Ambassadors Group Inc. (NASDAQ:EPAX), a leading provider of
educational travel experiences, announced $0.80 fully diluted per
share earnings for the quarter ended September 30, 2006, a 17
percent increase over $0.68 fully diluted per share earnings for
the same period one year ago. Net income for the third quarter 2006
was $17.1 million, compared to $14.6 million for the third quarter
2005. Comparing the nine months ended September 30, 2006 and 2005,
fully diluted per share earnings increased 17 percent to $1.50 in
2006 from $1.28 in 2005, and net income increased to $32.1 million
in 2006 from $27.2 million in 2005. Jeff Thomas, president and
chief executive officer of Ambassadors Group, Inc. stated, �We are
pleased with the results of our 2006 summer travel season. We have
continued to grow by focusing on delivering high-quality,
mission-oriented educational travel programs. This summer, we
traveled over 35,000 delegates to over 28 different countries. Our
customer surveys continue to demonstrate that we are delivering on
our promises: 98% of our student delegates this summer said that we
meet or beat their program expectations. �The global environment
continues to present unusual challenges to which we must respond
quickly and comprehensively. For example, we had four groups of
students � approximately 160 students � passing through London�s
Heathrow airport on the day of the �near miss� in August. As usual,
we implemented our response team to ensure that our students were
safe and their parents well informed. "Our gross margin was
negatively impacted this quarter due to incurring higher than
expected international air fares, driven by increasing demand for
international travel and high fuel prices. �At the same time as we
focus on operating our business efficiently and effectively, we
continue to review and evaluate our capital deployment plans. Year
to date, we have returned $8.3 million to shareowners in the form
of dividends ($5.3 million) and share repurchases ($3.0 million).
�On September 14, 2006, we held a 50th Anniversary Dinner for
People to People International in the Ronald Reagan building in
Washington, DC. Almost 700 people were in attendance to hear Mary
Jean Eisenhower (granddaughter of People to People International
Founder, Dwight D. Eisenhower) and Tom Brokaw discuss the
importance of creating international understanding through personal
interaction.� Quarter Ended September 30, 2006 Gross program
receipts increased 25 percent, to $102.7 million, in the third
quarter 2006 from $82.2 million in the third quarter 2005. Net
revenue increased 15 percent, to $35.1 million, in the third
quarter 2006 from $30.4 million in the same period of 2005. The
increases in gross program receipts and net revenue are due to an
18 percent increase in traveled delegates quarter over quarter.
During the third quarters of 2006 and 2005, we traveled
approximately 19,500 and 16,500 delegates, respectively. Operating
expenses were $11.6 million and $9.7 million in the third quarters
2006 and 2005, respectively. The $1.8 million increase was
attributable to expenses supporting a greater number of delegates
traveling and increased marketing expenses for 2007 travel
programs. Other income increased 65 percent in the third quarter
2006, to $1.3 million from $0.8 million in the third quarter 2005.
The increased interest income was earned through increased rates of
return on higher cash, cash equivalents and available-for-sale
security balances held during the quarter ended September 30, 2006.
