Revenue up more than 15% at Regent Seven Seas

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Regent Seven Seas Cruises reported a 15.5% hike in revenue for the first quarter of the year, to $119.9 million — a record first-quarter result.

However, net income dropped to $400,000, down from $1.5 million last year.

Net yields increased 5.2%, driven by a 4.7-point rise in occupancy, the three-ship luxury line said.

Fuel expense increased 17%, or $1.8 million, but Regent said it was able to offset much of the increase with a $1.2 million cash benefit from its fuel-hedging contracts.

Net cruise costs, excluding fuel, rose 1.9%, primarily due to increased hotel services costs.

Adjusted EBITDA was $17.7 million for the first quarter of 2012, compared with $16.9 million for the first quarter of 2011.

“We are exceptionally pleased by the performance of the brand with record revenue, occupancy, net yield and adjusted EBITDA for the first quarter,” said Frank Del Rio, chairman and CEO of Prestige Cruise Holdings, the parent company of Regent Seven Seas.

For cruise news and updates, follow Donna Tunney on Twitter @dttravelweekly.

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