YTB International reported that third-quarter revenue plummeted 62%, from $42.2 million to $15.9 million, but the multilevel marketing travel company still managed a small profit by cutting operating expenses 62%.

The company earned $362,000, a bit more than the $288,000 YTB earned in last year’s third quarter.

YTB attributed the revenue decline to a drop in the number of new travel websites sold during the quarter and a decrease in the number of active website owners.

The implementation of a cost-reduction program, plus a decrease in costs associated with a fall in website sales and owners, helped YTB cut expenses.

YTB has lost $3.1 million through the first nine months of 2009, compared with a $3.4 million loss for the same period in 2008.

"To be clear, our revenue shortfall is not acceptable," said CEO Robert Van Patten. "However, we were able to reduce our net loss for the nine-month period and significantly increase our net income for the third quarter. Our results show that our cost-cutting initiatives are beginning to take hold, as we have significantly decreased our general and administrative expenses."