Ambassadors Group, Inc. Reports Fourth Quarter 2012 Results

Ambassadors Group, Inc. Reports Fourth Quarter 2012 Results

SPOKANE, Wash., Feb. 6, 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 fourth
quarter and year ended December 31, 2012.

Overview

  *Gross revenue, from all sources including non-directly delivered programs,
    for the year ended December 31, 2012 of $139.9 million compared to $155.1
    million in 2011. Full year 2012 total reported revenue of $58.1 million
    compared to $66.4 million last year.
    
  *Full year 2012 net income of $1.7 million, or $0.10 per diluted share,
    compared to $3.0 million, or $0.17 per diluted share, in 2011. Net income
    before special items of $3.2 million compared to $4.6 million in 2011.
    
  *Traveled 21,252 delegates in 2012 compared to 23,928 delegates in 2011.
    
  *2012 gross margin of 36.7 percent compared to 38.1 percent last year.
    
  *For the full year 2012, total operating expenses down $5.9 million
    compared to 2011.
    
  *Company completed approximately 48 percent of its $25 million return of
    capital commitment; paid $8.8 million special dividend and executed $3.1
    million share repurchase during the fourth quarter of 2012.
    
  *Cash and cash equivalents and available-for-sale securities balance of
    $38.3 million and no debt outstanding.
    
  *Enrolled revenue for 2013 programs down 19.2 percent year-over-year for
    all programs and 21.7 percent year-over-year for the core Student
    Ambassadors Programs.
    
  *Withdraw rates for enrolled students trending 10.9percent better than
    2012.

Financial Highlights
(in thousands except percent and per share data)
                          UNAUDITED
                          Quarter ended December 31, Year ended December 31,
                          2012          2011         2012         2011
Gross revenue, all travel  $ 1,179      $ 3,679     $ 135,742   $ 151,035
programs
Internet content and       $ 1,101      $ 1,195     $ 4,207     $ 4,046
advertising revenue
Gross revenue, all sources $ 2,280      $ 4,874     $ 139,949   $ 155,081
Gross margin, all travel   $ 313        $ 873       $ 47,738    $ 55,570
programs
Gross margin, internet     $ 968        $ 1,026     $ 3,653     $ 3,471
content and advertising
Gross margin percentage    56.2%         39.0%        36.7%        38.1%
Operating expense          $ 12,497     $ 13,098    $ 51,069    $ 56,931
Operating income, internet $ 269        $315        $ 1,327     $ 1 ,176
content and advertising
Net income (loss) before   $ (10,064)   $ (7,488)   $ 3,208     $ 4,565
special items
Net income (loss)          $ (10,033)   $ (7,798)   $ 1,744     $ 2,956
Income (loss) per diluted  $ (0.58)     $ (0.45)    $ 0.10      $ 0.17
share

Commenting on the Company's results, Jeff Thomas, Ambassador Group's President
and Chief Executive Officer said, "We completed 2012 in line with our
expectations.During the year, we focused our efforts on executing our
strategic plan to continue to evolve our multichannel marketing approach to
secure travelers, right size our cost structure and return value to
shareholders.We have made significant progress in all three of these areas."

Thomas continued, "We continued to strengthen our sales and marketing team in
2012 by refocusing existing resources and with additional hires to support our
digital efforts.At the same time, we reduced operating expenses by $5.9
million, meeting our target, and protecting our profitability in the face of
an 11 percent decline in total delegates traveled for the year.We also
returned capital to our shareholders in the form of a special dividend and an
accelerated share repurchase program during the fourth quarter."

"We made significant strides on our multi-channel strategy this year as we
refine the right mix of digital, direct mail, and other methods in our
approach.We continued to roll out market-specific coordination of direct mail
and digital and also continue to test higher touch conversion channels
including webinars and telesales, both of which have performed well thus far
in generating incremental enrollments for the 2013 programs.In 2013, we will
continue to adjust the direct mail component to further increase the
productivity of the campaign while reinvesting these savings in digital
initiatives as we continue to focus on synchronization of the direct mail and
digital channels."