Nine Months Ended September 30, 2006 Comparing the nine months
ended September 30, 2006 and 2005, gross program receipts increased
22 percent to $206.9 million from $169.7 million, and net revenue
increased 17 percent to $72.8 million from $62.3 million,
respectively. The increased gross program receipts and net revenue
resulted from a 14 percent increase in delegates traveling in the
first nine months of 2006 compared to the first nine months of
2005, partially offset by decreased margins year over year. During
the nine months ended September 30, 2006 and 2005, we traveled
approximately 40,600 and 35,600 delegates, respectively. Operating
expenses for the nine months ended September 30, 2006 and 2005 were
$29.6 and $24.0 million, respectively. The $5.7 million increase is
attributable to costs associated with the increased number of
delegates traveling, as well as increased selling and tour expenses
associated with our 2006 and 2007 travel programs. Other income in
the nine month period ended September 30, 2006 increased 80 percent
to $3.6 million from $2.0 million in the nine months ended
September 30, 2005. This $1.6 million increase resulted from
increased average cash, cash equivalents and available-for-sale
security investment balances and higher interest rates. Cash Flow
and Balance Sheet Total assets increased 25 percent to $137.7
million at September 30, 2006 from $110.0 million at September 30,
2005. Cash, cash equivalents, and available-for-sale securities
were $120.7 million, 88 percent of total assets, at September 30,
2006. Our deployable cash (see definition on final page of the
press release) increased $20.3 million, 31 percent, to $86.0
million and our participant deposits increased $8.9 million, 44
percent, to $29.5 million year on year. Cash provided by operations
during the nine months ended September 30, 2006 decreased $5.1
million to $13.6 million in comparison to $18.7 million for the
nine months ended September 30, 2005. This decrease resulted from
increased program deposits and accounts payable activity for fourth
quarter delegate travel in 2006 versus 2005. Cash used in investing
activities increased $6.8 million in the corresponding periods
primarily due to the timing of short-term investment purchases and
expenditures related to the construction of a new corporate
headquarters. Cash used in financing activities increased slightly
year over year, to $5.3 million from $4.9 million during the nine
months ended September 30, 2006 and 2005, respectively. This net
increase resulted from quarterly dividends increasing to $5.3
million in 2006 from $4.0 million in 2005, netted with $1.7 million
excess tax benefits from stock based compensation during 2006. The
following summarizes our statements of operations for the quarters
and the nine months ended September 30, 2006 and 2005 (in
thousands, except per share amounts). UNAUDITED Nine months ended
September 30, Three months ended September 30, 2006� � 2005� 2006�
� 2005� Gross program receipts $ 206,852� $ 169,665� $ 102,733� $
82,161� Net revenue $ 72,778� $ 62,318� $ 35,093� $ 30,447�
Operating expenses: Selling and tour promotion 22,925� 19,421�
9,176� 7,991� General and administration 6,707� 4,545� 2,399�
1,754� Total operating expenses 29,632� 23,966� 11,575� 9,745� �
Operating income 43,146� 38,352� 23,518� 20,702� � Other income,
net 3,626� 2,010� 1,263� 765� Income before tax 46,772� 40,362�
24,781� 21,467� Income tax provision 14,654� 13,138� 7,682� 6,855�
Net income $ 32,118� $ 27,224� $ 17,099� $ 14,612� � Earnings per
share � basic $ 1.56� $ 1.34� $ 0.83� $ 0.72� � Weighted average
shares outstanding � basic 20,559� 20,258� 20,609� 20,336� �
Earnings per share � diluted $ 1.50� $ 1.28� $ 0.80� $ 0.68� �
Weighted average shares outstanding � diluted 21,390� 21,303�
21,418� 21,379� Gross program receipts reflect total payments
received by us for directly delivered and non-directly delivered
programs. Gross program receipts less program pass-through expenses
for non-directly delivered programs and cost of sales for directly
delivered programs constitute our net revenues. For non-directly
delivered programs, we do not actively deliver the operations of
each program. For directly delivered programs, however, we organize
and operate all activities including speakers, facilitators,
events, accommodations and transportation. We have a single
operating segment consisting of the educational travel and sports
programs for students, athletes and professionals. These programs
have similar economic characteristics and offer comparable products
to participants, as well as utilize similar processes for program
marketing. The following summarizes our balance sheets as of
