SPOKANE, Wash., July 31, 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 second quarter ended June 30, 2013.
- Gross revenue, from all sources including non-directly delivered programs, of $65.4 million during the first six months of 2013 compared to $84.1 million in the prior year period. Traveled 9,800 delegates compared to 12,789 delegates in the same period in 2012.
- Net income before special items of $1.3 million compared to $7.6 million in the 2012 period. Net income of $33 thousand compared to $6.3 million in the prior year period.
- Year-to-date gross margin of 37.0 percent, the same as in the 2012 period.
- Selling and marketing expenses increased during the 2013 period to support the Company's first significant spring sales campaign for 2014 travel; however, pulling those leads into the spring will result in lower second half expenditures and full year 2013 expenditures are expected to be below the 2012 level.
- General and administration expenses for the first six months of 2013 were flat year-over-year. Excluding the impact of special items in both periods, these expenses were down $0.5 million.
- Cash and cash equivalents and available-for-sale securities balance of $55.9 million; no debt outstanding.
- Enrolled revenue for 2013 programs down 17.3 percent year-over-year for all programs and 20.6 percent year-over-year for the core Student Ambassadors Programs.
Financial Highlights( in thousands except percent and per share data)
|Quarter ended June 30,||Six months ended June 30,|
|Gross revenue, all travel programs||$ 61,476||$ 80,361||$ 63,370||$ 81,850|
|Internet content and advertising revenue||$ 1,029||$ 1,005||$ 2,028||$ 2,203|
|Gross revenue, all sources||$ 62,505||$ 81,366||$ 65,398||$ 84,053|
|Gross margin, all travel programs||$ 21,900||$ 28,788||$ 22,422||$ 29,169|
|Gross margin, internet content and advertising||$ 903||$ 872||$ 1,773||$ 1,900|
|Gross margin, all sources||$ 22,803||$ 29,660||$ 24,195||$ 31,069|
|Gross margin percentage||36.5%||36.5%||37.0%||37.0%|
|Operating expense||$ 10,261||$ 10,867||$ 24,446||$ 23,761|
|Operating expense, before special items||$ 10,258||$ 9,885||$ 22,253||$ 22,046|
|Operating income, internet content and advertising||$ 377||$ 342||$ 709||$ 819|
|Net Income before special items||$ 8,094||$ 14,916||$ 1,303||$ 7,614|
|Net Income||$ 8,092||$ 14,198||$ 33||$ 6,292|
|Income per diluted share||$ 0.48||$ 0.81||$ 0.00||$ 0.36|
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