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

Stocks in this article: NCLH

(1) Based on the midpoint of guidance on an as reported basis, a 25 basis point change in Net Yield results in a change of approximately $1.0 million to Net Revenue ($0.40 to Net Yield).

(2) Based on the midpoint of guidance on an as reported basis, a 25 basis point change in NCC ex fuel per Capacity Day results in a change of approximately $0.5 million to NCC ex Fuel ($0.25 change to NCC ex Fuel per Capacity Day).

(3) Adjusted EPS guidance based on net income excluding one-time charges related to the Company's initial public offering, issuance of $300 million in senior unsecured notes, redemption of the full amount of the Company's outstanding $450 million 11.75% senior secured notes due 2016 and partial redemption of our outstanding $350 million 9.5% senior unsecured notes due 2018.

(4) A 10% increase in fuel price results in a change of approximately $2.0 million in fuel expense, net of hedges.

(5) Based on the midpoint of guidance on an as reported basis, a 25 basis point change in Net Yield results in a change of approximately $5.0 million to Net Revenue ($0.45 to Net Yield).

(6)  A 10% increase in fuel price results in a change of approximately $11.5 million in fuel expense, net of hedges.

Subsequent Events

On January 24, 2013 the Company closed on an initial public offering ("IPO") of 27,058,824 of its ordinary shares, including shares sold as a result of the full exercise by the underwriters of their option to purchase additional shares, at a price of $19.00 per share. In addition, on February 6, 2013, the Company closed on the sale of $300 million of senior unsecured notes due February 2018 at a coupon of 5.00% per annum. The notes were issued at a price of 99.451%. The aggregate net proceeds of the IPO and the notes offering, after deducting underwriting discounts, commissions, initial purchasers' discount and estimated fees and expenses, were used to prepay certain credit facilities, repay amounts pursuant to the Norwegian Sky Agreement, redeem the full amount of the outstanding $450 million 11.75% senior secured notes due 2016, redeem a portion of the outstanding $350 million 9.5% senior notes due 2018 and for general corporate purposes. 

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