September 30, 2006, September 30, 2005 and December 31, 2005 (in
thousands): � UNAUDITED � September 30, December 31, 2006� 2005�
2005� Assets Cash and cash equivalents $ 26,329� $ 22,670� $
26,916� Available-for-sale securities 94,418� 76,649� 89,688�
Foreign currency exchange contracts 687� �� �� Prepaid program cost
and expenses 5,927� 3,656� 1,596� Other current assets � 784� �
1,208� � 955� Total current assets 128,145� 104,183� 119,155�
Property and equipment, net 8,375� 5,032� 5,140� Deferred income
tax 1,005� 660� 584� Other assets � 167� � 161� � 167� Total assets
$ 137,692� $ 110,036� $ 125,046� � Liabilities and Stockholders�
Equity Accounts payable and accruals $ 9,772� $ 13,821� $ 6,022�
Foreign currency exchange contracts �� 1,142� 1,896� Other
liabilities 1,183� 2,646� 2,596� Participants� deposits 29,517�
20,568� 47,463� Capital lease � 188� � 183� � 180� Total current
liabilities 40,660� 38,360� 58,157� Capital lease � 245� � 401� �
387� Total liabilities � 40,905� � 38,761� � 58,544� Stockholders�
equity � 96,787� � 71,275� � 66,502� Total liabilities and
stockholders� equity $ 137,692� $ 110,036� $ 125,046� The following
summarizes our statements of cash flows for the nine months ended
September 30, 2006 and 2005 (in thousands): UNAUDITED Nine months
ended September 30, 2006� 2005� Cash flows from operating
activities: Net income $ 32,118� $ 27,224� Adjustments to reconcile
net income: Depreciation and amortization 1,083� 781� Amortization
of unearned compensation 541� 307� Excess tax benefit from stock
based compensation (1,703) �� Stock option expense 1,020� �� Change
in assets and liabilities: Prepaid program costs and expenses
(4,331) (1,195) Accounts payable and accrued expenses 3,537�
10,096� Participants� deposits (17,946) (18,040) Other current
assets � (699) � (454) Net cash provided by operating activities �
13,620� � 18,719� Cash flows from investing activities: Net change
in available-for-sale securities and other (4,593) (234) Purchase
of property and equipment and other � (4,318) � (1,902) Net cash
used in investing activities � (8,911) � (2,136) Cash flows from
financing activities: Dividend payment to shareholders (5,278)
(3,971) Repurchase of common stock (2,984) (2,865) Proceeds from
exercise of stock options 1,397� 1,904� Excess tax benefit from
stock based compensation 1,703� �� Capital lease payments and other
� (134) � (17) Net cash used in financing activities � (5,296) �
(4,949) Net increase in cash and cash equivalents � (587) � 11,634�
Cash and cash equivalents, beginning of period � 26,916� � 11,036�
Cash and cash equivalents, end of period $ 26,329� $ 22,670�
Deployable cash is a non-GAAP liquidity measure. Deployable cash is
calculated as the sum of cash and cash equivalents, 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 foreign exchange currency
contracts), participant deposits and the current portion of
long-term capital lease. We believe this non-GAAP measure is useful
to investors in understanding the cash available to deploy for
future business opportunities. The following summarizes our
deployable cash as of September 30, 2006, September 30, 2005 and
December 31, 2005 (in thousands): � UNAUDITED September 30,
December 31, � 2006� � � 2005� � � 2005� Cash, cash equivalents and
available-for-sale securities $ 120,747� $ 99,319� $ 116,604�
Prepaid program cost and expenses 5,927� 3,656� 1,596� Less:
Participants� deposits (29,517) (20,568) (47,463) Less: Accounts
payable / accruals / other liabilities � (11,143) � (16,650) �
(8,798) Deployable cash $ 86,014� $ 65,757� $ 61,939� Quarterly
conference call and webcast We will host a conference call to
discuss third quarter 2006 results of operations on Thursday,
October 19, 2006 at 8:30 a.m. Pacific Time. You may join the call
by dialing 866-578-5788 then entering the pass code: Ambassadors
Group. Or, you may also join the call via the Internet at
www.ambassadorsgroup.com/EPAX. For post-view access, you may dial
888-286-8010 with the pass code 49916860 and follow the prompts, or
visit www.ambassadorsgroup.com/EPAX. Post-view dial-in access will
be available beginning October 19, 2006 at 1:30 p.m. until December
19, 2006. Post-view Webcast access will be available following the
conference call through December 19, 2006. Business overview
Ambassadors Group, Inc. is a leading educational travel
organization that organizes and promotes international and domestic
programs for students, athletes, and professionals. These programs
provide the opportunities for grade school, junior, and senior high
school students to visit foreign and domestic destinations to learn
