Europa Cruises Corporation Announces Second Quarter Results
PR Newswire - August 19, 1998 16:37
MADEIRA BEACH, Fla., Aug. 19 /PRNewswire/ -- Europa Cruises Corporation (Nasdaq: KRUZ) today announced operating results for the second quarter of 1998. The company reported pretax profits of $252,922 and net income of $198,649, after preferred dividends, for the three months ending June 30, 1998. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $1,726,757 for the six months ending June 30, 1998.
Deborah A. Vitale, President and Chairman of the Board of Directors commenting on the operating results for the second quarter stated: The Company is pleased to report a profitable quarter, despite yet another proxy contest, strong competition in all three of its ports and a poor June performance. Especially disappointing were the June 1998 results in Ft. Myers, which has historically carried the Company in the past. Ft. Myers lost approximately $258,000 in Jung as compared to an average monthly income in 1998 of $202,000, resulting in a huge swing in operating results of approximately $460,000. In addition, gaming revenues dropped significantly in June as a result of a poor hold during the month. The Company's new management team, which has made significant strides in the company's Miami and Madeira Beach operations by cutting expenses and increasing revenues, will now be overseeing operations in 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 Reach, Florida. In addition to blackjack, poker, slot machines, craps, and sportsbetting, the cruises offer fine dining, dancing and entertainment.
Europa Cruises Corporation, through its wholly owned subsidiary, