Ambassadors Reports Strong Income Gains

Spokane-based Ambassadors International Inc. reported significant gains in gross program receipts, revenue, and net income for the third quarter ended September 30.

Gross program receipts increased 47 percent to $29 million for the third quarter of this year, compared with $19.8 million a year ago. Revenues increased to $9.5 million from $5.9 million as a result of an increase in the number of Education Group delegates and a prior acquisition in the Performance Group.

The 62 percent increase in revenues resulted in a 92 percent increase in net income for the quarter. Net income per share increased to 44 cents, compared with 24 cents in the prior year. The company attributed the improvement to an increase of volume of program participants, a larger product base and stronger margins.

For the first nine months of 1997, net income increased 46 percent to $7 million from $4.8 million for the same period in 1996. Gross program receipts increased 44 percent to $72.1 million for the first nine months of 1997 from $49.9 million in the first nine months of 1996, while revenue increased 42 percent to $23.2 million in 1997 from $16.4 million in 1996 for the same period. , DataTimes