Regent Earnings Update

Regency Cruises has reported net income of $6.7 million on revenues of $50.9 million for the period ended September 30 compared to net income of $5.5 million on revenues of $46.6 million in the same period last year.

Revenues for the nine months were $107 million with net income of $3.4 million compared to $98 million and net income of $3.8 million last year.

Regency also reported net income per share to be $.29 for the third quarter compared to $.24 per share for the third quarter last year.

According to a statement from Regency Cruises, its financial performance for the three months ended September 30, 1991 broke all previous records for revenues and earnings, representing the most profitable quarter in the company’s history.

For the nine month period, net income per share was $.15 compared to $.16 for the same nine months last year.

William Schanz, Chairman and Chief Executive Officer, said that the company’s achievement in the third quarter reflected the positioning of ships: cruises in Alaska, as well as the Northeast Passage region contributed positively to the bottom line.

“Our newly formed tour company in Alaska also favorably impacted the company’s profitability,” Schanz said.

Schanz also said that the company’s sailings to New England and Canada have become one of its most lucrative cruise programs. He noted that the Regent Sun has sailed to capacity throughout the season.

Schanz also noted that indications for the fourth quarter are not as promising. He said the company expected to post an operating loss for the fourth quarter due to the current instability of economy, historical seasonality and a substantial increase in capacity, and intense competition in the Caribbean.

“To minimize our presence in the region next year at this time, we will be introducing two new cruise programs: 10-day sailings from the West Coast to and from Hawaii and, from the East Coast, 11-day Caribbean sailings from New York.

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