Regency Cruises has reported net operating income of $153,000 on net revenues of $4,374,000 for the 45-day period that ended December 31, 1985.

According to William Schanz, president of the line, passenger occupancy rates during January and February have been better than 90 percent, and the company is ahead of budget.

During the last fiscal year, Regency incurred $1,598,000 in startup expenses, which were partially offset by net operating income and net interest income of $177,000. This resulted in a net loss of $1,268,000 for the company's first fiscal year.