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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:EPAX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.89 | 0 | 01:00:00 |
☑ | QUARTERLY report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | TRANSITION report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware
(State or Other Jurisdiction of Incorporation or Organization)
|
91-1957010
(I.R.S. Employer Identification No.)
|
157 S. Howard, Suite 601
Spokane, WA
(Address of Principal Executive Offices)
|
99201
(Zip Code)
|
☑
|
Yes
|
|
☐
|
No
|
☑
|
Yes
|
|
☐
|
No
|
☐
|
Large accelerated filer
|
|
☐
|
Accelerated filer
|
|
☐
|
Non-accelerated filer (Do not check if a smaller reporting company)
|
|
☑
|
Smaller reporting company
|
☐
|
Yes
|
|
☑
|
No
|
Page
|
|
PART I – FINANCIAL INFORMATION
|
|
Item 1. Financial Statements (Unaudited)
|
|
1
|
|
2
|
|
3
|
|
4
|
|
5
|
|
14
|
|
17
|
|
PART II – OTHER INFORMATION
|
|
19
|
|
19
|
|
20
|
|
21 |
Item 1.
|
FINANCIAL STATEMENTS
|
UNAUDITED
September 30,
2015
|
AUDITED
December 31,
2014
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,449
|
$
|
2,002
|
||||
Restricted cash
|
-
|
400
|
||||||
Available-for-sale securities
|
54,158
|
59,502
|
||||||
Prepaid program costs and expenses
|
772
|
1,335
|
||||||
Accounts receivable
|
179
|
666
|
||||||
Total current assets
|
56,558
|
63,905
|
||||||
Property and equipment, net
|
-
|
2,429
|
||||||
Goodwill
|
-
|
70
|
||||||
Other long-term assets
|
-
|
81
|
||||||
Total assets
|
$
|
56,558
|
$
|
66,485
|
||||
LIABILITIES
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
2,088
|
$
|
2,794
|
||||
Participants’ deposits
|
1,913
|
23,161
|
||||||
Foreign currency exchange contracts
|
-
|
1,345
|
||||||
Deferred tax liabilities
|
-
|
18
|
||||||
Other liabilities
|
1
|
1
|
||||||
Total current liabilities
|
4,002
|
27,319
|
||||||
Deferred tax liabilities
|
-
|
6
|
||||||
Total liabilities
|
4,002
|
27,325
|
||||||
Commitments and Contingencies (Note 11)
|
||||||||
STOCKHOLDERS’ EQUITY
|
||||||||
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued and outstanding
|
-
|
-
|
||||||
Common stock, $.01 par value; 50,000,000 shares authorized; 17,575,337 and 17,286,449 shares issued and outstanding, respectively
|
175
|
173
|
||||||
Additional paid-in capital
|
2,818
|
1,630
|
||||||
Retained earnings
|
49,665
|
38,334
|
||||||
Accumulated other comprehensive loss
|
(102
|
)
|
(977
|
)
|
||||
Stockholders’ equity
|
52,556
|
39,160
|
||||||
Total liabilities and stockholders’ equity
|
$
|
56,558
|
$
|
66,485
|
Three months ended
September 30
|
Nine months ended
September 30
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net revenue, non-directly delivered programs
|
$
|
8,090
|
$
|
10,818
|
$
|
24,708
|
$
|
29,027
|
||||||||
Gross revenue, directly delivered programs
|
6,050
|
5,896
|
9,183
|
9,734
|
||||||||||||
Total revenue
|
14,140
|
16,714
|
33,891
|
38,761
|
||||||||||||
Cost of sales, directly delivered programs
|
3,151
|
3,372
|
5,105
|
5,816
|
||||||||||||
Cost of sales, program merchandise markdown
|
-
|
-
|
-
|
554
|
||||||||||||
Gross margin
|
10,989
|
13,342
|
28,786
|
32,391
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling and marketing
|
1,784
|
8,369
|
9,378
|
20,868
|
||||||||||||
General and administrative
|
2,186
|
2,418
|
5,932
|
8,647
|
||||||||||||
Restructuring costs
|
-
|
217
|
-
|
1,756
|
||||||||||||
Asset impairments
|
1,456
|
350
|
1,501
|
2,350
|
||||||||||||
