Norwegian Cruise Line (NCL) has reported net income of $5.2 million on revenues of $424.5 million for the first quarter ended March 31, 2009, compared to a net loss of $145.0 million on revenues of $511.6 million for the same quarter last year.

NCL said in a prepared statement that revenues dropped due to lower prices, partially offset by onboard spending and other revenues, and a decrease in capacity days. The Macro Polo and the Norwegian Dream left the fleet in March and November of 2008, respectively.

Kevin Sheehan, CEO, commented that the restructuring of the company’s Hawaii operation, as well as its focus on costs, have resulted in significant savings that are reflected in the results.

Although pricing continues to be soft, booking levels are strong, Sheehan said, and occupancy rates should equal or exceed those of last year.