"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.
2012 Fourth Quarter Results
The Company reported fourth quarter 2012 net income of $5.6 million and diluted EPS of $0.04, before the aforementioned share-based compensation charge, compared to a net loss in 2011 of $(1.9) million, or $(0.01) diluted EPS. Revenue for 2012 increased to $503.2 million from $488.6 million in 2011.
Contributing to the increase in revenue were slightly higher Capacity Days in the quarter and a Net Yield improvement of 2.5%, or 2.7% on a Constant Currency basis, from higher ticket pricing and onboard spend per Capacity Day. NCC ex Fuel decreased 6.7%, or 5.9% on a Constant Currency basis, from the timing of certain repairs and maintenance expense, including dry-docks, and business improvement initiatives. The Company's fuel price per metric ton, net of hedges, increased to $695 from $573 in the same period last year. Including fuel expense, Net Cruise Cost per Capacity Day was essentially flat on both an as-reported and Constant Currency basis.Guidance for 2013 In addition to the results for the fourth quarter and full year 2012, the Company also issued the following guidance which reflects its expectations for the first quarter and full year 2013. First Quarter 2013 For the first quarter of 2013, compared to the same period in 2012, Net Yield is expected to increase between 2.5% and 3.5% (1) on both an as reported and Constant Currency basis. Net cruise cost excluding fuel per capacity day basis is expected to be flat to up 1.0% (2) on both an as reported and Constant Currency basis. Adjusted EPS (3) is expected to be in the range of $0.02 to $0.05. Fuel consumption is expected to be approximately 109,000 metric tons with a per metric ton price of approximately $670 (4), net of hedges. Full Year 2013 For the full year 2013, compared to the same period in 2012, Net Yield is expected to increase between 3.5% and 5.5% (5) on both an as reported and Constant Currency basis. Fuel consumption is expected to be approximately 460,500 metric tons with a per metric ton price of approximately $695 (6), net of hedges. Adjusted EPS (3) is expected to be in the range of $1.20 to $1.40. "2013 marks the beginning of the next chapter of Norwegian's growth story," commented Sheehan. "The delivery of our Breakaway and Breakaway Plus class vessels, designed to improve on the already successful platform of Norwegian Epic, along with our strong product proposition that offers a consistent experience throughout our fleet, has Norwegian well positioned for 2013 and beyond."