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Ambassadors Group, Inc. Reports Fourth Quarter 2012 Results

Stocks in this article: EPAX

Lastly, as previously disclosed, the Company was party to a shareholder class action suit and to an inquiry by the U.S. Securities and Exchange Commission ("SEC") more fully described in the Company's filings with the SEC on Form 10-K and 10-Q available on the Company's website www.ambassadorsgroup.com or at the SEC website www.sec.gov .

As a result of these events, the operations as presented in the accompanying financial statements for the three months and year ended December 31, 2012 and 2011, do not reflect a meaningful comparison between periods or in relation to the operational activities of the Company. In order to provide more meaningful disclosure, the following table represents a reconciliation of certain earnings measures before special items to those same items after the impact of special items (in thousands except per share data):

  UNAUDITED
  Net Loss EPS
  Three months ended December 31, Three months ended December 31,
  2012 2011 2012 2011
Amount before special items  $ (10,064)   $ (7,488)   $ (0.58)   $ (0.43)
Asset impairments and loss on sale  --   (114)  --   (0.01)
Foreign currency de-designation gain  --   --   --   -- 
Legal fees – class action and SEC, net  74  (258)  --   (0.01)
Legal and other fees - proxy contest  --   --   --   -- 
Separation payments  (40)  --   --   -- 
Tax impact  (3)  62  --   -- 
Amount per consolidated statement of operations   $ (10,033)   $ (7,798)   $ (0.58)   $ (0.45)
         
  UNAUDITED
  Net Income EPS
  Twelve months ended December 31, Twelve months ended December 31,
  2012 2011 2012 2011
Amount before special items   $ 3,208   $ 4,565   $ 0.18   $ 0.26
Asset impairments and loss on sale  --   (236)  --   (0.01)
Foreign currency de-designation gain  --   183  --   0.01
Legal fees – class action and SEC, net  (60)  (1,909)  --   (0.11)
Legal and other fees - proxy contest  (1,370)  --   (0.08)  -- 
Separation payments  (282)  --   (0.01)  -- 
Tax impact  248  353  0.01  0.02
Amount per consolidated statement of operations   $ 1,744   $ 2,956   $ 0.10   $ 0.17
         
         

Deployable Cash

Deployable cash is a non-GAAP liquidity measurement and is calculated as the sum of cash and cash equivalents, short-term available-for-sale securities, and prepaid program costs and expenses, less the sum of accounts payable, accrued expenses and other short-term liabilities (excluding deferred taxes) and participant deposits. We believe this non-GAAP measurement is useful to investors in understanding important characteristics of our business.

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