Ambassadors International (owner and operator of Windstar Cruises) has reported a net loss of $34.7 million on revenues of $17.4 million from continuing operations for the third quarter ended Sept. 30, 2009, compared to net income of $9 million on revenues of $58.7 million for the same period in 2008. The current quarter also included non-cash impairment charges of $32 million, of which $27.7 million relate to the Windstar vessels and $3.4 million to Majestic America vessels, according to a company press release. The charges were triggered, according to Ambassadors, because the carrying amounts may not be recoverable.
The reduction in revenue was due to shut down of the company’s Majestic America brand.
The company is also in the midst of a note exchange offer which could substantially reduce its debt.
During the third quarter, Windstar carried 7,273 passengers for a load factor of 92.0 percent, compared to 7,842 and a load factor of 94.7 percent last year.
Cruise revenues for the period were $17.0 million -- $13.6 million from ticket revenues, $3.4 from onboard and other revenues, translating into an average per diem of approximately $267.00 and onboard spending per passenger day of about $67.00.
The company has $97 million of outstanding 3.75 percent notes due in 2027 and lists $111.3 million, including $16.1 million in cash and equivalent, and $71.6 million in property, vessels and equipment, as assets.