"In addition, we will be testing a selling cycle shift this spring to
accelerate the timing of our early enrollment efforts.Moving to multiple
campaigns will serve two purposes: to provide a last enrollment opportunity
for the 2013 travel season as well as kick off the selling season for our 2014
programs much earlier than we have historically.The changes we have made to
our business, as well as improved information from our database suppliers, are
enabling us to evolve to a year-round marketing strategy that better aligns us
with consumer behavior while mitigating some of the risk associated with such
a strong emphasis on the fall marketing campaign."

"We are seeing our hard work have an impact.The withdraw rate to this point
in the campaign for 2013 travel has improved compared to the same point in
2012.We believe enhanced social media engagement, coupled with higher touch,
customer service-driven tools, were significant contributors to the current
year-over-year improvements in retaining delegates to this point in the sales
cycle." 

Thomas concluded, "While we still expect 2013 travel to be less than in 2012
and we are cognizant of the challenges we face, we remain concentrated on
adapting our marketing in ways that will support our long term success in
order to focus our efforts on creating shareholder value."

Fourth Quarter 2012 Results

During the fourth quarter of 2012, the Company traveled 162 delegates,
compared to 491 delegates during the prior year quarter, reflecting
anticipated decline in the Company's Citizen Ambassador program. Total revenue
of $1.3 million declined 32 percent from $2.0 million during the prior year
quarter primarily driven by a 68 percent decline in travel-related revenue.
Net loss for the fourth quarter of 2012 was $10.0 million, or $0.58 per
diluted share, compared to a net loss of $7.8 million, or $0.45 per diluted
share, in the prior year period.

Gross margin for the quarter was $1.3 million, down from $1.9 million in the
fourth quarter of 2011 primarily related to the aforementioned revenue
decline.Gross margin percentage increased to 56.2 percent from 39.0 percent
in the prior year period primarily due to a higher mix of revenue from
BookRags, the Company's online education research business. Gross margin is
calculated as the sum of gross revenue non-directly delivered programs, gross
revenue directly delivered programs and internet content and advertising
revenue less cost of sales non-directly delivered programs, costs of sales
directly delivered programs and cost of sales internet content and
advertising.Gross margin percentage is calculated as gross margin divided by
the sum of gross revenue non-directly delivered programs, gross revenue
directly delivered programs and internet content and advertising revenue. 

Full Year 2012 Results

For the year ended December 31, 2012, the Company traveled 21,252 delegates,
an 11 percent decrease compared to 23,928 delegates in 2011. Total revenue of
$58.1 million declined 13 percent from $66.4 million last year, driven
primarily by a 14 percent decline in travel-related revenue, partially offset
by a 4 percent increase in internet content and advertising revenue related to
BookRags. 2012 net income was $1.7 million, or $0.10 per diluted share,
compared to net income of $3.0 million, or $0.17 per diluted share, in 2011.

2012 gross margin was $51.4 million, down from $59.0 million in 2011.Gross
margin percentage decreased to 36.7 percent from 38.1 percent last year
primarily due to higher air and land costs year-over-year.

Total operating expenses for 2012 decreased $5.9 million, or 10 percent,
compared to 2011, as a result of the Company's cost cutting initiatives.

Balance Sheet and Liquidity

Total assets at December 31, 2012 were $97.9 million, including $38.3 million
in cash, cash equivalents and short-term available-for-sale securities.
Long-term assets totaled $40.5 million primarily reflecting goodwill and
intangible assets of the BookRags business, technology, hardware and systems
used to deliver services, and the Company's office building which has been
listed for sale.Total liabilities were $32.8 million, including $25.7 million
in participant deposits for future travel.The Company has no debt outstanding
with deployable cash of $25.4 million at December 31, 2012.Deployable cash is
a non-GAAP measure defined in the attached schedules.

The Company paid a special cash dividend of $0.50 per share on November 22,
2012 and a regular quarterly dividend of $0.06 per share on December 6, 2012.

During the fourth quarter of 2012, the Company repurchased 650,121 shares for
approximately $3.1 million including brokerage fees.At December 31, 2012, the
Company had 17,047,470 shares of common stock issued and outstanding.
Approximately $13.1 million remains available for repurchase under the
Company's plan.

