Norwegian Cruise Line Reports Results for Fourth Quarter and Full Year 2009
EBITDA in the fourth quarter improved to $37.4 million from $6.6 million and to $324.1 million from $228.1 million for the year
Norwegian Cruise Line (NCL Corporation Ltd., 'Norwegian' or 'the Company') today reported results for the fourth quarter and full year ended December 31, 2009. 'Norwegian now has an entirely young and modern fleet of vessels designed exclusively with our signature Freestyle Cruising in mind. In addition all eyes are on the upcoming launch of our newest and largest purpose-built Freestyle Cruising ship, Norwegian Epic.' Company Highlights
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* Net Cruise Cost per Capacity Day decreased 14.3% in the fourth quarter and 17.4% for the year
* Net Yield for the quarter and full year decreased 4.2% and 7.7%, respectively
* Fleet renewal complete with the departure of Norwegian Majesty in October 2009
* Market eagerly anticipates delivery of Norwegian Epic in less than four months
Norwegian continued its trend of improved year-over-year EBITDA performance and, despite a challenging operating environment in 2009, EBITDA grew 42% over 2008. 'With 2009 posing one of the most challenging operating environments in history, I am extremely pleased that we have produced meaningful EBITDA growth,' said Kevin Sheehan, chief executive officer of Norwegian Cruise Line. 'The strategic initiatives revolving around revenue management and optimization, as well as the cost containment measures implemented throughout the year have contributed greatly to overcoming the macroeconomic challenges of this past year and position us well going forward.'
Fourth Quarter Results
EBITDA for the fourth quarter of 2009 improved to $37.4 million versus $6.6 million for the same period of 2008 (a 24% increase on an adjusted basis, to $41.6 million from $33.7 million). The significant improvement in EBITDA was achieved despite an 8.3% decline in Net Revenue in the quarter to $303.5 million in 2009 from $330.9 million in 2008. This decline resulted from a 4.2% decrease in Net Yield and a 4.2% decrease in Capacity Days. The decrease in Net Yield was primarily due to weakness experienced in passenger ticket pricing versus 2008 and was partially offset by an increase in Net Yield from onboard and other revenue. The decrease in Capacity Days resulted from the departures of Norwegian Dream and Norwegian Majesty from the Company
