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Ambassadors Group, Inc. Reports First Quarter 2013 Results

Stocks in this article: EPAX

(3) Gross margin is calculated as the sum of gross revenue non-directly delivered programs, gross revenue directly delivered programs and internet content and advertising revenue less cost of sales non-directly delivered programs, costs of sales directly delivered programs and cost of sales internet content and advertising. Gross margin percentage is calculated as gross margin divided by the sum of gross revenue non-directly delivered programs, gross revenue directly delivered programs and internet content and advertising revenue.

 
 
 
AMBASSADORS GROUP, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
     
  UNAUDITED AUDITED
  March 31, December 31,
  2013 2012 2012
Assets      
Current assets:      
Cash and cash equivalents  $ 8,299  $ 10,040  $ 6,150
Available-for-sale securities  47,634  73,659  32,122
Foreign currency exchange contracts  79  --   837
Prepaid program cost and expenses  26,361  23,053  17,217
Accounts receivable  1,353  4,112  850
Deferred tax assets  375  142  221
Total current assets  84,101  111,006  57,397
Property and equipment, net  25,737  25,734  26,344
Available-for-sale securities  729  703  723
Foreign currency exchange contracts  32  164  -- 
Deferred tax assets  779  --   -- 
Intangibles  3,553  3,440  3,565
Goodwill  9,781  9,781  9,781
Other long-term assets  82  85  85
Total assets  $ 124,794  $ 150,913  $ 97,895
       
Liabilities and Stockholders' Equity      
Current liabilities:      
Accounts payable and accrued expenses  $ 4,954 $ 5,335 $ 4,238
Participants' deposits  62,821 73,449 25,735
Foreign currency exchange contracts  56  531  -- 
Other liabilities  101 104 111
Total current liabilities  67,932  79,419  30,084
Participants' deposits  357  326  -- 
Deferred tax liabilities  --  1,918 2,688
Total liabilities  68,289  81,663  32,772
Stockholders' equity  56,505 69,250 65,123
Total liabilities and stockholders' equity  $ 124,794  $ 150,913  $ 97,895
 
 
 
AMBASSADORS GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
     
  UNAUDITED
  March 31,
  2013 2012
Cash flows from operating activities:    
Net loss  $ (8,059)  $ (7,906)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization  1,326  1,181
Stock-based compensation  1,751  350
Deferred income taxes  (3,724)  (89)
Loss on disposition and impairment of property and equipment  4  -- 
Excess tax benefit from stock-based compensation  351  137
Change in assets and liabilities:    
Accounts receivable and other assets  (500)  (2,717)
Prepaid program costs and expenses  (9,197)  (9,754)
Accounts payable, accrued expenses, and other current liabilities  736  (647)
Participants' deposits  37,443  46,379
Net cash provided by operating activities  20,131  26,934
     
Cash flows from investing activities:    
Purchase of available for sale securities  (15,633)  (37,764)
Proceeds from sale of available-for-sale securities  189  3,393
Purchase of property and equipment  (606)  (719)
Purchase of intangibles  (82)  (132)
Net cash used by investing activities  (16,132)  (35,222)
     
Cash flows from financing activities:    
Repurchase of common stock  (487)  -- 
Dividend payment to shareholders  (1,017)  (1,054)
Proceeds from exercise of stock options  5  -- 
Excess tax benefit from stock-based compensation  (351)  (137)
Net cash used in financing activities  (1,850)  (1,191)
     
Net increase (decrease) in cash and cash equivalents  2,149  (9,479)
Cash and cash equivalents, beginning of period  6,150  19,519
Cash and cash equivalents, end of period  $ 8,299  $ 10,040

Special Items

In connection with the February 2013 resignations of two executives, the Company's President and Chief Executive Officer and the President and Chief Operating Officer of the operating subsidiary Ambassador Programs, Inc., as well as workforce reductions during 2012, the Company incurred separation payments during both periods. The company also incurred legal and other fees relating to a proxy contest that occurred during the first half of 2012. 

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