COMPANY REPORT: 2/22/03
Fundamental data is of 12/31/02
Ambassadors International
Ticker: AMIE
Exchange: NASDAQ
Price: $8.62(2/21close)
Market Cap: 85(millions)
PE Ratio: 30
Shares Outstanding: 9.9 (million)
2002 sales: $14.7 (million)
Net Income: $1.6 (million)
Book Value per share: $10.16
Website: www.ambassadors.com

THE COMPANY
Ambassadors Intl. is another company you have probably never heard of, although you are probably familiar with the company's Chairmen (and 14% owner): None other than Peter Ueberroth, former Commissioner of Major League Baseball. The company is best described as a travel services compnay, that also markets and runs uncentive programs. In March, 2002, the company spun-off its educational travel segment, Ambassadors Group, which now trades separately on NASDAQ.

RECENT NEWS/PERFORMANCE
The company recently reported 2002 earnings of $ 1.57 million on sales of $14.7 million, for a decent profit margin, although, $2.5 million was non-operating income. There is not a lot of news on this company, and its average daily trading volume is just 30000 shares. The real story here is the balance sheet, as you will see later.

POTENTIAL CATALYSTS
Improving economy
The market discovering this company's asset story
An uptick in the company;s operating businesses

THE NCAV STORY (data as of 12/31/02)
Current Assets: 113(million)
Current Liabilities: 11
LT Debt: .0
Other LT Liabilities: 0
NCAV: 102
MKT Cap: 85
NCAV/MKT cap: 1.2 (ratio of NCAV to Mkt cap)

NCAV STORY
The story here, is cash and short-term investments, the current amount of which is $107 million. or nearly $11 per share. There is a minimal amount of accounts receivable, and no inventory to speak of. If you buy this stock at the current price of $8.62 (be careful of bid/ask spreads, this company averages just 30000 shares per day), you are theoretically buying $10.83 in cash, and getting the long term assets (excluding goodwill of $6.8 million) including property, plant and equipment, and other assets worth 68 cents per share, for free.

COMPOSITION OF CURRENT ASSETS
Cash:107(million)
Inventory: 0
Receivables: 2.6
Other: 3
Cash Per Share:$10.83

Fixed and other Assets: 7 (million) excludes goodwill of 6.8 million)

Keep an eye on AMIE, and remember, the story here is cash. An improvement in the company's operating business
should keep cash burn to a minimum. With all that cash, a takeover is not out of the question