On February 15, 2010, John G. Bianco III resigned as a member of the board of directors of Ambassadors International Inc. due to family reasons. At a meeting of the Board of Directors held on February 18, 2010, the Board appointed Timothy J. Bernlohr to fill the vacancy created by Mr. Bianco's resignation. Mr. Bernlohr will serve as a Class III director of the company. Mr. Bernlohr was appointed to serve as the chairman of the Compensation Committee and a member of the Audit Committee of the Board. Mr. Bernlohr is the founder and managing member of TJB Management Consulting, LLC.

Ambassadors International Inc. appointed three new directors to its Board of Directors. The company and the Board of Directors appointed Eugene I. Davis, Stephen P. McCall and John Bianco as members of its Board of Directors. Mr. Davis will serve as Chairman of the Board. Arthur A. Rodney, who also serves as Chief Executive Officer of the company, and Daniel J. Englander will continue their service as members of the Board of Directors. The company accepted the resignations of Rafer L. Johnson and J. Hale Hoak and thanked them for their service to the company. The resignations did not relate to any disagreement with the company.

Ambassadors International Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's operating revenues totaled $17.4 million, a reduction of $41.3 million, from $58.7 million reported during the three months ended September 30, 2008. Operating loss from continuing operations totaled $31.9 million or $3.08 per diluted share for the quarter compared to income from continuing operations of $9.0 million or $0.64 per diluted share for the comparable period last year. Net loss for the quarter was $34.7 million or $3.18 per diluted share as compared to net income of $9.0 million or $0.72 per diluted share during the third quarter of 2008. Loss from continuing operations before income taxes was $33.7 million compared with income from continuing operations before income taxes of $8.1 million a year ago. For the nine months, the company's revenue was $48.8 million, down $86.6 million, from revenue of $135.4 million for the comparable period last year. Operating loss from continuing operations totaled $57.3 million or $5.53 per diluted share for the period compared to $4.9 million or $0.74 per diluted share for the comparable period last year. Net loss was $68.2 million or $6.10 per diluted share for the period as compared to a net loss of $6.4 million or $0.59 per diluted share for the nine months ended September 30, 2008. Loss from continuing operations before income taxes was $61.9 million compared with loss from continuing operations before income taxes of $9.4 million a year ago. The company announced non-cash impairment charges of approximately $32.0 million for the quarter ended September 30, 2009.

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AMBASSADORS INTERNATIONAL INC Files SEC form 8-K, Change in Directors or Principal Officers