Windstar Loss for Q2

Ambassadors International, owner and operator of Windstar Cruises, has reported a net loss of $22.0 million on revenues of $14.2 million from continuing operations for the second quarter ended June 30, 2009, compared to a net loss of $2.9 million on revenues of $49.0 million for the second quarter of 2008. The decrease in revenue was primarily due to Majestic America Line which ceased operations last fall. According to Ambassadors, Windstar’s revenue decreased due to lower occupancy as a result of the economic downturn.

Windstar carried 5,165 passenger in the second quarter of this year for a load factor of 73.9 percent, compared of 5,727 and a load factor of 77.9 percent last year.

In related news, Ambassadors also said it has settled law suit by the company’s former president David Giersdorf who claimed he was improperly terminated and claimed damages.
Ambassadors also said it is seeking additional financing, including renegotiations of existing debt obligations and that without additional financing it may have to curtail operations which could have a negative impact on its continuing results.

The company posted a loss of $33.5 million on revenues of $31.4 million for the first six months of 2009, compared to a loss of $15.4 million on revenues of $76.8 million last year.

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