The following table summarizes the cash flows as further disclosed in the
accompanying financial statements.Free cash flow, a non-GAAP measure, which
is defined as cash flow from operations less purchase of property, equipment
and intangibles, is also noted (in thousands):

                                          UNAUDITED
                                          Twelve months ended December 31, 
                                          2012              2011            
Cash flow from operations                 $ 2,219          $ (6,655)      
Purchases of property, equipment and       (5,672)          (3,594)        
intangibles
Free cash flow                             (3,453)          (10,249)       
                                                                          
Net proceeds from available-for-sale       6,499            34,342         
securities
Dividend payments to shareholders         (13,012)         (4,258)        
Repurchase of common stock                 (3,056)          (7,590)        
Other cash flows, net                      (347)            436            
Net change in cash and cash equivalents    $ (13,369)       $ 12,681       

The change in cash flow from operations between periods, and in turn free cash
flow, was driven primarily by the timing of recurring prepaid program costs
and expenses relative to 2011. Purchases of property and equipment increased
as we focused on sales and marketing systems and website improvements.

Outlook for 2013

As of February 3, 2013, enrolled revenue for 2013 travel programs was $127.2
million, down 19.2 percent from the same point last year, based on enrolled
travelers of 20,846 compared to 24,881.Enrolled revenue for the Company's
core product, Student Ambassadors, is down 21.7 percent to $115.7 million
compared to $147.9 million at the same date last year, based on enrolled
travelers of 16,886 compared to 21,476.

Enrolled revenue consists of estimated gross receipts to be recognized upon
travel of an enrolled participant and revenue recognized for any delegates who
have completed travel for the travel year referenced. Reported net enrollments
consist of all participants who have enrolled in the Company's programs less
those that have already withdrawn, including travel that has been
completed.Enrolled revenue may not result in actual gross receipts eventually
recognized by the Company due to both withdrawals from the Company's programs
and expected future enrollments.

Based on current visibility for the balance of the year, the Company is
providing guidance as follows:

  *Consolidated gross revenues for all programs and operations to be between
    $125 and $135 million;
    
  *Consolidated gross margin as a percentage of gross revenue for all
    programs and operations of 36 percent to 37 percent; and
    
  *Net income before any special items of between $0 million and $2 million.

Conference Call and Webcast Information

The Company will host a conference call to discuss fourth quarter and full
year 2012 results of operations on Thursday, February 7, 2013, at 11:30 a.m.
Eastern Time (8:30 a.m. Pacific Time).Participants can access the callvia
the internet at www.ambassadorsgroup.com/EPAX. The call can also be
accessedbydialing 888-715-1397 or 913-312-0855 (international) and providing
the passcode: 9875414.Approximately 24 hours following the call,a webcast
will be available through April 5, 2013 at www.ambassadorsgroup.com/EPAX. A
replay of the call will alsobe available through February 12, 2013 and can be
accessed by dialing 888-203-1112 or 719-457-0820 (international) and providing
the pass code: 9875414.

About Ambassadors Group, Inc.

Ambassadors Group, Inc. (Nasdaq:EPAX) is an education company located in
Spokane, Washington. Ambassadors Group, Inc. is the parent company of
Ambassador Programs, Inc., World Adventures Unlimited, Inc. and BookRags,
Inc., an educational research website. The Company also oversees the
Washington School of World Studies, an accredited travel study and distance
learning school. Additional information about Ambassadors Group, Inc. and its
subsidiaries is available at www.ambassadorsgroup.com. In this press release,
"Company", "we", "us", and "our" refer to Ambassadors Group, Inc. and its
subsidiaries.

The Ambassadors Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3541

Forward-Looking Statements

This press release contains forward-looking statements regarding 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 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
international unrest, outbreak of disease, conditions in the travel industry,
the 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 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 met. For a more complete discussion of certain
risks and uncertainties that could cause actual results to differ materially
from anticipated results, please refer to the Ambassadors Group, Inc. 10-K
filed March 12, 2012, and its proxy statement filed May 9, 2012.

