|
Unique Cruise Solutions The news you need to know |
|||||||||||||||||
|
|||||||||||||||||
 |
 |
|
|||||||||||||||
|
Cruise News for the Corporate Travel Professional |
August 2011 Edition |
||||||||||||||||
|
Regent Seven Seas Reports 6.2 Percent Net Yield Growth |
||||||||||||||||
|
Regent Seven Seas Cruises reported second-quarter results that
show a 6.2 percent increase in net yield and adjusted EBITDA of $24.6 million on
revenue of $122.8 million, compared to adjusted EBITDA of $25.3 million on
revenue of $110.5 million for the second quarter of 2010. The company said the rise in net yield was driven by a strong rise in pricing with net per diem up 4.8 percent and occupancy increasing 1.2 percentage points. Regent had a 4.1 percent reduction in capacity in the second quarter caused by a scheduled dry-dock for Seven Seas Mariner. There were no dry-docks in the second quarter of 2010. “We are extraordinarily pleased with the performance of the brand in the second quarter,” said Chairman and CEO Frank Del Rio. “Our strategy of delivering the industry’s most all-inclusive luxury cruise experience is resonating well in the marketplace and is reflected in our strong net yield growth.” Net cruise costs were up less than 1 percent. Fuel was up 32.3 percent, or $2.5 million, reflecting higher prices. Other expenses were up $3.3 million primarily attributable to the 10-day dry-dock for Seven Seas Mariner. During the second quarter of 2011, the company successfully issued $225 million of new senior secured notes and used a portion of the proceeds to extinguish our second lien term loan and prepay $29 million of our first lien term loan. As part of this transaction, we recorded a loss on early extinguishment of debt of $7.5 million due to the write-off of previously deferred financing costs and prepayment penalties. |
 |
||||||||||||||||
|
|
|||||||||||||||||
 |
|||||||||||||||||
| Up | |||||||||||||||||
|
Worldwide Travel & Cruise Assoc., Inc. 150 S. University Dr. Ste E, Plantation, FL 33324 - USA Tel: +1 954 452 8800 Fax: +1 954 252 3945 EMail: sales@cruiseco.com |
|||||||||||||||||
|
Designed & Published by: Worldwide Media. |
|||||||||||||||||