Total operating expenses
|
5,426
|
11,354
|
16,811
|
33,621
|
||||||||||||
Operating income (loss)
|
5,563
|
1,988
|
11,975
|
(1,230
|
)
|
|||||||||||
Other income:
|
||||||||||||||||
Interest and dividend income
|
142
|
84
|
428
|
356
|
||||||||||||
Foreign currency and other income (expense)
|
-
|
(2
|
)
|
(97
|
)
|
6
|
||||||||||
Total other income
|
142
|
82
|
331
|
362
|
||||||||||||
Income (loss) before income tax provision from continuing operations
|
5,705
|
2,070
|
12,306
|
(868
|
)
|
|||||||||||
Income tax provision
|
(975
|
)
|
(158
|
)
|
(975
|
)
|
(416
|
)
|
||||||||
Net income (loss) from continuing operations
|
4,730
|
1,912
|
11,331
|
(1,284
|
)
|
|||||||||||
Discontinued operations:
|
||||||||||||||||
Income (loss) from discontinued segment
|
-
|
196
|
-
|
(9,298
|
)
|
|||||||||||
Income tax benefit
|
-
|
230
|
-
|
1,184
|
||||||||||||
Net income (loss) from discontinued operations
|
-
|
426
|
-
|
(8,114
|
)
|
|||||||||||
Net Income (Loss)
|
$
|
4,730
|
$
|
2,338
|
$
|
11,331
|
$
|
(9,398
|
)
|
|||||||
Weighted-average common shares outstanding - basic
|
17,378
|
17,041
|
17,321
|
16,827
|
||||||||||||
Weighted-average common shares outstanding - diluted
|
17,378
|
17,046
|
17,321
|
16,827
|
||||||||||||
Net income (loss) from continuing operations per share - basic and diluted
|
$
|
0.27
|
$
|
0.11
|
$
|
0.65
|
$
|
(0.08
|
)
|
|||||||
Net income (loss) from discontinued operations per share - basic and diluted
|
n/
|
a
|
$
|
0.03
|
n/
|
a
|
$
|
(0.48
|
)
|
|||||||
Total net income (loss) per share - basic and diluted
|
$
|
0.27
|
$
|
0.14
|
$
|
0.65
|
$
|
(0.56
|
)
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (loss)
|
$
|
4,730
|
$
|
2,338
|
$
|
11,331
|
$
|
(9,398
|
)
|
|||||||
Unrealized gain on foreign currency exchange contracts
|
220
|
(685
|
)
|
1,142
|
(329
|
)
|
||||||||||
Unrealized gain (loss) on available-for-sale securities
|
55
|
(2
|
)
|
(267
|
)
|
265
|
||||||||||
Comprehensive income (loss)
|
$
|
5,005
|
$
|
1,651
|
$
|
12,206
|
$
|
(9,462
|
)
|
Nine months ended September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
11,331
|
$
|
(9,398
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
1,192
|
4,497
|
||||||
Stock-based compensation
|
1,302
|
1,305
|
||||||
Deferred income tax benefit
|
(127
|
)
|
(877
|
)
|
||||
Gain on foreign currency exchange contracts
|
(99
|
)
|
-
|
|||||
Impairment and loss on sale of discontinued operations
|
-
|
9,676
|
||||||
Loss on disposition and impairment of property and equipment, other assets
|
1,840
|
2,364
|
||||||
Program merchandise writedown
|
-
|
554
|
||||||
Excess tax shortfall from stock-based compensation
|
-
|
109
|
||||||
Change in assets and liabilities:
|
||||||||
Accounts receivable and other assets
|
487
|
663
|
||||||
Prepaid program costs and expenses
|
563
|
3,890
|
||||||
Accounts payable, accrued expenses, and other current liabilities
|
(707
|
)
|
2,374
|
|||||
Participants’ deposits
|
(21,248
|
)
|
(16,869
|
)
|
||||
Net cash used in operating activities
|
(5,466
|
)
|
(1,712
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchase of available-for-sale securities
|
(4,923
|
)
|
(29,733
|
)
|
||||
Proceeds from sale of available-for-sale securities
|
10,000
|
22,582
|
||||||
Purchase of property and equipment
|
(488
|
)
|
(1,202
|
)
|
||||
Proceeds from sale of property and equipment
|
36
|
28
|
||||||
Purchase of intangibles
|
-
|
(189
|
)
|
|||||
Proceeds from sale of BookRags, Inc.
