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Ambassadors Group, Inc. Reports First Quarter 2013 Results

Stocks in this article: EPAX

Balance Sheet and Liquidity

Total assets at March 31, 2013 were $124.8 million, including $55.9 million in cash, cash equivalents and short-term available-for-sale securities. Long-term assets totaled $40.7 million primarily reflecting goodwill and intangible assets of the BookRags business, technology, hardware and systems used to deliver services, and the Company's office building, which has been listed for sale but is categorized as held for use. Total liabilities were $68.3 million, including $63.2 million in participant deposits for future travel. The Company has no debt outstanding and deployable cash of $14.1 million at March 31, 2013. Deployable cash is a non-GAAP measure defined in the attached schedules.

The Company paid a quarterly dividend of $0.06 per share on March 13, 2013. On April 16, 2013, the Company announced that its Board of Directors suspended the quarterly dividend to preserve liquidity and enhance the Company's financial flexibility.  

The following table summarizes the cash flows as further disclosed in the accompanying financial statements. Free cash flow, a non-GAAP measure, which is defined as cash flow from operations less purchase of property, equipment and intangibles, is also noted (in thousands):

  Quarter ended March 31,
  2013 2012
Cash flow from operations  $ 20,131  $ 26,934
Purchases of property, equipment and intangibles  (688)  (851)
Free cash flow  19,443  26,083
Net purchase of available-for-sale securities  (15,444)  (34,371)
Dividend payments to shareholders  (1,017)  (1,054)
Repurchase of common stock  (487)  -- 
Other cash flows, net  (346)  (137)
Net increase (decrease) in cash and cash equivalents  $ 2,149  $ (9,479)

The change in cash flow from operations between periods, and in turn free cash flow, was driven primarily by a 14.4 percent decline in participant deposits due to a lower number of enrollments for future travel periods.

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