Norwegian Cruise Line Holdings posts a profit after raising money in its initial public offering.
Weeks after closing on an initial public offering, Norwegian Cruise Line Holdings Ltd. reported improved results for the fourth quarter of 2012 and the year.
The Miami-based global cruise line operator listed 2012 profits of $169 million, or 94 cents per share in diluted earnings, up from $127 million, or 71 cents diluted EPS, in 2011, according to a release. The net income was after a one-time, noncash compensation charge of $4.5 million to a former CEO.
For the quarter ended Dec. 31, profits were $5.6 million and a diluted EPS of 4 cents compares to a net loss in 2011 of $1.9 million, or 1 cent diluted EPS.
Revenue for 2012 increased 2.6 percent to $2.28 billion from $2.22 billion in 2011. For the fourth quarter, it stood at $503 million, up from $489 million for the same quarter of 2011.
"We are very pleased to begin our journey as a public company by posting strong results for 2012," NCL president and CEO Kevin Sheehan said in a statement. He said the fourth-quarter results represented the company’s 18th consecutive quarter of year-over-year growth in adjusted earnings before interest, taxes, depreciation and amortization.
NCLH closed Jan. 24 on an initial public offering of 27 million ordinary shares priced at $19 per share. On Feb. 6, the company closed on the sale of $300 million of senior unsecured notes due February 2018 at a coupon of 5 percent per annum.
The company plans to add to its fleet of about a dozen vessels with two 4,000-passenger ships now under construction. The release said one of them, Norwegian Getaway, will be the largest ship to homeport year-round in Miami. It is scheduled for delivery in January.
Founded in 1967, NCLH is owned by Genting Hong Kong, which hopes to build a casino in Miami that would be a destination for cruise ship passengers, Apollo Funds and TPG Viking Funds.