The Delta Queen Steamboat Company has reported earnings of $4.2 million, or $0.36 per share, on revenues of $121.7 million for the year ended December 31, 1993, compared to earnings of $8 million, or $0.77 per share, on revenues of $66.1 million for 1992.
For the fourth quarter ended Dec. 31, 1993, Delta Queen reported a loss of $342,000 on revenues of $50.4 million compared to earnings of $2.8 million on revenues of $17.1 million for the same period in the previous year.
According to Delta Queen, the financial results for the 1993 year-end and fourth quarter were impacted by a decrease in revenues and an increase in operating expenses on the Delta Queen line due to record flooding on the upper Mississippi River. The company increased its selling and marketing expenses in the second half of 1993 to offset flood-related cancellations and to stimulate passenger demand for 1994.
S. Cody Engle, CEO, said he expected the adverse effects of the flood to linger into 1994 due to the decrease of advance bookings which normally occur in the third and fourth quarters.
The increase in revenues for the year and the fourth quarter is attributed to the inclusion of operations from American Hawaii Cruises since its acquisition in August, 1993.
With the addition of American Hawaii, the cost of operations also more than doubled, from $35 million in 1992 to nearly $83 million in 1993. On a quarter over quarter basis, operating costs were $38 million in the fourth quarter of 1993 compared to $8.8 million in 1992.
Delta Queen reported the fare per passenger night to be $195 in the fourth quarter of 1993 compared to $261 in the same quarter the previous year, and total revenue per passenger night at $284 compared to $318.
The load factor was reported to be 88 percent for the fourth quarter of 1993 compared to 89 percent for the same quarter of 1992.
At press time, Delta Queen shares traded for $15 on the NASDAQ compared to a 365-day high/low of $22 5/8 - $12 1/4.