NCL Reports $16.1 Million Loss for First Quarter of 2010

Norwegian Cruise Line reported a first-quarter net loss of $16.1 million, compared to net income of $5.2 million in the same period last year. There were bright spots, however, including a healthy 5.7 percent increase in net yield and an occupancy rate of 107.9 percent, an increase over 106.9 percent in the prior year.

The company said the first quarter included a foreign currency translation loss of $300,000 while last year saw a currency gain of $15.4 million. Revenue this year was $416.5 million, compared to $424.5 million in the first quarter last year. EBITDA improved 14.2 percent to $58.1 million versus $50.9 million in 2009. Net revenue for the quarter declined slightly to $319.7 million from $322.1 million as a result of the departure of Norwegian Majesty from the fleet in October.

The company said booking volume continues to improve, and that 2010 pricing and net per diems for the remainder of the year are expected to surpass 2009 levels, with the largest improvement coming from itineraries for premium destinations. The booking window continues to expand over prior year levels and is among the highest in years.

Progress on Norwegian Epic, the company’s largest vessel to date, continues on schedule for a July debut. The company also recently announced that it is investing over $20 million to improve its private island, Great Stirrup Cay. Additions underway include a new entrance channel for tenders and an arrival area with a welcome pavilion. The second phase of the project will include the addition of new dining and bar areas, private beachfront cabanas, a water park and kayak tours along man-made rivers.