Ambassadors Group Executes $7.3 Million Repurchase of Its Common Stock
December 14 2010 - 4:30PM
Ambassadors Group, Inc. (Nasdaq:EPAX) ("Company"), a leading
provider of educational travel experiences, announced that on
December 13, 2010, it repurchased 666,724 shares of its common
stock for approximately $7.3 million, or $11.00 per share. The
transaction took place through a negotiated block
purchase. The Company executed the transaction under
previously announced buyback authorizations by its Board of
Directors.
"Our repurchase program combined with our existing dividend
policy is consistent with the Company's commitment to returning
real value to our shareholders while staying focused on both
continued profitability and fulfilling our core mission," stated
Jeff Thomas, president and chief executive officer of Ambassadors
Group, Inc. "We do not believe this move will have a strategic
impact to our near term cash needs. We have an additional $6.9
million left in authorized potential share buybacks. The
allocation of capital resources remains an important area of
attention for our team."
Business Overview
The Company is a socially conscious education company located in
Spokane, Washington, and 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 the
Company 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
our actual and expected financial performance. 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 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 met. For a more complete discussion of these
and other factors, please refer to the Ambassadors Group, Inc. 10-K
filed March 2, 2010, proxy statement filed April 13, 2010, and 10-Q
filed November 5, 2010.
CONTACT: Ambassadors Group, Inc.
Anthony F. Dombrowik, Senior Vice President, Chief
Financial Officer
(509) 568-7800
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