AMBASSADORS GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
                                                                  
                                UNAUDITED
                                Quarter ended December 31,
                                2012         2011        $ Change    % Change
Net revenue, non-directly        $ 248       $ 713     $ (465)   -65%
delivered programs (1)
Gross revenue, directly          --         70         (70)       -100%
delivered programs(2)
Internet content and advertising 1,101       1,195      (94)       -8%
revenue
Total revenue                    1,349       1,978      (629)      -32%
Cost of sales, directly          (65)        (90)       25         28%
delivered programs (2)
Cost of sales, internet content  133         169        (36)       -21%
and advertising
Gross margin (3)                 1,281       1,899      (618)      -33%
                                                                  
Operating expenses:                                                
Selling and marketing            8,386       8,961      (575)      -6%
General and administration       4,111       4,137      (26)       -1%
Total operating expenses         12,497      13,098     (601)      -5%
                                                                  
Operating loss                   (11,216)    (11,199)   (17)       0%
                                                                  
Other income (expense)                                             
Interest and dividend income     276         250        26         10%
Foreign currency expense and     (8)         (1)        (7)        -700%
other
Total other income               268         249        19         8%
Loss before income tax benefit   (10,948)    (10,950)   2          0%
Income tax benefit               915         3,152      (2,237)    -71%
Net loss                         $ (10,033) $ (7,798) $ (2,235) -29%
                                                                  
Weighted average shares          17,333      17,493     (160)      -1%
outstanding – basic
Weighted average shares          17,333      17,493     (160)      -1%
outstanding – diluted
                                                                  
Net loss per share — basic       $ (0.58)   $ (0.45)  $ (0.13)  -29%
Net loss per share — diluted     $ (0.58)   $ (0.45)  $ (0.13)  -29%
                                                                  


(1) Net revenue, non-directly delivered programs consists of gross revenue,
less program pass-through expenses for non-directly delivered programs because
we primarily engage third-party operators to perform these services.

              UNAUDITED
              Quarter ended December 31,
              2012     2011     % Change
Gross revenue $ 1,178 $ 3,610 -67%
Cost of sales  930     2,897   -68%
Net revenue   $ 248   $ 713   -65%


(2) Gross revenue and cost of sales for directly delivered programs are
reported as separate items because we plan, organize and operate all
activities, including speakers, facilitators, events, accommodations and
transportation.
                                                         
(3) Gross margin is calculated as the sum of gross revenue non-directly
delivered programs, gross revenue directly delivered programs and internet
content and advertising revenue less cost of sales non-directly delivered
programs, costs of sales directly delivered programs and cost of sales
internet content and advertising.Gross margin percentage is calculated as
gross margin divided by the sum of gross revenue non-directly delivered
programs, gross revenue directly delivered programs and internet content and
advertising revenue.




AMBASSADORS GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
                                                                  
                                    UNAUDITED
                                    Twelve months ended December 31,
                                    2012      2011       $ Change    % Change
Net revenue, non-directly delivered  $ 44,837 $ 51,966 $ (7,129) -14%
programs (1)
Gross revenue, directly delivered    9,008    10,426    (1,418)    -14%
programs(2)
Internet content and advertising     4,207    4,046     161        4%
revenue
Total revenue                        58,052   66,438    (8,386)    -13%
Cost of sales, directly delivered    6,107    6,822     (715)      -10%
programs (2)
Cost of sales, internet content and  554      575       (21)       -4%
advertising
Gross margin (3)                     51,391   59,041    (7,650)    -13%
                                                                  
Operating expenses:                                                
Selling and marketing                34,845   40,367    (5,522)    -14%
General and administration           16,224   16,564    (340)      -2%
Total operating expenses             51,069   56,931    (5,862)    -10%
                                                                  
Operating income                     322      2,110     (1,788)    -85%
                                                                  
Other income (expense)                                             
Interest and dividend income         1,730    1,340     390        29%
Foreign currency expense and other   (13)     155       (168)      -108%
Total other income                   1,717    1,495     222        15%
Income before income tax provision   2,039    3,605     (1,566)    -43%
Income tax provision                 (295)    (649)     354        55%
Net income                           $ 1,744 $ 2,956  $ (1,212) -41%
                                                                  