|
400
|
4,600
|
||||||
Net cash provided by (used in) investing activities
|
5,025
|
(3,914
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Repurchase of common stock
|
(112
|
)
|
(188
|
)
|
||||
Excess tax shortfall from stock-based compensation
|
-
|
(109
|
)
|
|||||
Net cash used in financing activities
|
(112
|
)
|
(297
|
)
|
||||
Net decrease in cash and cash equivalents
|
(553
|
)
|
(5,923
|
)
|
||||
Cash and cash equivalents, beginning of period
|
2,002
|
9,473
|
||||||
Cash and cash equivalents, end of period
|
$
|
1,449
|
$
|
3,550
|
- | Level 1 – Quoted prices in active markets for identical assets or liabilities. |
- | Level 2 – Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. |
- | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
September 30, 2015
|
Amortized Cost
|
Unrealized
Losses
|
Aggregate Fair
Value
|
|||||||||
Short term municipal securities funds1
|
$
|
54,443
|
$
|
(285
|
)
|
$
|
54,158
|
|||||
Total
|
$
|
54,443
|
$
|
(285
|
)
|
$
|
54,158
|
December 31, 2014
|
Amortized Cost
|
Unrealized
Losses
|
Aggregate Fair
Value
|
|||||||||
Short term municipal securities funds1
|
$
|
59,520
|
$
|
(18
|
)
|
$
|
59,502
|
|||||
Total
|
$
|
59,520
|
$
|
(18
|
)
|
$
|
59,502
|
1
|
Do not have a set maturity date.
|
September 30, 2015
|
Fair Market
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Financial assets: | ||||||||||||||||
Municipal securities1
|
54,158
|
54,158
|
-
|
-
|
||||||||||||
Total financial assets
|
$
|
54,158
|
$
|
54,158
|
$
|
-
|
$
|
-
|
December 31, 2014
|
Fair Market
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Financial assets:
|
||||||||||||||||
Municipal securities1
|
59,502
|
59,502
|
-
|
-
|
||||||||||||
Foreign currency exchange contracts
|
14
|
-
|
14
|
-
|
||||||||||||
Total financial assets
|
$
|
59,516
|
$
|
59,502
|
$
|
14
|
$
|
-
|
||||||||
Financial liabilities:
|
||||||||||||||||
Foreign currency exchange contracts
|
1,359
|
-
|
1,359
|
-
|
||||||||||||
Total financial liabilities
|
$
|
1,359
|
$
|
-
|
$
|
1,359
|
$
|
-
|
1
|
At September 30, 2015 and December 31, 2014, municipal securities consisted solely of holdings in short-term municipal security funds.
|
December 31, 2014
|
||||||||||||
Derivatives designated as
hedging instruments
|
Total Net
|
|||||||||||
Assets
|
Liabilities
|
Liabilities
|
||||||||||
Forward contracts
|
$
|
14
|
$
|
1,359
|
$
|
1,345
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||
Derivative Securities
|
Available-for-sale securities
|
|||||||||||||||
Three months ended
September 30,
|
Three months ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Balance, beginning of period
|
$
|
(220
|
)
|
$
|
164
|
$
|
(157
|
)
|
$
|
(90
|
)
|
|||||
Change before reclassification
|
220
|
(690
|
)
|
55
|
12
|
|||||||||||
Reclassification into net revenue, non-directly delivered programs
|
-
|
5
|
-
|
-
|
||||||||||||
Reclassification into interest and dividend income
|
-
|
-
|
-
|
(14
|
)
|
|||||||||||
Effect of incomes taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Other comprehensive income (loss), net of income taxes
|
220
|
(685
|
)
|
55
|
(2
|
)
|
||||||||||
Balance, end of period
|
$
|
-
|
$
|
(521
|
)
|
$
|
(102
|
)
|
$
|
(91
|
)
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||
