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Ambassadors Group, Inc.
Nasdaq: EPAX
IndustryEducational travel
FoundedSpokane, Washington (1967)
HeadquartersSpokane, Washington
RevenueIncreaseUS$98.6 million (FY 2009) [1]
IncreaseUS$32.2 million (FY 2009)[1]
IncreaseUS$20.3 million (FY 2009)[1]
Total assetsIncreaseUS$128 million (FY 2009)[2]
Total equityIncreaseUS$91.0 million (FY 2009)[2]
SubsidiariesBookRags
Websitearchive.today/20130116192319/http://www.ambassadorsgroup.com
BookRags
Type of site
Internet Study guide and Lesson plan
Available inEnglish
OwnerAmbassadors Group
Founder(s)James Yagmin and David Lieberman
URLwww.bookrags.com
CommercialYes
RegistrationYes
Current statusActive

Ambassadors Group, Inc. is a defunct publicly traded educational travel company based in Spokane, Washington.[3] It was originally an operating division of Ambassadors International, Inc., but was divested into a separate corporation in 2002 to form the company under its current name.[4] The CEO is Jeffrey Thomas, whose 2009 compensation totaled over $1.7 million.[5]

This for-profit company has a close business relationship with People to People Student Ambassador Program and several other related cultural exchange groups involving students from several countries.[citation needed]

According to the company's end of year filings, in 2008 and 2009, Ambassadors Group served 41,929 and 34,248 travelers, respectively.[6] In 2010, the company estimated that it would serve 26,674 participants (a net decrease of 22%.[7])

History

  • In 1956, President Dwight D. Eisenhower founded People to People.
  • In 1967, Ambassadors Group is founded
  • In 1995, Ambassadors Group became a wholly owned subsidiary of Ambassadors International, Inc. Jeffrey Thomas joined the company.
  • In 1996, acquisition of Marc L. Bright (professionals). Jeffrey Thomas becomes President.
  • In 1999, acquisition of Travel Dynamics (sport)
  • In 2001, Jeffrey Thomas became CEO
  • On February 28, 2002, Ambassadors Group spun off from Ambassadors International
  • In March 2007, Ambassadors International bought Windstar from Carnival for $100 million.[8]
  • On May 15, 2008, Ambassadors Group bought BookRags, an educational website for $18 million.[9][10][11] The merger was a friendly takeover.[12]
  • On March 17, 2009, Ambassadors Group announced its partnership with Discovery Education to become the travel provider for the new Discovery Student Adventures learning and adventure-based trips for students in grades 5–12.[13] In 2010 approximately 125 students traveled.[14]
  • On April 30, 2013, Jeffey Thomas resigns from Ambassadors Group.
  • On July 13, 2015 the company announced its imminent dissolution. Ambassadors Group cites losses of over $17.5 Million in 2014 and floundering sales as causes for closing up shop at the end of this year.[15] A bankruptcy court in Delaware held a two-day auction and Anschutz Corporation won Windstar Cruises with a bid of $39 million.[16]
  • On October 8, 2015, it was announced that beginning in 2016, Enriching Cultural Experiences (ECE) International will serve as the travel provider of People to People International replacing the Ambassadors Group.[17]

Travelers (thousands) :

years[18] 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
travelers 15.5 17.1 25.3 25.8 21.0 22.7 30.6 37.8 43.1 52.7 41.9 34.2 26.7

BookRags

BookRags is an educational website that provides summaries, study guides, and lesson plans on literary works. Based in Chicago, Illinois, United States, the website is a subsidiary of Gradesaver LLC. BookRags was founded in 1999 by James Yagmin and David Lieberman, who had recently graduated from college.[9][19] On May 15, 2008, BookRags was bought by Ambassadors Group for $18 million.[9][20][21] The merger was a friendly takeover.[22]

BookRags contains concise book summaries and thorough analysis of more than 6,000 literary works, which is, according to one source, the largest collection online.[23] It also has a list of characters and their descriptions, as well as an important quotes section.[24] The website has over 10,000 e-Books in its collection[25] and 8,400 biographies in its database. It facilitates students purchasing duplicates of fellow students' papers.[26]

In a 2010 interview with The New York Times, Carl Fisher, the department chair of the comparative world literature and classics at California State University, Long Beach, criticized BookRags for being "simplistic" and "forc[ing] people to pay up front".[27]

