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Ambassadors Group, Inc. Reports First Quarter 2014 Results

SPOKANE, Wash., April 30, 2014 (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, 2014.

  • Gross revenue, from all sources including non-directly delivered programs, of $1.6 million during the seasonally slower first quarter compared to $2.9 million in the prior year period. Traveled 183 delegates compared to 572 delegates in the first quarter of 2013, which included the Presidential Inauguration Program that traveled in January 2013.  
  • Gross margin of $1.1 million compared to $1.4 million in the 2013 period.  
  • Operating expenses for the quarter, excluding the impact of special items, of $10.0 million, a decrease of $2.0 million year-over-year.  
  • Net loss before special items of $7.3 million compared to $6.7 million last year; Net loss of $7.6 million, compared to net loss of $8.1 million in the first quarter of 2013.  
  • Cash and cash equivalents and available-for-sale securities balance of $64.4 million; deployable cash, as defined, of $15.0 million and no debt outstanding.  
  • Enrolled revenue for 2014 programs down 6.8 percent year-over-year for all programs and 8.4 percent year-over-year for core Student Ambassador Programs. Prior year enrolled travelers for Discovery Student Adventures and People to People China programs have been excluded for year-over-year comparability given the Company's decision during the third quarter of 2013 to no longer operate these programs in 2014.
Financial Highlights
( in thousands except percent and per share data)
  Quarter ended March 31,
  2014 2013
Gross revenue, all travel programs $560 $1,894
Internet content and advertising revenue $1,008 $999
Gross revenue, all sources $1,568 $2,893
Gross margin, all travel programs $180 $522
Gross margin, internet content and advertising $876 $870
Gross margin, all sources $1,056 $1,392
Gross margin percentage 67.3% 48.1%
Operating expense $10,241 $14,185
Operating expense, before special items $9,952 $11,994
Operating income, internet content and advertising $336 $332
Net loss before special items  $(7,310)  $(6,663)
Net loss  $(7,551)  $(8,059)
Loss per diluted share before special items  $(0.44)  $(0.39)
Loss per diluted share  $(0.45)  $(0.47)

Commenting on the Company's results, Anthony Dombrowik, Ambassadors Group Interim Chief Executive Officer said, "We gained efficiencies this quarter, evidenced by the $2 million reduction in operating expenses before special items. As we continue to focus on protecting our profitability, we are targeting a $3 million to $4 million reduction in operating expenses on a full year basis during 2014, in addition to the $10.8 million of cost savings achieved in 2012 and 2013."

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