SPOKANE, Wash., May 1, 2013 (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 first quarter ended March 31, 2013.
- Gross revenue, from all sources including non-directly delivered programs, of $2.9 million during the seasonally slower first quarter compared to $2.7 million in the prior year period. Traveled 572 delegates compared to 747 delegates in the first quarter of 2012.
- Net loss of $8.1 million, or $0.47 per diluted share, compared to $7.9 million, or $0.45 per diluted share, in the first quarter of 2012. Net loss before special items of $6.7 million compared to $7.4 million in the 2012 period.
- Gross margin of $1.4 million, in line with prior year period.
- Operating expenses down $0.2 million year-over-year, excluding special items.
- Cash and cash equivalents and available-for-sale securities balance of $55.9 million compared to $83.7 million at the same point in 2012; no debt outstanding.
- Enrolled revenue for 2013 programs down 19.4 percent year-over-year for all programs and 21.5 percent year-over-year for the core Student Ambassadors Programs, consistent with statistics noted last quarter.
- Retention rates for enrolled students continuing to trend better than 2012.
- Launched first ever spring sales campaign for 2014; early results from multichannel approach positive.
|Financial Highlights (in thousands except percent and per share data)|
|Quarter ended March 31,|
|Gross revenue, all travel programs||$ 1,894||$ 1,489|
|Internet content and advertising revenue||$ 999||$ 1,198|
|Gross revenue, all sources||$ 2,893||$ 2,687|
|Gross margin, all travel programs||$ 522||$ 381|
|Gross margin, internet content and advertising||$ 870||$ 1,028|
|Gross margin, all sources||$ 1,392||$ 1,409|
|Gross margin percentage||48.1%||52.4%|
|Operating expense||$ 14,185||$ 12,894|
|Operating expense, before special items||$ 11,994||$ 12,161|
|Operating income, internet content and advertising||$ 332||$ 477|
|Net loss before special items||$ (6,663)||$ (7,391)|
|Net loss||$ (8,059)||$ (7,906)|
|Loss per diluted share||$ (0.47)||$ (0.45)|