about the history, government, economy and culture of such areas,
as well as for junior and senior high school athletes to
participate in international sports challenges. Our professional
programs emphasize meetings and seminars between participants and
persons in similar professions abroad. We are headquartered in
Spokane, Washington, with associates also in Denver, Colorado and
Washington, D.C. In this press release, �Company,� �we,� �us,� and
�our� refer to Ambassadors Group, Inc. Forward-looking statements
This press release contains forward-looking statements regarding
our actual and expected financial performance and the reasons for
variances between period-to-period results. Forward-looking
statements, which are included per the �safe harbor� provisions of
the Private Securities Litigation Reform Act of 1995, may involve
known and unknown risks, uncertainties and other factors that may
cause our actual results and performance in future periods to be
materially different from any future results or performance
suggested by the forward-looking statements in this release. Such
forward-looking statements speak only as of the date of this
release and may not reflect risks related to the conflict in the
Middle East and international unrest, outbreak of disease,
conditions in the travel industry, direct marketing environment,
changes in economic conditions and changes in the competitive
environment. We expressly disclaim any obligation to provide public
updates or revisions to any forward-looking statements found herein
to reflect any changes in our expectations or any change in events.
Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
we can give no assurance that our expectations will be attained.
For a more complete discussion of these and other factors, please
refer to the Ambassadors Group, Inc. 10K filed March 9, 2006 and
proxy filed April 7, 2006. Ambassadors Group Inc. (NASDAQ:EPAX), a
leading provider of educational travel experiences, announced $0.80
fully diluted per share earnings for the quarter ended September
30, 2006, a 17 percent increase over $0.68 fully diluted per share
earnings for the same period one year ago. Net income for the third
quarter 2006 was $17.1 million, compared to $14.6 million for the
third quarter 2005. Comparing the nine months ended September 30,
2006 and 2005, fully diluted per share earnings increased 17
percent to $1.50 in 2006 from $1.28 in 2005, and net income
increased to $32.1 million in 2006 from $27.2 million in 2005. Jeff
Thomas, president and chief executive officer of Ambassadors Group,
Inc. stated, "We are pleased with the results of our 2006 summer
travel season. We have continued to grow by focusing on delivering
high-quality, mission-oriented educational travel programs. This
summer, we traveled over 35,000 delegates to over 28 different
countries. Our customer surveys continue to demonstrate that we are
delivering on our promises: 98% of our student delegates this
summer said that we meet or beat their program expectations. "The
global environment continues to present unusual challenges to which
we must respond quickly and comprehensively. For example, we had
four groups of students -- approximately 160 students -- passing
through London's Heathrow airport on the day of the 'near miss' in
August. As usual, we implemented our response team to ensure that
our students were safe and their parents well informed. "Our gross
margin was negatively impacted this quarter due to incurring higher
than expected international air fares, driven by increasing demand
for international travel and high fuel prices. "At the same time as
we focus on operating our business efficiently and effectively, we
continue to review and evaluate our capital deployment plans. Year
to date, we have returned $8.3 million to shareowners in the form
of dividends ($5.3 million) and share repurchases ($3.0 million).
"On September 14, 2006, we held a 50th Anniversary Dinner for
People to People International in the Ronald Reagan building in
Washington, DC. Almost 700 people were in attendance to hear Mary
Jean Eisenhower (granddaughter of People to People International
Founder, Dwight D. Eisenhower) and Tom Brokaw discuss the
importance of creating international understanding through personal
interaction." Quarter Ended September 30, 2006 Gross program
receipts increased 25 percent, to $102.7 million, in the third
quarter 2006 from $82.2 million in the third quarter 2005. Net
revenue increased 15 percent, to $35.1 million, in the third
quarter 2006 from $30.4 million in the same period of 2005. The
increases in gross program receipts and net revenue are due to an
18 percent increase in traveled delegates quarter over quarter.
