Regent Seven Seas Cruises (Seven Seas Cruises S. DE R.L., or the “Company”) reported financial results on August 12 for the second quarter ended June 30, 2014.
– Total Revenue was a record $142.9 million in the second quarter of 2014 compared to $142.7 million in the second quarter of 2013.
– Adjusted EBITDA was a record $29.8 million in the second quarter of 2014, an increase of 4.6% compared with $28.5 million in the second quarter of 2013.
– Net Income was a record $11.7 million in the second quarter of 2014, compared to $6.5 million in the second quarter of 2013.
– Net Yield increased 7.8% to a record $561.85 for the quarter compared with $521.24 in the second quarter of 2013.
– Occupancy was 95.4%, a decrease of 1.5 percentage points from a year earlier, while capacity during the quarter was 167,790 Available Passenger Cruise Days compared to 171,990 in the second quarter of 2013, due to 6 days of the 10- day scheduled Seven Seas Mariner drydock occurring in April 2014.
Commenting on the second quarter of 2014, the Company's Chairman and CEO, Frank Del Rio stated, “We are pleased with our financial results, including record revenue, Adjusted EBITDA, net income and Net Yield for the quarter. In July, construction began on Seven Seas Explorer with a steel cutting ceremony at the Fincantieri shipyard in Genoa, Italy. The ceremony marked the beginning of what we believe will set the standard for luxury cruising when Seven Seas Explorer joins the fleet in the summer of 2016. Our strong financial performance and new construction are a reflection of our commitment to providing our guests with an extraordinary experience."
Other key operating metrics for the second quarter of 2014 compared to the prior year are as follows:
– Net Cruise Cost, excluding Fuel and Other expense, per APCD, increased 0.5% for the quarter compared to the second quarter of 2013 due to fewer Available Passenger Cruise Days.
– Fuel expense, net of settled fuel hedges, was $9.8 million for the quarter compared to $10.1 million for the second quarter of 2013.
– Other expense was $4.9 million for the quarter compared to $1.3 million for the second quarter of 2013 due to 6 days of the 10-day scheduled Seven Seas Mariner drydock occurring in April 2014.
