Regent Seven Seas Cruises reported net income of $19.5 million for the third quarter of 2011, a 30% drop from $27.7 million the year before.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization.) was $40.6 million on revenue of $151.3 million for the third quarter, down from $47.5 million on revenue of $152.1 million.
Net yields rose 3.9%, net per diems increased 3% and occupancy rose 0.8%. Regent noted a 6.8% reduction in capacity in the quarter, due to a scheduled drydock of the Seven Seas Voyager.
Fuel expense jumped 44.7%, or $3 million. “Our economic hedging strategy was able to partially offset this increase, as we recognized a $1.3 million cash benefit on executed fuel-hedge contracts during the quarter that offset 42.8% of the price increase,” said Regent.
Frank Del Rio, CEO of Prestige Cruise Holdings (Regent's parent company) said, “We are thrilled with the record occupancy and yields we were able to obtain in the third quarter. The Seven Seas Voyager's drydock in September completes the ambitious $100 million plus upgrade program that we embarked upon nearly four years ago, and we believe the results are impressive."
The line operates the Seven Seas Voyager and the Seven Seas Mariner, each accommodating 700 passengers, and the 490-passenger Seven Seas Navigator.
Prestige Cruise Holdings also owns Oceania Cruises.
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