Kloster Cruise has announced net income of $6.5 million on revenues of $230.9 million for the third quarter ended Sept. 30, 1994 compared to net income of $6.5 million on revenues of $251.5 million for the same period last year.
The net income before a foreign currency translation loss was $11.5 million; it also includes a $1 million gain on the sale of its share in a joint venture company.
Kloster reported a passenger load factor of 101.3 percent for the third quarter and 958, 182 passenger days compared to a load factor of 103.9 percent and 1,042,727 passenger days last year.
For the third quarter of 1994, operating income was $32.5 million compared to $33.8 million last year.
The operating margin this year was 14 percent compared to 13.5 percent for the same period last year.
Operating costs in this year's third quarter was 86 percent of revenues compared to 86.5 percent last year.
Adam Aron, President of Kloster Cruise, said that the third quarter was highlighted by record revenue per diems for the Windward in Alaska and the charter agreement for the Leeward which will allow Norwegian Cruise Line to move the Seaward to more lucrative markets elsewhere in the Caribbean.
He also noted that the charter agreement for the Leeward is essentially without risk for Kloster Cruise which will realize the first $5 million of annual ship operating profits while the owners, Effjohn, will realize the next $11 million. Annual ship operating profits above $16 million will be shared by both parties.
Revenue and expense decreases in the third quarter of 1994 compared to the third quarter of 1993, reflect the sale of the Royal Viking Sun.
For the nine month period, Kloster reported net income of $10.8 million on revenues of $675,845 million compared to loss of $11.3 million on revenues of$692,590 million for the same period last year.
The net income reported for this year's nine months, however, were boosted by the sale of Royal Viking Line and the RV Sun, non-cash translation of debt, extraordinary items and the 1993 change in accounting principle. Otherwise, Kloster would have a posted a $5.9 million loss compared to an $8.9 million loss for the same period last year.
The operating income was $64.5 million compared to $55.1 million for the same period last year. The operating margin was 9.5 percent this year compared to 8 percent last year.
Total revenue per passenger day for the nine month period was $239.94 this year compared to $233.83 last year.
At press time, the shares of VARD, parent company to Kloster Cruise, traded for NOK 25, compared to a 365-day high/low of NOK 65 - NOK 21.