Regent Seven Seas Cruises reported financial results for the fourth quarter and full year ended December 31, 2012.
• Fourth quarter revenue reached a record amount of $117.2 million, an increase of 8.6 percent over the fourth quarter of 2011 despite stable capacity. Net Per Diem for the fourth quarter of 2012 increased 1.8 percent over the fourth quarter of 2011. Adjusted EBITDA was $9.6 million in the fourth quarter of 2012 compared with $14.5 million in the fourth quarter of 2011.
• Full year revenue reached a record of $529.1 million, an increase of 8.9 percent over full year 2011. Net Yield for full year 2012 was a record $484.50, an increase of 0.6 percent over full year 2011 while occupancy also reached a record 94.4% in 2012, an increase of 2.5 percentage points over 2011. Adjusted EBITDA was $87.9 million for full year 2012 compared with $96.7 million for full year 2011.
Commenting on the full year 2012, the Company’s Chairman and CEO, Frank Del Rio stated, “We are pleased with our record revenue, Net Yields and occupancy achieved this year. Given the challenges presented in Europe and the economic and political uncertainty in the U.S., the results once again validate our philosophy of including additional value in our already industry leading all-inclusive product offerings rather than discounting cruise fares. Our continued focus on the experiences of our guests and travel agency partners has resulted in the Company being named Best For Luxury by Cruise Critic. We are also pleased to report that we successfully re-priced our first lien term loan on February 1st, which lowered our margin by 150 basis points. We believe this is another testament to our strong financial performance.”
Regent Seven Seas Cruises, www.rssc.com