Royal Olympic Cruise Lines Inc. reported 3rd quarter results for FY 2002. For the third quarter of 2002, net revenues decreased by…
Royal Olympic Cruise Lines Inc. reported 3rd quarter results for FY 2002. For the third quarter of 2002, net revenues decreased by 7.5% or $4.3 million, to $52.8 million, compared to $57.1 million for the same period last year. The results of the Company have been adversely affected by the political turmoil in the Middle East, the September 11 attack, and the fear of additional terrorist attacks.
Seven vessels operated during the third quarter of 2002. Olympia Voyager continued the 7-day Mayaribbean itinerary until June 2002, when it was re-deployed to perform a 7-day Aegean itinerary. Olympia Explorer continued a 7-day Mediterranean itinerary. World Renaissance and Olympia Countess offered 3 and 4-day Aegean itineraries and were chartered for 73 and 3 days respectively during the third quarter. Odysseus offered 3 and 7-day Aegean cruises in addition to a 7-day Mediterranean itinerary. Triton also offered 7-day Mediterranean cruises. Seawing continued under a charter agreement with Air-Tours.
Passenger cruise days (p.c.d.) sold in the 3rd quarter of 2002 were 394,802, a 7.5% drop from 426,819 p.c.d in the same period last year. Occupancy showed an increase of 9.3% for the 3rd quarter this year, to 92.1% from 82.8% for the same time period in 2001.
The net revenue per p.c.d. was $133.78 for the third quarters of both the 2002 and 2001 fiscal years.
Third quarter operating expenses increased by 3.8% or $1.2 million, from $32.6 million in 2001 to $33.8 million this year.
Selling and administrative expenses for the three months ended August 31 decreased to $7.7 million in 2002, a drop of $0.4 million or 4.5%, from $8.1 million during the same time period last year. The decrease resulted from cuts made in selling and administrative expenses following the September 11 events.
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