Norwegian Cruise Line Holding, parent company of Norwegian Cruise Line and NCL America, reported full year 2012 net income of $173.1 million, or $0.97 diluted EPS, before a non-recurring, non-cash share-based compensation charge of $4.5 million related to former CEO, compared to net income of $126.9 million, or $0.71 diluted EPS, in 2011.
Revenue for the full year 2012 increased 2.6% to $2,276.2 million from $2,219.3 million. Net Yield increased 1.6%, or 2.4% on a Constant Currency basis, from higher yields from both passenger ticket and onboard and other revenue. Net cruise costs (NCC) ex Fuel decreased 5.3% in the period, or 4.6% on a Constant Currency basis, as a result of cost improvement initiatives in all line items. The Company's fuel price per metric ton, net of hedges, increased to $664 from $571 from the same period last year. Despite the increase in fuel price, Net Cruise Cost per Capacity Day decreased 1.0%, or 0.5% on a Constant Currency basis.
"We are very pleased to begin our journey as a public company by posting strong results for 2012," said Kevin Sheehan, President and Chief Executive Officer of Norwegian Cruise Line. "In addition, our fourth quarter results marked our eighteenth consecutive quarter of year-over-year Adjusted EBITDA growth," continued Sheehan.
"While 2012 included some unexpected challenges in the macro environment, our results demonstrate our ability to manage our operations through these external factors and report healthy growth," said Sheehan.
For the final quarter, the company repprted net income of $5.6 million and diluted EPS of $0.04, while adjusted EBITDA increased 17% Net Yields increased 2.5% (2.7% on a Constant Currency basis) while net cruise costs NCC ex Fuel decrease of 6.7% (decrease of 5.9% on a Constant Currency basis).