During the third quarters of 2006 and 2005, we traveled
approximately 19,500 and 16,500 delegates, respectively. Operating
expenses were $11.6 million and $9.7 million in the third quarters
2006 and 2005, respectively. The $1.8 million increase was
attributable to expenses supporting a greater number of delegates
traveling and increased marketing expenses for 2007 travel
programs. Other income increased 65 percent in the third quarter
2006, to $1.3 million from $0.8 million in the third quarter 2005.
The increased interest income was earned through increased rates of
return on higher cash, cash equivalents and available-for-sale
security balances held during the quarter ended September 30, 2006.
Nine Months Ended September 30, 2006 Comparing the nine months
ended September 30, 2006 and 2005, gross program receipts increased
22 percent to $206.9 million from $169.7 million, and net revenue
increased 17 percent to $72.8 million from $62.3 million,
respectively. The increased gross program receipts and net revenue
resulted from a 14 percent increase in delegates traveling in the
first nine months of 2006 compared to the first nine months of
2005, partially offset by decreased margins year over year. During
the nine months ended September 30, 2006 and 2005, we traveled
approximately 40,600 and 35,600 delegates, respectively. Operating
expenses for the nine months ended September 30, 2006 and 2005 were
$29.6 and $24.0 million, respectively. The $5.7 million increase is
attributable to costs associated with the increased number of
delegates traveling, as well as increased selling and tour expenses
associated with our 2006 and 2007 travel programs. Other income in
the nine month period ended September 30, 2006 increased 80 percent
to $3.6 million from $2.0 million in the nine months ended
September 30, 2005. This $1.6 million increase resulted from
increased average cash, cash equivalents and available-for-sale
security investment balances and higher interest rates. Cash Flow
and Balance Sheet Total assets increased 25 percent to $137.7
million at September 30, 2006 from $110.0 million at September 30,
2005. Cash, cash equivalents, and available-for-sale securities
were $120.7 million, 88 percent of total assets, at September 30,
2006. Our deployable cash (see definition on final page of the
press release) increased $20.3 million, 31 percent, to $86.0
million and our participant deposits increased $8.9 million, 44
percent, to $29.5 million year on year. Cash provided by operations
during the nine months ended September 30, 2006 decreased $5.1
million to $13.6 million in comparison to $18.7 million for the
nine months ended September 30, 2005. This decrease resulted from
increased program deposits and accounts payable activity for fourth
quarter delegate travel in 2006 versus 2005. Cash used in investing
activities increased $6.8 million in the corresponding periods
primarily due to the timing of short-term investment purchases and
expenditures related to the construction of a new corporate
headquarters. Cash used in financing activities increased slightly
year over year, to $5.3 million from $4.9 million during the nine
months ended September 30, 2006 and 2005, respectively. This net
increase resulted from quarterly dividends increasing to $5.3
million in 2006 from $4.0 million in 2005, netted with $1.7 million
excess tax benefits from stock based compensation during 2006. The
following summarizes our statements of operations for the quarters
and the nine months ended September 30, 2006 and 2005 (in
thousands, except per share amounts). -0- *T UNAUDITED
-------------------------------------- Three months Nine months
ended ended September 30, September 30, ------------------
----------------- 2006 2005 2006 2005 ------------------
----------------- Gross program receipts $206,852 $169,665 $102,733
$ 82,161 Net revenue $ 72,778 $ 62,318 $ 35,093 $ 30,447 Operating
expenses: Selling and tour promotion 22,925 19,421 9,176 7,991
General and administration 6,707 4,545 2,399 1,754 --------
-------- -------- -------- Total operating expenses 29,632 23,966
11,575 9,745 Operating income 43,146 38,352 23,518 20,702 Other
income, net 3,626 2,010 1,263 765 -------- -------- --------
-------- Income before tax 46,772 40,362 24,781 21,467 Income tax
