Commodore Holdings, parent company to Commodore Cruises, has reported net income of $715,000, or $0.10 per share, on revenues of $11.9 million on its second quarter ended March 31, 1999, compared to net income of $563,000, or $0.10 per share, on revenues of $13.8 million for the same three months of 1998. The lower revenues this year were attributed to the drydocking of one of the vessels for a four-week period.

In a prepared statement, Jeffrey Binder, chairman of Commodore Holdings, said that the company is laying the groundwork for progressive operations with a stronghold in niche markets worldwide. "Today, we have three ships operating. By the fourth quarter, we'll have two more, operating from ports coast to coast. Our continuing focus of being a quality niche player is bringing us the highest passenger repeat rates in the business."