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Norwegian Cruise Line Reports Results For Second Quarter 2013

Stocks in this article: NCLH

Net Revenue Increases 12% on Addition of Norwegian Breakaway and Improved Pricing Adjusted Net Income Grows 67%; Adjusted EPS of $0.29

MIAMI, July 29, 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 ended June 30, 2013, and provided guidance for the third quarter and full year 2013.

Quarter Highlights

  • Adjusted Net Income growth of 67.1% to $60.2 million with Adjusted EPS of $0.29  
  • Adjusted EBITDA increase of 12.8% to $152.3 million  
  • Net Yield increase of 3.5% (3.7% on a Constant Currency basis)   
  • Successful delivery and launch of Norwegian Breakaway  
  • Refinancing transactions strengthen balance sheet, lower interest expense going forward

Second Quarter 2013 Results

"While the addition of Norwegian Breakaway to our fleet was undoubtedly the highlight of the quarter, our strong results, which include our twentieth consecutive quarter of year-over-year Adjusted EBITDA growth, are equally as notable," said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line. "Other initiatives in the quarter, from the refinancing of certain credit facilities to further optimize our capital structure, to the enhancements carried out on Pride of America at her recent dry-dock, demonstrate our culture of leaving no stone unturned in order to add incremental value for our shareholders and enhance the cruise experience for our guests."

The Company reported Adjusted Net Income for the second quarter of 2013 of $60.2 million and Adjusted EPS of $0.29 compared to $36.0 million and $0.20 in 2012, respectively. Adjusted Net Income and Adjusted EPS exclude expenses totaling $70.1 million related to refinancing transactions in the quarter (see "Transactions in the Quarter"). On a GAAP basis, net loss and diluted loss per share were $(8.8) million and $(0.04), respectively.

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