provision 14,654 13,138 7,682 6,855 -------- -------- --------
-------- Net income $ 32,118 $ 27,224 $ 17,099 $ 14,612 ========
======== ======== ======== Earnings per share - basic $ 1.56 $ 1.34
$ 0.83 $ 0.72 Weighted average shares outstanding - basic 20,559
20,258 20,609 20,336 Earnings per share - diluted $ 1.50 $ 1.28 $
0.80 $ 0.68 Weighted average shares outstanding - diluted 21,390
21,303 21,418 21,379 *T Gross program receipts reflect total
payments received by us for directly delivered and non-directly
delivered programs. Gross program receipts less program
pass-through expenses for non-directly delivered programs and cost
of sales for directly delivered programs constitute our net
revenues. For non-directly delivered programs, we do not actively
deliver the operations of each program. For directly delivered
programs, however, we organize and operate all activities including
speakers, facilitators, events, accommodations and transportation.
We have a single operating segment consisting of the educational
travel and sports programs for students, athletes and
professionals. These programs have similar economic characteristics
and offer comparable products to participants, as well as utilize
similar processes for program marketing. The following summarizes
our balance sheets as of September 30, 2006, September 30, 2005 and
December 31, 2005 (in thousands): -0- *T UNAUDITED
--------------------------------- September 30, December 31,
-------------------- ------------ 2006 2005 2005 ---------
---------- ------------ Assets
------------------------------------- Cash and cash equivalents $
26,329 $ 22,670 $ 26,916 Available-for-sale securities 94,418
76,649 89,688 Foreign currency exchange contracts 687 -- -- Prepaid
program cost and expenses 5,927 3,656 1,596 Other current assets
784 1,208 955 --------- ---------- ------------ Total current
assets 128,145 104,183 119,155 Property and equipment, net 8,375
5,032 5,140 Deferred income tax 1,005 660 584 Other assets 167 161
167 --------- ---------- ------------ Total assets $137,692
$110,036 $125,046 ========= ========== ============ Liabilities and
Stockholders' Equity ------------------------------------- Accounts
payable and accruals $ 9,772 $ 13,821 $ 6,022 Foreign currency
exchange contracts -- 1,142 1,896 Other liabilities 1,183 2,646
2,596 Participants' deposits 29,517 20,568 47,463 Capital lease 188
183 180 --------- ---------- ------------ Total current liabilities
40,660 38,360 58,157 Capital lease 245 401 387 --------- ----------
------------ Total liabilities 40,905 38,761 58,544 ---------
---------- ------------ Stockholders' equity 96,787 71,275 66,502
--------- ---------- ------------ Total liabilities and
stockholders' equity $137,692 $110,036 $125,046 =========
========== ============ *T The following summarizes our statements
of cash flows for the nine months ended September 30, 2006 and 2005
(in thousands): -0- *T UNAUDITED Nine months ended September 30,
------------------ 2006 2005 -------- -------- Cash flows from
operating activities: Net income $ 32,118 $ 27,224 Adjustments to
reconcile net income: Depreciation and amortization 1,083 781
Amortization of unearned compensation 541 307 Excess tax benefit
from stock based compensation (1,703) -- Stock option expense 1,020
-- Change in assets and liabilities: Prepaid program costs and
expenses (4,331) (1,195) Accounts payable and accrued expenses
3,537 10,096 Participants' deposits (17,946) (18,040) Other current
assets (699) (454) --------- --------- Net cash provided by
operating activities 13,620 18,719 --------- --------- Cash flows
from investing activities: Net change in available-for-sale
securities and other (4,593) (234) Purchase of property and
equipment and other (4,318) (1,902) --------- --------- Net cash
used in investing activities (8,911) (2,136) --------- ---------
Cash flows from financing activities: Dividend payment to
shareholders (5,278) (3,971) Repurchase of common stock (2,984)
(2,865) Proceeds from exercise of stock options 1,397 1,904 Excess
tax benefit from stock based compensation 1,703 -- Capital lease
payments and other (134) (17) --------- --------- Net cash used in
financing activities (5,296) (4,949) --------- --------- Net
