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Norwegian Cruise Line's EBITDA for the second
quarter of 2010 (ended 30 June 2010) improved 12.6% to $94.7
million versus $84.2 million for the same period in 2009 (a 12.1%
increase on an adjusted basis, to $95.7 million from $85.4
million).
An improvement in Net Yield of 6.6% in the
quarter resulted in Net Revenue increasing to $364.7 million from
$353.9 million despite a 3.3% decrease in Capacity Days in the
quarter due to the departure of Norwegian Majesty from the fleet
in October 2009. The increase in Net Yield came from both improved
passenger ticket pricing and increased onboard revenue per
Capacity Day.
Occupancy Percentage for the quarter was 109.2%
while the Net loss for the quarter was $14.9 million on revenue of
$477.9 million compared to net income of $15.4 million on revenue
of $478.4 million in 2009. The net loss in 2010 included a
non-recurring charge of $33.1 million related to foreign exchange
contracts associated with the financing of Norwegian Epic.
Excluding this non-recurring charge, net income for the period was
$18.2 million.
Net Cruise Cost for the second quarter was
essentially flat year over year. On a per Capacity Day basis, Net
Cruise Cost increased 3.5% primarily due to higher average fuel
costs in the period and fewer capacity days as a result of the
departure of Norwegian Majesty. Average fuel cost per metric ton
in the period climbed to $508 in 2010 from $356 in 2009. Net
Cruise Cost Excluding Fuel per Capacity Day decreased 2.3%.
"The results for the quarter demonstrate that we
are continuing to build momentum," said Kevin Sheehan, chief
executive officer of Norwegian Cruise Line. "Our improved results
over last year were achieved while absorbing a 43% increase in the
price of fuel."
Interest expense, net of capitalized interest,
increased to $37 million in the quarter compared to $26.6 million
in 2009 due to higher average interest rates in the period. Other
expense increased to $33.8 million in 2010 versus $4.3 million in
2009 primarily due to the aforementioned loss on foreign exchange
contracts.
NCL has indicated that the second half of 2010
is showing solid improvements in pricing from 2009 levels with
load factors consistent with prior year. Unlike this same time
last year, the company has been successful at holding price while
balancing load factor and the booking curve continues to be healthy,
but has narrowed from the highest levels achieved in the first
quarter of 2010.
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