References

  1. ^ a b c Ambassadors Group (EPAX) annual SEC income statement filing via Wikinvest.
  2. ^ a b Ambassadors Group (EPAX) annual SEC balance sheet filing via Wikinvest.
  3. ^ "Ambassadors Group reports jump in Q2 results". Puget Sound Business Journal. American City Business Journals. 2004-07-19. Archived from the original on 2011-05-26. Retrieved 19 February 2009.
  4. ^ "Ambassadors to spin off its student travel group". The Spokesman-Review. Cowles Publishing Company. 2002-01-30. Archived from the original on 17 October 2012. Retrieved 19 February 2009.
  5. ^ "Jeffrey D. Thomas". Forbes. 2010. Archived from the original on 19 February 2011. Retrieved 18 January 2011.
  6. ^ "Ambassadors Group Reports Results for the Fourth Quarter and Full Year 2008" (press release). Ambassadors Group. Yahoo! Finance. 2009-02-05. Archived from the original on 2009-03-05. Retrieved 2009-03-05.
  7. ^ "Ambassadors Group Reports Results for the third Quarter 2010" (press release). Ambassadors Group. Ambassadors Group. 2010-10-20. Archived (PDF) from the original on 2011-07-07. Retrieved 2010-10-21.
  8. ^ "Windstar Cruises Sold". www.cruiseindustrynews.com. 2007-03-01. Retrieved 2022-02-07.
  9. ^ a b c "BookRags, Inc". BusinessWeek. Archived from the original on 2012-06-16. Retrieved 2009-02-21.
  10. ^ "Ambassadors Group buys BookRags for $18 million". International Business Times. Associated Press. 2008-05-21. Archived from the original on 2008-11-13. Retrieved 22 February 2009.
  11. ^ "Ambassadors Group buys BookRags". Puget Sound Business Journal. American City Business Journals. 2008-05-22. Archived from the original on 2008-09-28. Retrieved 22 February 2009.
  12. ^ "BookRags Inc & Ambassadors Group Inc". CNNMoney.com. Time Warner. 2008-12-12. Archived from the original on 2009-02-23. Retrieved 22 February 2009.
  13. ^ "Discovery Education to Launch International Travel Program for Students and Teachers". C. Blohm. 2009-03-17. Archived from the original on 11 September 2011. Retrieved 22 March 2009.
  14. ^ "Ambassadors Group, Inc. CEO Discusses Q3 2010 Earnings - Call Transcript" (press release). Ambassadors Group. seekingalpha.com. 2010-10-21. Retrieved 2010-10-22.
  15. ^ "Ambassadors Group going out of business - Spokane, North Idaho News & Weather KHQ.com". Archived from the original on 2015-07-14. Retrieved 2015-07-14.
  16. ^ "Denver billionaire Anschutz buying Windstar". www.bizjournals.com. Retrieved 2022-02-07.
  17. ^ "PTPI - Immersive Travel & Events". October 8, 2015. Archived from the original on October 11, 2015. Retrieved 2015-10-19.
  18. ^ Ambassadors Group (EPAX) annual SEC 10K
  19. ^ "About BookRags". BookRags. Archived from the original on 2009-02-19. Retrieved 2009-02-21.
  20. ^ "Ambassadors Group buys BookRags for $18 million". International Business Times. Associated Press. 2008-05-21. Archived from the original on 2008-11-13. Retrieved 2009-02-22.
  21. ^ "Ambassadors Group buys BookRags". Puget Sound Business Journal. American City Business Journals. 2008-05-22. Archived from the original on 2008-09-28. Retrieved 2009-02-22.
  22. ^ "BookRags Inc & Ambassadors Group Inc". CNNMoney.com. Time Warner. 2008-12-12. Archived from the original on 2009-02-23. Retrieved 2009-02-22.
  23. ^ "Content Areas". Indiana Department of Education. Archived from the original on 2009-04-11. Retrieved 2009-02-22.
  24. ^ Philippot, Raymond; Graves, Michael F. (2008). Fostering Comprehension in English Classes: Beyond the Basics. Minneapolis: Guilford Press. p. 18. ISBN 978-1-59385-883-4.
  25. ^ Cavanaugh, Terence W. (2006). The Digital Reader: Using E-books in K-12 Education. Upper Saddle River, New Jersey: ISTE. p. 120. ISBN 1-56484-221-5. BookRags 10.000 eBooks.
  26. ^ Hansell, Saul (2008-10-20). "Glam Breaks Into Top 10 in Traffic, but How?". The New York Times. Archived from the original on 2013-07-06. Retrieved 2015-01-21.
  27. ^ Furchgott, Roy (2010-09-15). "A Professor's Review of Online Cheat Sheets". The New York Times. Archived from the original on 2015-11-01. Retrieved 2015-01-21.
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