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Regent Seven Seas Reports Slightly Lower Profits for 2011
March 2, 2012

Regent Seven Seas Cruises reported net income of $11.5 million for the full year 2011, compared to net income of $11.8 million in 2010. Adjusted EBITDA was $96.7 million on revenue of $485.9 million in 2011, compared to adjusted EBITDA of $105.2 million on revenue of $449.2 million in 2010.

In the fourth quarter of 2011, the company shows a 10.7 percent increase in capacity over the fourth quarter of 2010 because of a 24-day unscheduled repair of the Seven Seas Voyager in 2010 with no such repairs or dry-docks in 2011.

Net loss was $6.5 million for the fourth quarter, compared to a net loss of $8.4 million for the fourth quarter of 2010. Adjusted EBITDA was $14.5 million on revenue of $107.9 million for the fourth quarter of 2011, compared to adjusted EBITDA of $19.9 million on revenue of $96.6 million for the fourth quarter of 2010.

“Even with the headwinds created by the unprecedented events in the Middle East and Eastern Mediterranean in the earlier parts of the year, we were pleased to achieve record net yields and record occupancy in 2011,” said company Chairman and CEO Frank Del Rio.

“We continue to refurbish our award-winning fleet to ensure the best possible experience for our guests. This May, the Seven Seas Navigator will undergo a complete overhaul of its top eight suites to make for a truly world-class experience."

In the fourth quarter of 2011, net yield was up 0.5 percent driven by an occupancy increase of 7.1 percentage points and partially offset by a decrease in net per diem of 7.1 percent. The decrease in net per diem was primarily attributable to 25.4 percent of our capacity coming from the Eastern Mediterranean, Middle East and North Africa regions. Fuel expense increased 20.8 percent, or $1.8 million, reflecting higher prices.

For the full year 2011, net yield was up 4 percent driven by increased occupancy of 2.4 percentage points and an increase in net per diem of 1.2 percent.

Source :- http://www.travelpulse.com/