American Classic Voyages (AMCV) has reported a net loss for the first quarter ended March 31, 1997, of $2.0 million, or $0.14 per share, on revenues of $40.4 million, compared to a net loss of $43.3 million, or $3.14 per share, on revenues of $41.6 million for the same quarter last year. The net loss in the first quarter of 1996 included a write-down of $38.4 million related to the retirement of the Constitution. Excluding the write-down the net loss would have been $4.9 million for the first quarter of 1996.

"The company's results are in line with our expectations for the first quarter," said Philip Calian, AMCV's executive officer. "Our operating loss for this period, historically our weakest quarter, is the smallest it has been for the past four years and represents a continuation of our 1996 positive earnings trend."

At press time AMCV traded for $9 7/8 compared to a 52-week high/low of $13 5/8 - $6 1/2.