American Classic Voyages (AMCV) has reported a loss of $10.1 million, or $0.49 per share on revenues of $221.6 million for the year ended Dec. 31, 2000, compared to a loss of $1.8 million, or $0.10 per share, on revenues of $208.7 million for 1999.
AMCV said that the 2000 results included $11.1 million in pre-marketing expenses for vessels that were not yet in service and $5.1 million in start-up costs related to the introduction of the Patriot and the Columbia Queen.
AMCV also reported a record wave period compared to prior years, although it is discounting its Hawaii cruises to absorb its 140 percent year-over-year capacity increase in that market. Gross per diems on its Hawaii cruises are down 24 percent for the first half of 2001, according to AMCV.
AMCV CEO Phil Calian said: "We have implemented aggressive pricing structures across all our brands which can be adjusted quickly as demand changes. We have given ourselves flexibility to raise per diems in the second half of the year as demand increases."
AMCV also reported a loss of $6.0 million, or $0.28 per share, on revenues of $61.9 million for the fourth quarter ended Dec. 31, 2000, compared to a loss of $33,000, on revenues of $55.5 million for the fourth quarter of 1999.
Said Calian: "The real progress of AMCV lies in the continued execution of our expansion plans."