American Classic Voyages (AMCV) has reported net income of $2.9 million, or $0.21 per share, on revenues of $50.1 million for the third quarter ended Sept. 30, 1996, compared to net income of $1.7 million, or $0.12 per share, on revenues of $52.0 million for the same quarter last year.
"This is the strongest quarter in the past three years and evidences the turnaround on which we are building," said Phil Calian, President and CEO. "Our performance reflects operating cost savings at both cruise lines, and occupancy and per diem increases at American Hawaii Cruises."
For the nine months ended Sept. 30, 1996, AMCV reported a net loss of $40 million, or $2.90 per share, which included a write-down of $38.4 million related to the company's decision earlier this year to retire the Constitution. Excluding the write-down, the company had a net loss of $1.6 million, or $0.11 per share, for the first nine months of 1996, compared to a net loss of $9.9 million, or $0.72 per share, which included a one time charge of $5.9 million for costs associated with the introduction of the American Queen last year.