Ambassador International logs profitable quarter Newport Beach...

Ambassador International logs profitable quarter

Newport Beach travel services provider Ambassadors International

Inc. reported a drop in gross revenue, on Tuesday, but logged a

profitable quarter for the three months ending Dec. 31.

Ambassadors, which trades on Nasdaq as AMIE, saw net income from

operations come in at $1.1 million, or 11 cents per share. A year

ago, the company recorded a net loss of $9.7 million, or $1 per

share, for the same period.

For 2002, the company reported net income from continuing

operations of $2.8 million, compared with a net loss of $2.9 million

in 2001.

Ambassadors’ gross revenue, for the past year’s final quarter,

dropped 0.6%, from $13.8 million to $13 million a year ago. But net

revenue rose 0.6% to $4.2 million, from $3.6 million a year ago.

AMIE closed Friday at $8.90, up one cent.

Irvine Sensors reports 108% revenue increase

Irvine Sensors Corp., based in Costa Mesa, reported a 108%

increase in revenues for the first quarter, on Tuesday, and a 69%

reduction in net losses.

The company, a small-cap semiconductor maker, released earnings

from its first quarter, which ended Dec. 29, on Tuesday morning.

Irvine Sensors, which trades on Nasdaq under the symbol IRSN,

reported $5.19 million in total revenues, compared with $2.49 million

from the same period a year ago.

The technology company is still a money loser; it reported that

its net loss shrunk to $693,700, down from the $2.2 million it lost a

year ago.

“Our growth in our funded contract revenue allowed us to achieve

total revenues that were 40% greater than we have ever recorded

before in a first fiscal quarter,” said Chief Executive Robert

Richards. “This kind of growth is difficult to achieve in the October

through December period due to the number of scheduled holidays.”

IRSN fell 11.3% Friday, or 19 cents, to close out the week at

$1.49.