Income Down At Ambassadors

Ambassadors International Inc. this week reported lower income for 1999 due mostly to $8.1 million in restructuring charges and impairments.

The Spokane-based company, which organizes educational travel tours and management performance programs, earned $1.8 million for the year, or 19 cents a share.

In 1998, earnings were $8.4 million, or 92 cents a share.

The company would have reported 1999 net income of 79 cents a share without the charge-offs.

For the fourth quarter, Ambassador’s loss was $8.4 million, or 87 cents a share, compared with $1.1 million, or 11 cents a share, a year ago.

Net revenues increased 10 percent to $44 million.

President John Ueberroth also announced management changes.

Wayne Wright was appointed president of the Meetings and Incentives division of the Performance Group. Jerry McGee was named executive vice president.

The company closed its Boston office, moving the Convention Services Group to Atlanta and accounting functions to Newport Beach, Calif.

Northwest Bancorporation Inc. reported Friday slightly lower net income for 1999 as losses widened at its mortgage subsidiary.

Northwest, the parent of Inland Northwest Bank and INB Mortgage Co., earned $917,000, or 61 cents a share, compared with $947,000, or 65 cents a share, a year ago.

The bank increased its loans 16 percent compared with 1998, to $106.8 million. Net income was 8.6 percent higher at $1.24 million. Total assets grew 5.8 percent to $160.2 million.

Return on average equity was 11.76 percent. Return on average assets was .80 percent.

INB Mortgage increased revenues 30 percent to $913,000, but losses increased to $233,000.

In response to a diminishing local market, the bank closed its Spokane Valley office and implemented other cost-saving measures.

President Fred Schunter said he expects the local economy to be flat again in 2000, which will hold growth during the year to about 1999 levels.

No branches will be added to its current 10.