Star Cruises Group 2004 Full Year Earnings

The Star Cruises Group reported a net loss of $9.0 million, or $0.17 per share, on revenues of $1,636 million for the year ended Dec. 31, 2004, compared to a net loss of $124.5 million, or $2.51 per share, on revenues of$1,618 million for 2003.

Revenues were up 1.1 percent year-over-year, despite a reduction in capacity, according to Star, which said that Star Cruises operated with 28.8 percent less capacity in 2004 compared to 2003, while Norwegian Cruise Line’s (NCL) capacity was up 1.5 percent. Revenues were up due to higher ticket prices and occupancy. Load factors were I 04 percent in 2004 and 96 percent in 2003.

The 2004 results include a so-called impairment cost of $14.5 million related to a write-down of the book value of the Norway: S4.3 million in custom fines on the Norwegian Star resulting from the alteration of her Hawaii-to-Fanning-Island itinerary caused by propulsion problems; and $0.8 million in legal settlement costs. Impairment and legal costs in 2003 amounted to $109.3 million.

Broken down by region, North America (NCL) generated $1,139 million of the 04 revenues; Asia Pacific generated $383 million; and the balance of S 114 million was listed from “others·· (which Star said includes charter income of a catamaran to a third party customer, transportation and tour services). Last year, North America generated $1, l 05 million; the Asia Pacific $409 million; and “others” $104 million.

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