Last $2.46 USD
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As of 5:10 PM 12/24/14 All times are local (Market data is delayed by at least 15 minutes).

ambassadors group inc (EPAX) Key Developments

Ambassadors Group Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Ambassadors Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, total revenue was $16,714,000 against $21,367 a year ago. Operating income was $1,988,000 against operating loss of $2,878,000 a year ago. Income from continuing operations was $1,912,000 or $0.11 diluted per share against loss from continuing operations of $1,803,000 or $0.11 per share a year ago. Net income was $2,338,000 or $0.03 per diluted share against net loss of $1,614,000 or $0.01 per diluted share a year ago. For the nine months, total revenue was $38,761,000 against $46,714 a year ago. Operating loss was $1,230,000 against $2,190,000 a year ago. Loss from continuing operations was $1,284,000 or $0.08 per share against $2,190,000 or 0.13 per share a year ago. Net loss was $9,398,000 or $0.48 per diluted share against $1,581,000 or $0.04 per diluted share a year ago. Net cash used in operating activities was $1,712,000 against net cash provided by operating activities of $9,256,000 a year ago. Purchase of property and equipment was $1,202,000 against $2,413,000 a year ago. Purchase of intangibles was $189,000 against $251,000 a year ago. Negative free cash flow was $3,103,000 against positive free cash flow of $6,592,000 a year ago.

Ambassadors Group Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Updates Earnings Guidance for the Year 2014; Reports Asset Write Downs in the Second Quarter of 2014

Ambassadors Group Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenue of $22,712,000 against $24,482,000 a year ago. Operating loss was at $3,527,000 against operating income of $12,542,000 a year ago. Loss before income tax provision was $3,380,000 against income before income tax provision of $12,703,000 a year ago. Net loss was at $4,185,000 or $0.25 basic and diluted per share against net income of $8,092,000 or $0.48 basic and diluted per share a year ago. Net revenue was at $18,092,000 against $21,183,000 reported last year. Second quarter 2014 net income before special items was $9.5 million compared to $8.1 million in 2013. For the six months, the company reported total revenue of $24,109,000 against $27,375,000 a year ago. Operating loss was $12,712,000 against $251,000 a year ago. Loss before income tax benefit was $12,431,000 against income before income tax provision of $57,000 a year ago. Net loss was $11,736,000 or $0.70 basic and diluted per share against net income of $33,000 $0.00 basic and diluted per share a year ago. Net revenue was at $18,208,000 against $21,183,000 reported last year. Net cash provided by operating activities was $12,988,000 against $23,415,000 a year ago. Purchase of property and equipment was $952,000 against $1,799,000 a year ago. The company reported that Goodwill write-down associated with BookRags, its online education-oriented research subsidiary, resulted in pre-tax charges totaling $9.7 million. The company also reported asset impairment charges of $2 million. The company updated its 2014 guidance, and it now expects consolidated gross revenues for all programs and operations to be between $100 million and $105 million, consolidated gross margin as a percentage of gross revenue for all programs and operations of 35% to 36% and net loss before any special items of between $2.0 million and $0.

Ambassadors Group Inc. Announces Resignation of Ricardo Lopez Valencia as Director

Ambassadors Group Inc. announced that Ricardo Lopez Valencia, a director of the company resigned as a member of the board of directors, compensation committee and nominating committee of the company. Mr. Valencia's resignation did not relate to any disagreement with the company.

Ambassadors Group, Inc. Terminates Eric G. Anderson as Senior Vice President and Principal Operating Officer

As part of the workforce reduction, Ambassadors Group Inc. terminated Eric G. Anderson's employment with the company as Senior Vice President and Principal Operating Officer effective June 4, 2014.

Ambassadors Group, Inc. Announces Board of Directors and Management Changes

Ambassadors Group Inc. announced the appointment of Jefferson Gramm, a principal at Bandera Partners, LLC, and Philip B. Livingston, former Chief Executive Officer, LexisNexis Web Based Marketing Solutions as directors of the company. Following the stockholders meeting, the board of directors met and elected Lisa O'Dell Rapuano to serve as its Chairman. Rapuano is the founder and Chief Executive Officer of Lane Five Capital Management LP. She was first elected to the board in 2012 and has served on the compensation and nominating committees. The board also appointed Philip Livingston to serve as the company's new Interim Chief Executive Officer. Livingston was previously the Chief Executive Officer of LexisNexis Web Based Marketing Solutions from 1999 to 2013. He has previously served on numerous boards of directors and his management experience includes President and CEO of Financial Executives International, CFO of Catalina Marketing Corporation, and CFO of Celestial Seasoning Inc. Livingston replaces Anthony F. Dombrowik, who will be pursuing opportunities outside of the company.

 

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