American Classic Voyages (AMCV) has reported a net loss of $6.4 million, or $0.33 per share, on revenues of $39.0 million for its first quarter ended March 31,2000, compared to a net loss of $6.3 million, or $0.44 per share, on revenues of $40.6 million for its first quarter last year.
AMCV CEO Phil Cahan attributed the decline in revenues to a 13 percent reduction in capacity, which resulted from scheduled out-of-service periods. "Despite the decline in revenue, we continue to see strength in our existing operations as we prepare for our new vessels," said Calian. "We saw occupancy levels increase six percent and fare per diems increase three percent in the first quarter of 2000."
First-quarter results were also impacted by $1.7 million in expansion costs (excluding marketing) versus $717,000 the previous year; plus $1.3 million in marketing expenses related to new vessels. versus none the prior year; as well as $900,000 in financing costs related to the purchase of the Nieuw Amsterdam.
AMCV reported fare revenue per passenger night of $210 at 98 percent occupancy for the first quarter of 2000, versus $204 at 92 percent occupancy last year.
Looking at advance reservations through Sept. 30. 2000, AMCV reported an occupancy of 82 percent at $292 for Delta Queen Steamboat Co. versus 78 percent at $286 reported the same time last year; and for American Hawaii Cruises. 104 percent occupancy at $210, versus 99 percent at $198 last year.
AMCV also announced that it received a commitment from MARAD on April 25 for up to $78.3 million in financing guarantees for its two coastal cruise ships under construction at Atlantic Marine.
In addition, AMCV has decided that the itineraries of the first coastal vessel, along the U.S. East Coast. will be extended to the north to include sailings in the Great Lakes, and to the south to venture into the Caribbean and Central America, reportedly Costa Rica. Calian explained, "The Great Lakes has always been on our radar screen (the ships will be built to get through the locks). And in the winter, we need to go south, to the Caribbean," he said, adding that there was also the possibility of a few additional sailings along the Gulf Coast.