SPOKANE, Wash., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Ambassadors Group, Inc. (Nasdaq:EPAX), a leading provider of educational travel experiences and online education research materials, today announced its results for the fourth quarter and year ended December 31, 2010.
- Ended year with $8.1 million in net income, or $0.42 diluted earnings per share in a challenging economic environment.
- 2010 gross margin of 40.8 percent on gross revenue of $162.0 million compared to 41.1 percent on gross revenue of $203.7 million in 2009.
- Operating expenses for 2010 up $2.4 million to $56.0 million from $53.6 million in 2009 as the Company drives revenue generating activities and positions for economic recovery.
- Fourth quarter results were weaker than originally anticipated, caused by additional air travel and marketing costs, lower than expected advertising revenues, and non-cash impairments of print equipment.
- Fall marketing campaign for 2011 travel season completed; continues to be positive with a 1.4 increase in overall enrolled revenue for 2011 travel programs as of February 6, 2011 compared to one year ago.
- Cash returns to shareholders continued, through both dividends and an active share buy-back program.
- Continued strong balance sheet with quality assets, no debt outstanding and adequate liquidity.
Financial Highlights( in millions except earnings per share data)
|Year ended December 31,||Quarter ended December 31,|
|Gross revenue, all travel programs||$158.9||$200.4||$9.1||$10.3|
|Internet content and advertising revenue||$3.1||$3.3||$1.0||$1.0|
|Gross margin, all travel programs||$63.4||$80.9||$3.6||$4.1|
|Gross margin, internet content and advertising||$2.7||$2.9||$0.8||$0.9|
|Net income (loss)||$8.1||$20.3||$ (6.7)||$ (6.1)|
|Diluted earnings per share||$0.42||$1.05||$ (0.36)||$(0.32)|
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