SEATTLE, Nov. 12, 2010 /PRNewswire-FirstCall/ --
Ambassadors International, Inc. (the "Company") (Nasdaq: AMIE)
announced today its financial results for the third quarter ended
September 30, 2010.
Key Highlights
Ambassadors reported positive operating income of $0.6 million from continuing operations for the
three months ended September 30, 2010
compared to an operating loss from continuing operations of
$32.7 million for the three months
ended September 30, 2009.
Revenues from continuing operations for the three months ended
September 30, 2010 were $19.8 million, compared to $17.7 million for the three months ended
September 30, 2009. The increase in
revenue was primarily due to increased net fares per passenger
during the third quarter of 2010.
Cruise operating expenses were $13.9
million for the three months ended September 30, 2010 compared to $13.3 for the three months ended September 30, 2009. The increase in cruise
operating expenses was primarily due to an increase in fuel costs
and the amortization of prior drydock expenditures, offset by cost
savings in port fees and insurance following the transition of the
ship management to in-house personnel in September of 2009.
Net loss for the three months ended September 30, 2010 was $0.6 million compared to a net loss of
$35.2 million for the three months
ended September 30, 2009.
2010 Outlook
"There is still uncertainty in the economy and the travel market
continues to be challenging," said Hans
Birkholz, CEO of Ambassadors International Inc., and
Windstar Cruises. "As a result, we continue to experience
significant pressure on price points."
"We do feel comfortable about our liquidity position, with cash
and cash equivalents on hand and the full availability of our
revolving credit facility," said Birkholz.
2011 Outlook
"While we remain optimistic about our advance bookings for 2011
for both our charter and FIT business, the economy still has not
fully recovered, and the Company continues to be impacted by this,"
said Birkholz. "Our plan for 2011 is to continue to aggressively
market Windstar's value proposition in conjunction with strong
offers to drive revenue."
Conference Call Scheduled
Ambassadors International, Inc. will host a conference call to
discuss the results of operations on Friday,
November 12, 2010 at 2:00 p.m.
Eastern Time. Interested parties may join the call by
dialing (877) 842-7102, conference ID #: AMIE. The conference call
may also be joined via the Internet at http://www.ambassadors.com.
For conference replay access, parties may dial (800) 642-1687,
conference ID #: 22793904 and follow the prompts. Post-call replay
will be available two days following the completion of our
call.
About Ambassadors International, Inc.
Ambassadors International, Inc. is primarily a cruise company
with headquarters in Seattle,
Washington. The Company operates Windstar Cruises, a
three-ship fleet of luxury yachts that explore the hidden harbors
and secluded coves of the world's most sought-after destinations.
Carrying just 148 to 312 guests, the luxurious ships of Windstar
cruise to nearly 50 nations, calling at 100 ports throughout
Europe, the Caribbean and the Americas. In this
press release, any reference to "Company," "Ambassadors,"
"management," "we," "us" and "our" refers to Ambassadors
International, Inc. and its management team.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on our current expectations and entail various risks and
uncertainties that could cause our actual results to differ
materially from those suggested in our forward-looking statements.
We believe that such risks and uncertainties include, among others,
our ability to refinance our debt or to obtain additional financing
at reasonable rates; our ability to continue to operate as a going
concern; our ability to effectively and efficiently operate our
cruise business; customer cancellation rates; competitive
conditions in the industry in which we operate; marketing expenses;
extreme weather conditions; the impact of new laws and regulations
affecting our business; negative incidents involving cruise ships,
including those involving the health and safety of passengers;
cruise ship maintenance problems; reduced consumer demand for
vacations and cruise vacations; changes in fuel, food, payroll,
insurance and security costs; changes in relationships with certain
travel providers; changes in vacation industry capacity; and other
economic factors and other considerations affecting the travel
industry; potential of our common stock not listed on a US national
securities exchange or quoted on an established automated over the
counter trading market in the US exchange; and other factors
discussed more specifically in our annual, quarterly and current
reports filed with the SEC on Forms 10-K, 10-Q and 8-K. We are
providing this information as of the date of this release and do
not undertake any obligation to update any forward-looking
statements contained in this document as a result of new
information, future events or otherwise.
Additional Information
For further information, please contact Tammy Smolkowski of Ambassadors International,
Inc. at (206) 292-9606.
SOURCE Ambassadors International, Inc.