Ambassadors Group, Inc. CEO Discusses Q3 2010 Earnings - Call Transcript
Tony joins us from Red Lion Hotels Corporation, where he has been since 2003. He joined Red Lion Hotels as Director [counting], growing and expanding to executive roles of Senior Vice President Corporate Controller ultimately followed by a promotion to Senior Vice President and Chief Financial Office in 2008.
We are pleased that Tony and the Team look forward to his contributions. Regarding our business results, there are several key things that we want to cover on our call this morning. First we posted 7.1 million net income for Q3, 2010. In these challenging times we are pleased that we are reporting profits and continuing to strengthen our balance sheet, although our longer term goal is to renew our growth and achieve full financial recovery.
We completed in our summer travel season 2010 without major incident, our program quality saving is measured by net promoter scores improved across the board. The 2011 our Enrolled Revenue is up 7% as of October, 17 compared to last year at the same time. More importantly enrolled revenue for our largest most important product line Ambassadors is up 11% year-over-year. We attribute this increase in the Student Ambassadors enrolled revenue to continued incremental improvements and execution, while concentrated sales and marketing effort, and fewer negative economic impacts.
Although we are still early in the process, we are pleased with our current enrolled revenue position for 2011. As we have said before, since having this downturn our customers behavior has deferred from our prior [norms] which makes forecasting a challenge. We still several more reach mainly in our key application enrollment season than we need to maintain our momentum.In addition we can show that we have successful retention program during the winter months. BookRags online study guide and research sites down slightly in gross receives and gross margin as we expected we had lower advertising revenue which was nearly offset by increases in content sales. Discovery Student Adventures has now completed its four year of travel operations. During the year we travel approximately 125 students.
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