Derivative Securities
|
Available-for-sale securities
|
|||||||||||||||
Nine months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Balance, beginning of period
|
$
|
(1,142
|
)
|
$
|
(192
|
)
|
$
|
165
|
$
|
(357
|
)
|
|||||
Change before reclassification
|
1,241
|
(310
|
)
|
(267
|
)
|
272
|
||||||||||
Reclassification into net revenue, non-directly delivered programs
|
(99
|
)
|
(19
|
)
|
-
|
-
|
||||||||||
Reclassification into interest and dividend income
|
-
|
-
|
-
|
(6
|
)
|
|||||||||||
Effect of incomes taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Other comprehensive income (loss), net of income taxes
|
1,142
|
(329
|
)
|
(267
|
)
|
266
|
||||||||||
Balance, end of period
|
$
|
-
|
$
|
(521
|
)
|
$
|
(102
|
)
|
$
|
(91
|
)
|
Stock
Options
|
Weighted-
Average
Exercise Price
|
Weighted-
Average
Remaining
Contractual Life
(years)
|
||||||||||
Outstanding at December 31, 2014
|
551,409
|
$
|
6.05
|
|||||||||
Granted
|
-
|
-
|
||||||||||
Forfeited / Expired
|
(324,885
|
)
|
6.08
|
|||||||||
Exercised
|
-
|
-
|
||||||||||
Outstanding at September 30, 2015
|
226,524
|
$
|
5.95
|
7.05
|
||||||||
Exercisable at September 30, 2015
|
165,081
|
$
|
6.71
|
6.61
|
Restricted Stock Awards
|
Restricted Stock Units
|
||||||||||||||||||||
Restricted
Stock Awards
|
Weighted-
Average Grant
Date Fair Value
|
Weighted-
Average
Remaining
Contractual Life
(years)
|
Restricted
Stock Units
|
Weighted-
Average Grant
Date Fair Value
|
Weighted-
Average
Remaining
Contractual
Life (years)
|
||||||||||||||||
Balance at December 31, 2014
|
341,637
|
$
|
2.83
|
|
82,572
|
$
|
4.17
|
|
|||||||||||||
Granted
|
31,251
|
2.56
|
165,000
|
2.55
|
|||||||||||||||||
Forfeited
|
(33,971
|
)
|
5.06
|
|
(122,226
|
)
|
3.30
|
|
|||||||||||||
Vested
|
(140,646
|
)
|
3.01
|
(105,208
|
)
|
2.88
|
|||||||||||||||
Balance at September 30, 2015
|
198,271
|
$
|
2.29
|
1.05
|
20,138
|
$
|
2.90
|
1.56
|
Performance
Stock Units
|
Weighted-
Average Grant
Date Fair Value
|
Weighted-
Average
Remaining
Contractual Life
(years)
|
||||||||
Balance at December 31, 2014
|
229,315
|
$
|
2.50
|
|
||||||
Granted
|
165,000
|
2.55
|
|
|||||||
Forfeited
|
(173,074
|
)
|
2.80
|
|
||||||
Vested
|
-
|
-
|
||||||||
Balance at September 30, 2015
|
221,241
|
$
|
2.30
|
2.19
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2015
|
September 30,
2014
|
September 30,
2015
|
September 30,
2014
|
|||||||||||||
Total revenue
|
$
|
-
|
$
|
545
|
$
|
-
|
$
|
2,608
|
||||||||
Gross margin
|
$
|
-
|
$
|
472
|
$
|
-
|
$
|
2,285
|
||||||||
Selling & marketing expenses
|
$
|
-
|
$
|
(53
|
)
|
$
|
-
|
$
|
(706
|
)
|
||||||
General & administrative expenses
|
$
|
-
|
$
|
(258
|
)
|
$
|
-
|
$
|
(679
|
)
|
||||||
Restructuring costs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(522
|
)
|
|||||||
Impairment and gain (loss) on sale of discontinued operations
|
$
|
-
|
$
|
35
|
$
|
-
|
$
|
(9,676
|
)
|
|||||||
Operating income (loss) from discontinued operations
|
$
|
-
|
$
|
196
|
$
|
-
|
$
|
(9,298
|
)
|
|||||||
Income tax benefit on discontinued operations
|
$
|
-
|
$
|
230
|
$
|
-
|
$
|
1,184
|
||||||||
Net income (loss) from discontinued operations
|
$
|
-
|
$
|
426
|
$
|
-
|
$
|
(8,114
|
)
|
`
