Delta Queen Steamboat Company has reported a loss of $2.5 million or $0.18 per share on revenues of $43.5 million for the first quarter ended March 31, 1994, compared to net income of $469,000 or $0.04 per share on revenues of $12.7 million for the same quarter in 1993. The 1994 first quarter includes the results of American Hawaii Cruises which was acquired in August, 1993.

According to a prepared statement from Delta Queen, the financial results were still affected by the flooding on the Mississippi River last year. The 1994 ftrst quarter was impacted by a decrease in advance reservations that typically would have been booked in the third and fourth quarters in 1993. According to the statement, accelerated marketing expenses were also incurred in the first quarter.

S. Cody Engle, Chief Executive Officer, said: "Taking on additional marketing expenses early in the year is part of our strategy of building demand for all of our vessels. We anticipate that year-end results will stay in line with Street estimates of 40 to 50 cents per share."

The increase in 1994 ftrst quarter revenues over 1993 was attributed to the inclusion of American Hawaii. The company does not expect American Hawaii to have a significant impact on 1994 net income since the Independence will be in dry dock for a three month renovation.

ln the second quarter of 1995, Delta Queen will be launching its third riverboat, the American Queen, increasing that line's passenger capacity by an estimated 76 percent.

Delta Queen reported a load factor of 93 percent for the first quarter of this year compared to 89 percent for the same period last year.

With the inclusion of American Hawaii fare revenue per passenger night was $176 compared to $269 in 1993. Total revenue per passenger night was $256 compared to $332 last year. At press time, Delta Queen traded at $15 1/8 on the NASDAQ, compared to a 365-day high/low of $22 5/8 to $13 5/8.