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Ambassadors Group, Inc. Reports First Quarter 2013 Results

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 . During the first quarter of 2013, the company received an insurance reimbursement for previously expensed legal costs related to these matters.

As a result of these events, the operations as presented in the accompanying financial statements for the three months ended March 31, 2013 and 2012 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 March 31, Three months ended March 31,
  2013 2012 2013 2012
Amount before special items  $ (6,663)  $ (7,391)  $ (0.39)  $ (0.42)
Legal fees – class action and SEC, net  547  (180)  0.03  (0.01)
Legal and other fees - proxy contest  --   (380)  --   (0.02)
Separation payments  (2,738)  (173)  (0.16)  (0.01)
Tax impact  795  218  0.05  0.01
Amount per consolidated statement of operations  $ (8,059)  $ (7,906)  $ (0.47)  $ (0.45)

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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