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World video travel guide
Norwegian Cruise Line reports results for first quarter 2011
- Company Posts 37.5% Increase in Adjusted EBITDA
- Addition of Norwegian Epic and Improved Pricing Drive Results
Wiesbaden, May 04, 2011 – Norwegian Cruise Line (NCL Corporation Ltd., “Norwegian” or the “Company”) today reported results for the three months ended March 31, 2011.
Adjusted EBITDA for the first quarter of 2011 improved 37,5% to $81,9 million versus $59,5 million for the same period of 2010. Net Revenue for the quarter increased 20,7% to $368,0 million from $304,9 million in 2010 resulting from a 17,9% increase in Capacity Days, due to the addition of Norwegian Epic to the fleet in June 2010, coupled with an increase in Net Yield of 2,4%. The increase in Net Yield was a result of both improved passenger ticket pricing and increased onboard spend per Capacity Day. Occupancy Percentage for the period was 107,1% compared to 107,9% in the prior period.
Continued pricing discipline and cost control, along with economies of scale attributed to Norwegian Epic, allowed the Company to absorb a 6,6% increase in the per metric ton price of fuel in the period. The Company reported a decrease in Net Cruise Cost per Capacity Day of 1,3% versus prior year. The price of fuel for the first quarter of 2011 increased to $520 per metric ton from $488 in 2010. Excluding fuel expense, Net Cruise Cost per Capacity Day decreased 2.6%.
“I am pleased to see that pricing along with the impact of Norwegian Epic drove such a significant improvement in the quarter,” said Kevin Sheehan, Norwegian Cruise Line’s president and chief executive officer. “On top of the healthy pace our Net Yield grew in the quarter, we also rolled over a very lucrative one-month charter in February 2010 for the Winter Olympics in Vancouver. Excluding the pricing benefit of this charter, our Net Yield improvement would have been 3,8% for the quarter. In addition, our improved Adjusted EBITDA resulted not only from our increased revenue, but also our continued razor focus on controlling costs without affecting the guest experience.”
Interest expense, net of capitalized interest, increased to $47,9 million in the quarter compared to $35,8 million in 2010 due to increased borrowings mainly attributable to the addition of Norwegian Epic. Other income was $2,4 million in 2011 versus expense of $0,6 million in 2010. Net loss for the quarter decreased to $10,6 million on revenue of $495,5 million compared to a net loss of $16,1 million on revenue of $416,5 million in 2010.
Updates
The first phase of enhancements at Great Stirrup Cay, the Company’s 250-acre private island in the Bahamas, has been completed. A new marina and dining facility on the island opened in February, representing a significant milestone in the $25 million enhancement project. A new welcome pavilion is scheduled to open this month and construction on a new straw market is commencing. “Great Stirrup Cay was developed to provide our guests an extraordinary island experience and we are thrilled with the exceptionally positive feedback we are receiving on the recent enhancements,” commented Sheehan.
For further information and figures please see attached original text.
About Norwegian Cruise Line
NCL Corporation Ltd. is an internationally operating cruise line headquartered in Miami, Florida. NCL (Bahamas) Ltd., Wiesbaden Office is the responsible branch office for the Continental European market.
Norwegian Cruise Line is the innovator in cruise travel with a 44-year history of breaking the boundaries of traditional cruising, most notably with the introduction of Freestyle Cruising which has revolutionized the industry by allowing guests more freedom and flexibility.
Today, Norwegian Cruise Line has 11 purpose-built Freestyle Cruising ships, providing the guests the opportunity to enjoy a relaxed cruise vacation on some of the newest and most contemporary ships at sea. The Company has two 4,000-passenger vessels on order for delivery in spring 2013 and spring 2014.
Norwegian’s largest and most innovative Freestyle Cruising ship, Norwegian Epic, debuted in June 2010. Three of its modern Freestyle Cruising ships are deployed in Europe in the 2011/12 season; in the 2012/13 season with the largest European deployment in company history, the cruise line will have four ships sailing in European waters. Norwegian Cruise Line is the official cruise line of Blue Man Group, appearing for the first time at sea on Norwegian Epic, as well as the official cruise line of Legends in Concert, Second City® Comedy Troupe, Howl at the Moon Dueling Pianos, Gibson Guitar, and Nickelodeon, the number-one entertainment brand for kids. Cirque Dreams® & Dinner is also featured on board Norwegian Epic as the first show of its kind at sea under a big top.
In October 2010, the cruise line received the World Travel Award as “Europe’s Leading Cruise Line” for the third year running.
High resolution, downloadable images are available at www.ncl.eu/pressroom
For more information on the new Norwegian Epic visit http://www.epic.ncl.eu