Weighted average shares outstanding  17,530   17,746    (216)      -1%
– basic
Weighted average shares outstanding  17,530   17,869    (339)      -2%
– diluted
                                                                  
Net income per share — basic         $ 0.10  $ 0.17    $ (0.07)  -41%
Net income per share — diluted       $ 0.10  $ 0.17   $ (0.07)  -41%


(1) Net revenue, non-directly delivered programs consists of gross revenue,
less program pass-through expenses for non-directly delivered programs because
we primarily engage third-party operators to perform these services.
                                                            


              UNAUDITED
              Twelve months ended December 31,
              2012        2011        % Change
Gross revenue $ 126,734  $ 140,609  -10%
Cost of sales  81,897     88,643     -8%
Net revenue    $ 44,837   $ 51,966   -14%


(2) Gross revenue and cost of sales for directly delivered programs are
reported as separate items because we plan, organize and operate all
activities, including speakers, facilitators, events, accommodations and
transportation.
                                                         
(3) Gross margin is calculated as the sum of gross revenue non-directly
delivered programs, gross revenue directly delivered programs and internet
content and advertising revenue less cost of sales non-directly delivered
programs, costs of sales directly delivered programs and cost of sales
internet content and advertising.Gross margin percentage is calculated as
gross margin divided by the sum of gross revenue non-directly delivered
programs, gross revenue directly delivered programs and internet content and
advertising revenue.



AMBASSADORS GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
                                                              
                                          UNAUDITED AUDITED    
                                          2012      2011       % Change
Assets                                                        
Current assets:                                               
Cash and cash equivalents                  $ 6,150  $ 19,519  -68%
Available-for-sale securities              32,122   39,128    -18%
Foreign currency exchange contracts        837      --       100%
Prepaid program cost and expenses          17,217   13,299    29%
Accounts receivable                        850      1,395     -39%
Deferred tax asset                         221      668       -67%
Total current assets                       57,397   74,009    -22%
Property and equipment, net                26,344   26,104    1%
Available-for-sale securities              723      700       3%
Foreign currency exchange contracts        --      --       0%
Deferred tax asset                         --      --       -100%
Intangibles                                3,565    3,421     4%
Goodwill                                   9,781    9,781     0%
Other long-term assets                     85       85        0%
Total assets                               $ 97,895 $ 114,100 -14%
                                                             
Liabilities and Stockholders' Equity                          
Current liabilities:                                          
Accounts payable and accrued expenses      $ 4,238  $ 5,858    -28%
Participants' deposits                     25,735   27,396     -6%
Foreign currency exchange contracts        --      1,671     -100%
Deferred tax liability                     --      --       100%
Other liabilities                          111      112        -1%
Total current liabilities                  30,084   35,037    -14%
Participants' deposits                     --      --       0%
Foreign currency exchange contracts        --      102       -100%
Deferred tax liabilities                   2,688    2,004      34%
Total liabilities                          32,772   37,143    -12%
Stockholders' equity                       65,123   76,957     -15%
Total liabilities and stockholders' equity $ 97,895 $ 114,100 -14%



AMBASSADORS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                                                   
                                                          UNAUDITED
                                                          December 31,
                                                          2012      2011
Cash flows from operating activities:                               
Net Income                                                 $ 1,744  $ 2,956
Adjustments to reconcile net income to net cash provided            
by (used in) operating activities:
Depreciation and amortization                              5,273    4,742
Stock-based compensation                                   1,455    1,475
Deferred income taxes                                      387      420
Gain on foreign currency exchange contracts                --      --
Loss on disposition and impairment of property and         24       246
equipment
Excess tax benefit (shortfall) from stock-based            347      (160)
compensation
Change in assets and liabilities:                                   
Accounts receivable and other assets                       545      581
Prepaid program costs and expenses                         (3,918)  (10,069)
                                                                   
Accounts payable, accrued expenses, and other current      (1,977)  194
liabilities
Participants' deposits                                     (1,661)  (7,040)
Net cash provided by (used in) operating activities        2,219    (6,655)
                                                                   
