Ambassadors International, Inc. (Nasdaq: AMIE) has reported a net loss of $2.4 million on revenues of $80.6 million for the three months ended June 30, 2008, compared to net income of $5.8 million on revenues of $80.3 million for the three months ended June 30, 2007.

Marine revenues in the second quarter of 2008 increased $2.7 million over the second quarter of 2007 as a result of an increase in sales in Bellingham Marine, the Company’s marina construction business. Travel, incentive and event related revenue in the second quarter of 2008 increased $0.1 million over the same period in 2007 primarily due to an increase in program volume. Cruise revenues decreased $2.4 million in the second quarter of 2008 over the same period in 2007 due to $1.6 million decline in revenue from Windstar Cruises which was acquired in April 2007 and $0.8 million decline in revenue from Majestic America Line. Additionally, a decrease of $0.2 million in insurance premiums earned on existing insurance programs as a result of not entering into any new programs in 2008 also offset the increase in revenue for the three months ended June 30, 2008.

Costs and operating expenses were $81.5 million in the second quarter of 2008, a decrease of $0.1 million from the second quarter of 2007. Costs and operating expenses in the second quarter of 2008 included a $5.9 million decrease in Majestic America Line operating costs. This decrease was offset by a $2.4 million increase in operating costs for Windstar Cruises and a $3.4 million increase in costs in the marine division, primarily due to the increase in cost of marine revenue resulting from increased revenues generated during the period.