Europa Cruises Corporation Announces Third Quarter Results
PR Newswire - November 17, 1998 16:09
MADEIRA BEACH, Fla., Nov. 17 /PRNewswire/ -- Europa Cruises Corporation (0TC Bulletin Board: KRUZ) today announced operating results for the third quarter of 1998. The Company reported a net loss of $671,264, after preferred dividends, for the three months ending September 30, 1998, as compared to a net loss of $114,722 for the same period last year. The Company reported a net loss of $487,701, after preferred dividends, for the nine months ending September 30, 1998.
Deborah A. Vitale, President and Chairman of the Board of Directors, commenting on the operating results for the third quarter stated: Historically, the third quarter is normally slow due to seasonal trends. However, the third quarter of 1998 was dramatically affected by Hurricane Georges which resulted in a substantial loss of revenue coupled with additional costs incurred to safeguard the Company's four vessels which were relocated to safe harbors. In addition, the Company continues to suffer the effects of strong competition in all three ports, especially Ft. Myers.
Europa Cruises Corporation is one of the largest off-shore gaming operators in the United States. It currently employs approximately 400 employees and owns and operates gaming ships out of ports located in Miami Beach, Ft. Myers, and Madeira Beach, Florida. In addition to blackjack, poker, slot machines, craps, and sportsbetting, the cruises offer fine dining, dancing and entertainment.
SOURCE Europa Cruises Corporation
/CONTACT: John R. Duber, Director and Director of Investor Relations of
Europa Cruises Corporation, 440-331-0194, or 440-331-0195; or Alan R. Woinski,
President of Gaming Venture Corp., U.S.A., 201-947-4642, for Europa Cruises
Corporation/
(KRUZ)
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