$904,265 in the second quarter of 2002. Unfortunately, our cost cutting has also resulted in a reduction in gross travel bookings and revenues. Our focus remains on training, coaching and monitoring programs for our front-line agents to increase the sales conversion ratios. We expect to show improved sales numbers in the third and fourth quarters of 2002 from these efforts,” said Christopher Charlwood

, President and Chief Executive Officer of Uniglobe.com.
“Uniglobe.com had US$1.30 million in cash at June 30, 2002. The Company is charging fees for service and these fees have made up for any lost airline commissions due to the recently announced zero base commissions by the major North American airlines,” said Charlwood.

In addition to the above financial results, Uniglobe.com announced that Stanley C. Fuller has resigned from the Board due to time commitments with his primary business and G. Henry Ellis, a partner at the law firm Gowling Lafleur Henderson LLP, has joined the Board. U. Gary Charlwood has stepped down as Chairman of the Board (but remains a Board Director) and is being replaced in that role by Martin H. Charlwood. Christopher Charlwood has been promoted to President and Chief Executive Officer.


Related stories on ITN:

(02/05/2002) Uniglobe.com Reports Financial Results for 1Q

(02/05/2002) Uniglobe on Cruise Control



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