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Norwegian Cruise Line Reports Results For Third Quarter 2013

Stocks in this article: NCLH

MIAMI, Oct. 28, 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 September 30, 2013, and provided guidance for the fourth quarter and full year 2013.

Quarter Highlights

  • Adjusted Net Income growth of 42.1% to $182.2 million with Adjusted EPS of $0.86
  • Adjusted EBITDA increase of 21.2% to $271.0 million
  • Net Yield increase of 4.1% (3.9% on a Constant Currency basis)

Third Quarter 2013 Results

"While the environment this year has become more challenging than anticipated, we demonstrated once again our ability to execute and post solid earnings. Our results for the quarter are the product of a summer season which was bolstered by the premium pricing from Norwegian Breakaway in her first full quarter of operation," said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line. "Improved ticket pricing and onboard spend, along with better than expected results from business improvement initiatives drove incremental EPS in the quarter."

The Company reported Adjusted Net Income for the third quarter of 2013 of $182.2 million and Adjusted EPS of $0.86 compared to $128.2 million and $0.72 in 2012, respectively. On a GAAP basis, net income and diluted earnings per share were $170.9 million and $0.82, respectively for the third quarter of 2013.

A 14.9% increase in Capacity Days from the addition of Norwegian Breakaway to the fleet, coupled with a 4.1% increase in Net Yield, (or 3.9% on a Constant Currency basis) resulted in a 19.6% improvement in Net Revenue for the period. The improvement in Net Yield was a result of higher pricing and onboard revenue in the period.

Adjusted Net Cruise Cost excluding Fuel per Capacity Day increased 4.6% (or 4.3% on a Constant Currency basis) over prior year. Fuel price, net of hedges, increased 2.4% to $695 per metric ton compared to $679 in 2012. The increase was partially offset by fuel consumption efficiencies particularly from the addition of Norwegian Breakaway to the fleet.

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