FRESNO, Calif., Nov. 20, 2008 (GLOBE NEWSWIRE) -- Pro Travel Network, Inc. (OTCBB:PTVL) (the "Company") is pleased to announce its financial results for its first quarter of fiscal 2009, ended September 30, 2008. PTVL reported a 12% decrease in overall revenue, a slight 2% decrease in gross profit.
Total revenues for the quarter ended September 30, 2008 decreased 12% to $1,783,415 from revenues of $2,022,333 for the previous year. Operating expenses increased 106%, to $1,223,400, as compared to total operating expenses of $595,012 for the quarter ended September 30, 2007. Net loss applicable to common stock was $462,505 for the three months ended September 30, 2008, as compared to net income applicable to common stock of $145,894 for the three months ended September 30, 2007.
"We are pleased to report to our shareholders that although the economic downturn has impacted our growth significantly this past quarter, we began a strong cost cutting program that allowed us to end the quarter with only a slight drop in revenue and gross profits. In addition, most of the reported net loss was attributable to the issuance of stock awards to employees, officers and field representatives for a job well done for our record setting fiscal 2008, ended June 30th 2008," stated Paul Henderson, President and Chief Executive Officer of Pro Travel Network Inc. "There is no question that we were disappointed with the quarter's results as a whole, and we believe the macro economic conditions will continue to weigh on future growth for at least the next quarter. However, we continue to believe strongly that we have made significant adjustments that will allow us to continue moving forward with our expansion plans into next year. We remain debt-free and looking at any potential opportunities that we believe will be available. We also expect to close on the previously announced Australian acquisition this quarter, which will give us a powerful launch pad into the emerging markets of Asia."
Pro Travel Network is an emerging growth direct to consumer service business leveraging the powerful home-based business concepts with the travel industry. The company offers one of the most unique and comprehensive independent travel agent training packages in the travel industry, and currently has nearly 12,000 Independent Travel Agents nationwide.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The OTC Bulletin Board has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
For more information, please review the company's filings with the Securities & Exchange Commission (http://www.sec.gov/cgi-bin/browse-edgar?company=pro+travel&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany).
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although Pro Travel Network, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by Pro Travel Network, Inc. or any other person that the objective and plans of Pro Travel Network will be achieved.