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Numerator:
|
||||||||||||||||
Income (loss) from continuing operations
|
$
|
4,730
|
$
|
1,912
|
11,331
|
(1,284
|
)
|
|||||||||
Income (loss) from discontinued operations
|
-
|
426
|
-
|
(8,114
|
)
|
|||||||||||
Net income (loss)
|
$
|
4,730
|
$
|
2,338
|
$
|
11,331
|
$
|
(9,398
|
)
|
|||||||
Denominator:
|
||||||||||||||||
Weighted-average shares outstanding
|
16,840
|
16,903
|
16,617
|
16,827
|
||||||||||||
Effect of unvested restricted stock awards considered participating securities
|
538
|
138
|
704
|
-
|
||||||||||||
Weighted-average shares outstanding - basic
|
17,378
|
17,041
|
17,321
|
16,827
|
||||||||||||
Effect of diluted restricted stock
|
-
|
5
|
-
|
-
|
||||||||||||
Weighted-average shares outstanding – diluted
|
17,378
|
17,046
|
17,321
|
16,827
|
||||||||||||
Income (loss) from continuing operations - basic
|
0.27
|
0.11
|
0.65
|
(0.08
|
)
|
|||||||||||
Loss from discontinued operations - basic
|
-
|
0.03
|
-
|
(0.48
|
)
|
|||||||||||
Net income (loss) per share - basic
|
$
|
0.27
|
$
|
0.14
|
$
|
0.65
|
$
|
(0.56
|
)
|
|||||||
Income (loss) from continuing operations - diluted
|
0.27
|
0.11
|
0.65
|
(0.08
|
)
|
|||||||||||
Loss from discontinued operations - diluted
|
-
|
0.03
|
-
|
(0.48
|
)
|
|||||||||||
Net income (loss) per share - diluted
|
$
|
0.27
|
$
|
0.14
|
$
|
0.65
|
$
|
(0.56
|
)
|
|||||||
Stock options, restricted stock units, restricted stock awards, and performance share awards excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive
|
227
|
658
|
227
|
751
|
September 30, 2015
|
September 30, 2014
|
|||||||
Unrealized income (loss) on foreign currency exchange contracts
|
$
|
1,345
|
$
|
(329
|
)
|
|||
Unrealized gain (loss) on available-for-sale securities
|
$
|
(267
|
)
|
$
|
265
|
Three Months Ended September 30,
|
||||||||||||||||
2015
|
2014
|
$ Change
|
% Change
|
|||||||||||||
Total revenue
|
$
|
14,140
|
$
|
16,714
|
$
|
(2,574
|
)
|
-15
|
%
|
|||||||
Cost of goods sold
|
3,151
|
3,372
|
(221
|
)
|
-7
|
%
|
||||||||||
Gross margin
|
10,989
|
13,342
|
(2,353
|
)
|
-18
|
%
|
||||||||||
Selling and marketing expenses
|
1,784
|
8,369
|
(6,585
|
)
|
-79
|
%
|
||||||||||
General and administrative expenses
|
2,186
|
2,418
|
(232
|
)
|
-10
|
%
|
||||||||||
Restructuring costs
|
-
|
217
|
(217
|
)
|
-100
|
%
|
||||||||||
Asset impairments
|
1,456
|
350
|
1,106
|
316
|
%
|
|||||||||||
Operating income
|
5,563
|
1,988
|
3,575
|
180
|
%
|
|||||||||||
Other income
|
142
|
82
|
60
|
73
|
%
|
|||||||||||
Income before income tax provision
|
5,705
|
2,070
|
3,635
|
176
|
%
|
|||||||||||
Income tax provision
|
(975
|
)
|
(158
|
)
|
(817
|
)
|
-517
|
%
|
||||||||
Net income from continuing operations
|
$
|
4,730
|
$
|
1,912
|
$
|
2,818
|
147
|
%
|
||||||||
Net income from discontinued operations
|
$
|
-
|
$
|
426
|
$
|
(426
|
)
|
100
|
%
|
Nine Months Ended September 30,
|
||||||||||||||||
2015
|
2014
|
$ Change
|
% Change
|
|||||||||||||
Total revenue
|
$
|
33,891
|
$
|
38,761
|
$
|
(4,870
|
)
|
-13
|
%
|
|||||||
Cost of goods sold
|
5,105
|
6,370
|
(1,265
|
)
|
-20
|
%
|
||||||||||
Gross margin
|
28,786
|
32,391
|
(3,605
|
)
|
-11
|
%
|
||||||||||
Selling and marketing expenses
|
9,378
|
20,868
|
(11,490
|
)
|
-55
|
%
|
