Local News - Local News - October 24, 2013
Ambassadors Group Inc., the Spokane-based provider of educational travel programs, posted this afternoon a third-quarter net loss of $1.6 million, or 10 cents a diluted share, compared with net income of $5.5 million, or 31 cents a share, in the year-earlier period.
The company attributed the loss largely to $8.6 million in special-item expenses, including a $6.5 million writedown of the value of the company's headquarters building on the West Plains, which has been marketed for sale since April 2012.
During the quarter, 8,140 delegates traveled with the company, down from 8,300 in the year-earlier quarter.
While the company is reporting a net loss for the quarter and drop in enrollment, company interim CEO Anthony Dombrowik said in a press release that preliminary data suggest that revenue will increase in 2014.
"We believe we are seeing success in our efforts to reverse the downward trend in enrollments that we have experienced in the last few years," Dombrowik said.