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Norwegian Cruise Line Reports Results For The Fourth Quarter And Full Year 2012

MIAMI, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Norwegian Cruise Line (Nasdaq:NCLH) (Norwegian Cruise Line Holdings Ltd., NCL Corporation Ltd., "Norwegian" or "the Company"), today reported results for the quarter and year ended December 31, 2012.

2012 Full Year Highlights

  • Net income of $173.1 million and diluted EPS of $0.97, excluding share-based compensation charge detailed below
  • Adjusted EBITDA increase of 10%
  • Net Yield increase of 1.6% (2.4% on a Constant Currency basis)
  • Net Cruise Cost per Capacity Day Excluding Fuel ("NCC ex Fuel") decrease of 5.3% (decrease of 4.6% on a Constant Currency basis)
  • Expansion of newbuild program with order for Breakaway Plus ship for delivery in Q4 2015 with option for second ship

2012 Fourth Quarter Highlights

  • Net income of $5.6 million and diluted EPS of $0.04, excluding share-based compensation charge detailed below
  • Adjusted EBITDA increase of 17%
  • Net Yield increase of 2.5% (2.7% on a Constant Currency basis)
  • NCC ex Fuel decrease of 6.7% (decrease of 5.9% 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.

2012 Full Year Results

The Company 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. 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.

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