||||||||||
General and administrative expenses
|
5,932
|
8,647
|
(2,715
|
)
|
-31
|
%
|
||||||||||
Restructuring costs
|
-
|
1,756
|
(1,756
|
)
|
-100
|
%
|
||||||||||
Asset impairments
|
1,501
|
2,350
|
(849
|
)
|
-36
|
%
|
||||||||||
Operating income (loss)
|
11,975
|
(1,230
|
)
|
13,205
|
1074
|
%
|
||||||||||
Other income
|
331
|
362
|
(31
|
)
|
-9
|
%
|
||||||||||
Income (loss) before income tax provision
|
12,306
|
(868
|
)
|
13,174
|
1518
|
%
|
||||||||||
Income tax provision
|
(975
|
)
|
(416
|
)
|
(559
|
)
|
-134
|
%
|
||||||||
Net income (loss) from continuing operations
|
$
|
11,331
|
$
|
(1,284
|
)
|
$
|
12,615
|
982
|
%
|
|||||||
Net loss from discontinued operations
|
$
|
-
|
$
|
(8,114
|
)
|
$
|
8,114
|
100
|
%
|
Deployable Cash Reconciliation (in thousands)
|
September 30,
|
December 31,
|
||||||||||
2015 | 2014 | 2014 | ||||||||||
Cash, cash equivalents and short-term available-for-sale securities
|
$
|
55,607
|
$
|
57,500
|
$
|
61,504
|
||||||
Prepaid program cost and expenses
|
772
|
17,918
|
1,335
|
|||||||||
Less: Participants’ deposits
|
(1,913
|
)
|
(42,865
|
)
|
(23,161
|
)
|
||||||
Less: Accounts payable / accruals / other liabilities
|
(2,089
|
)
|
(7,248
|
)
|
(2,794
|
)
|
||||||
Deployable cash
|
$
|
52,377
|
$
|
25,305
|
$
|
36,884
|
Free Cash Flow Reconciliation (in thousands) |
Nine months ended September 30,
|
|||||||||||
2015
|
2014
|
$ Change
|
||||||||||
Net cash used in operating activities
|
(5,466
|
)
|
(1,712
|
)
|
(3,754
|
)
|
||||||
Purchase of property, equipment and intangibles
|
(488
|
)
|
(1,391
|
)
|
903
|
|||||||
Free cash flow
|
$
|
(5,954
|
)
|
$
|
(3,103
|
)
|
$
|
(2,851
|
)
|
Item 4. | Controls and Procedures |
(a)
|
Evaluation of disclosure controls and procedures
|
(b)
|
Changes in internal control over financial reporting
|
Item 6. | Exhibits |
31.1 | Certification under Section 302 of the Sarbanes-Oxley Act of 2002. (1) |
31.2
|
Certification under Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
32.1
|
Certification under Section 906 of the Sarbanes-Oxley Act of 2002. (2)
|
AMBASSADORS GROUP, INC.
|
||
Date: November 16, 2015
|
By:
|
/s/ PHILIP B. LIVINGSTON
|
Philip B. Livingston
|
||
Chief Executive Officer
(Principal Executive Officer)
|
Certification under Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
Certification under Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
|
Certification under Section 906 of the Sarbanes-Oxley Act of 2002. (2)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 of Ambassadors Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: November 16, 2015
|
|
/s/ Philip B. Livingston
|
|
Philip B. Livingston
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 of Ambassadors Group, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: November 16, 2015
|
|
/s/ Lisa N. Netz
|
|
Lisa N. Netz
|
|
Vice President, Finance
|
|
(Principal Financial and Accounting Officer)
|
/s/ Philip B. Livingston
|
|
Philip B. Livingston
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
/s/ Lisa N. Netz
|
|
Lisa N. Netz
|
|
Vice President, Finance
|
|
(Principal Financial and Accounting Officer)
|
1 Year Ambassadors Chart |
1 Month Ambassadors Chart |
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