Royal Olympic Full 2000 Earnings Announced

Royal Olympic Cruises (ROC) has reported net income of $1.7 million on revenues of $126.2 million for its fiscal year ended Nov. 30, 2000, compared to a loss of $10.87 million on revenues of $96.5 million for fiscal year 1999.

ROC attributed the 2000 results to a 26 percent increase in net ticket revenue and a drop in operating expenses to 56 percent of revenues, down from 73 percent in 1999. However, ROC said that a sharp rise in fuel costs partially offset the improvement in operating costs.

Improved load factors, higher onboard revenues and tighter cost controls in all areas contributed to the results, according to ROC.

For its fiscal year 2000, the ROC fleet sailed at 81.2 percent occupancy, compared to 72 percent in 1999, and reported 774,405 passenger days in 2000.

Revenue per day, per passenger, is estimated at $169.53 by Cruise Industry News.

Total onboard revenues were reported to be $16.9 million (or $22.70 per day, per passenger).

The strong dollar also had a positive effect, according to ROC, which said that while 70 percent of its revenues are in dollars, most expenses, such as payroll, are in drachmas.

Operating income was $47.4 million in 2000, compared to $20.6 million in 1999.

ROC takes delivery of its second new ship, the 836-passenger Olympic Explorer, in April.

Bookings for the 2001 Mediterranean season are running ahead of the same period in 2000 by approximately 24 percent, according to ROC.

ROC also reported the completion of the sale of a $20.0 million convertible subordinated debenture to Louis Cruise Lines, its controlling shareholder.

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