increase in cash and cash equivalents (587) 11,634 ---------
--------- Cash and cash equivalents, beginning of period 26,916
11,036 --------- --------- Cash and cash equivalents, end of period
$ 26,329 $ 22,670 ========= ========= *T Deployable cash is a
non-GAAP liquidity measure. Deployable cash is calculated as the
sum of cash and cash equivalents, 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 foreign exchange currency contracts),
participant deposits and the current portion of long-term capital
lease. We believe this non-GAAP measure is useful to investors in
understanding the cash available to deploy for future business
opportunities. The following summarizes our deployable cash as of
September 30, 2006, September 30, 2005 and December 31, 2005 (in
thousands): -0- *T UNAUDITED ----------------------------------
September 30, December 31, 2006 2005 2005
---------------------------------- Cash, cash equivalents and
available-for-sale securities $ 120,747 $ 99,319 $ 116,604 Prepaid
program cost and expenses 5,927 3,656 1,596 Less: Participants'
deposits (29,517) (20,568) (47,463) Less: Accounts payable /
accruals / other liabilities (11,143) (16,650) (8,798) ----------
---------- ------------ Deployable cash $ 86,014 $ 65,757 $ 61,939
========== ========== ============ *T Quarterly conference call and
webcast We will host a conference call to discuss third quarter
2006 results of operations on Thursday, October 19, 2006 at 8:30
a.m. Pacific Time. You may join the call by dialing 866-578-5788
then entering the pass code: Ambassadors Group. Or, you may also
join the call via the Internet at www.ambassadorsgroup.com/EPAX.
For post-view access, you may dial 888-286-8010 with the pass code
49916860 and follow the prompts, or visit
www.ambassadorsgroup.com/EPAX. Post-view dial-in access will be
available beginning October 19, 2006 at 1:30 p.m. until December
19, 2006. Post-view Webcast access will be available following the
conference call through December 19, 2006. Business overview
Ambassadors Group, Inc. is a leading educational travel
organization that organizes and promotes international and domestic
programs for students, athletes, and professionals. These programs
provide the opportunities for grade school, junior, and senior high
school students to visit foreign and domestic destinations to learn
about the history, government, economy and culture of such areas,
as well as for junior and senior high school athletes to
participate in international sports challenges. Our professional
programs emphasize meetings and seminars between participants and
persons in similar professions abroad. We are headquartered in
Spokane, Washington, with associates also in Denver, Colorado and
Washington, D.C. In this press release, "Company," "we," "us," and
"our" refer to Ambassadors Group, Inc. Forward-looking statements
This press release contains forward-looking statements regarding
our actual and expected financial performance and the reasons for
variances between period-to-period results. Forward-looking
statements, which are included per the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, may involve
known and unknown risks, uncertainties and other factors that may
cause our actual results and performance in future periods to be
materially different from any future results or performance
suggested by the forward-looking statements in this release. Such
forward-looking statements speak only as of the date of this
release and may not reflect risks related to the conflict in the
Middle East and international unrest, outbreak of disease,
conditions in the travel industry, direct marketing environment,
changes in economic conditions and changes in the competitive
environment. We expressly disclaim any obligation to provide public
updates or revisions to any forward-looking statements found herein
to reflect any changes in our expectations or any change in events.
Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
we can give no assurance that our expectations will be attained.
For a more complete discussion of these and other factors, please
refer to the Ambassadors Group, Inc. 10K filed March 9, 2006 and
proxy filed April 7, 2006.
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