Gregory Bylinsky and Jefferson Gramm‘s Bandera Partners has revealed, in a new filing with the SEC that Jeff Gramm was appointed to be elected to the Board of Directors of Ambassadors Group Inc (NASDAQ:EPAX). The fund currently owns 3.05 million shares of the company the position is amassing 18.1%.
Aside from Bandera Partners, Lisa Rapuano‘s Lane Five Capital reported a stake in Ambassadors Group Inc (NASDAQ:EPAX), its position amasses 1.19 million shares of Ambassadors Group. Thomas E. Lynch‘s Mill Road Capital Management disclosed ownership of 811,600 shares in its latest 13F filing.
For 2013, Ambassadors Group Inc (NASDAQ:EPAX), which is an educational company specialized in promoting global travel programs for students and professionals, reported a gross revenue of $116.2 million, down $139.9 million reported in 2012. At the same time the company posted a net loss of $7.1 million, significantly down from a net income of $1.7 million in 2012. However, the company is positive regarding its outlook for the current year, expecting gross revenues of up to 120 million, according to a statement. Moreover, the company expects a net income before special items to be in the range of $1.00 million to $3.00 million.
The stock of Ambassadors Group Inc (NASDAQ:EPAX) has declined by over 13% since the beginning of the year, losing ground on the back on negative financial results.
At the beginning of the year, Bandera Partners reported reducing its exposure to Tandy Leather Factory, Inc. (NASDAQ:TLF), holding 2.86 million shares, which represent around 28% of common stock. Overall, the fund holds an equity portfolio worth approximately $204.3 million, divided between Technology, Consumer Goods, Financial and Services stocks. The three largest positions from the funds latest 13F amass over 13% of the equity portfolio each and are represented by Star Gas Partners, L.P. (NYSE:SGU), Tandy Leather Factory, Inc. (NASDAQ:TLF), and Google Inc (NASDAQ:GOOG). The fund holds 5.33 million shares of Star Gas Partners and approximately 24,800 shares of Google, the value of the stakes amounting to $28 million and $27.74 million respectively.