Cash flows from investing activities:                               
Purchase of available for sale securities                  (74,022) (48,693)
Proceeds from sale of available-for-sale securities        80,521   83,035
Purchase of property and equipment                         (5,139)  (3,101)
Proceeds from sale of property and equipment               --      49
Purchase of intangibles                                    (533)    (493)
Net cash provided by investing activities                  827      30,797
                                                                   
Cash flows from financing activities:                               
Repurchase of common stock                                 (3,056)  (7,590)
Dividend payment to shareholders                           (13,012) (4,258)
Proceeds from exercise of stock options                    --      227
Excess tax shortfall (benefit) from stock-based            (347)    160
compensation
Net cash used in financing activities                      (16,415) (11,461)
                                                                   
Net increase (decrease) in cash and cash equivalents       (13,369) 12,681
Cash and cash equivalents, beginning of period             19,519   6,838
Cash and cash equivalents, end of period                   $ 6,150  $ 19,519
                                                                   
                                                                   

                                Special Items

Due to cost cutting initiatives, the Company incurred charges throughout 2012
related to severance payments made as the workforce was reduced.The company
also incurred legal and other fees relating to a proxy contest.

Lastly, as previously disclosed, the Company was party to a shareholder class
action suit and to an inquiry by the U.S. Securities and Exchange Commission
("SEC") more fully described in the Company's filings with the SEC on Form
10-K and 10-Q available on the Company's website www.ambassadorsgroup.com or
at the SEC website www.sec.gov.

As a result of these events, the operations as presented in the accompanying
financial statements for the three months and year ended December 31, 2012 and
2011, do not reflect a meaningful comparison between periods or in relation to
the operational activities of the Company.In order to provide more meaningful
disclosure, the following table represents a reconciliation of certain
earnings measures before special items to those same items after the impact of
special items (in thousands except per share data):

                            UNAUDITED
                            Net Loss                    EPS
                            Three months ended December Three months ended
                             31,                         December 31,
                            2012           2011         2012       2011
Amount before special items  $ (10,064)    $ (7,488)  $ (0.58) $ (0.43)
Asset impairments and loss   --           (114)       --       (0.01)
on sale
Foreign currency             --           --         --       --
de-designation gain
Legal fees – class action    74            (258)       --       (0.01)
and SEC, net
Legal and other fees - proxy --           --         --       --
contest
Separation payments          (40)          --         --       --
Tax impact                   (3)           62          --       --
Amount per consolidated      $ (10,033)   $ (7,798)  $ (0.58) $ (0.45)
statement of operations
                                                                
                            UNAUDITED
                            Net Income                  EPS
                            Twelve months ended         Twelve months ended
                             December 31,                December 31,
                            2012           2011         2012       2011
Amount before special items  $ 3,208      $ 4,565    $ 0.18   $ 0.26
Asset impairments and loss   --           (236)       --       (0.01)
on sale
Foreign currency             --           183         --       0.01
de-designation gain
Legal fees – class action    (60)          (1,909)     --       (0.11)
and SEC, net
Legal and other fees - proxy (1,370)       --         (0.08)    --
contest
Separation payments          (282)         --         (0.01)    --
Tax impact                   248           353         0.01      0.02
Amount per consolidated      $ 1,744      $ 2,956    $ 0.10   $ 0.17
statement of operations
                                                                
                                                                

                               Deployable Cash

Deployable cash is a non-GAAP liquidity measurement and is calculated as the
sum of cash and cash equivalents, short-term 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 participant deposits. We believe this non-GAAP measurement is useful to
investors in understanding important characteristics of our business.

The following summarizes deployable cash at December 31, 2012 and 2011 (in
thousands):

                                                          UNAUDITED
                                                          December 31,
                                                          2012      2011
Cash, cash equivalents and short-term available-for-sale   $ 38,272 $ 58,647
securities
Prepaid program cost and expenses                          17,217   13,299
Less: Participants' deposits                               (25,735) (27,396)
Less: Accounts payable / accruals / other liabilities      (4,349)  (5,970)
Deployable cash                                            $ 25,405 $ 38,580

CONTACT: Company Contact:
         Anthony Dombrowik
         (509) 568-7800
        
         Investor Relations:
         Stacy Feit
         Financial Relations Board
         (213) 486-6549

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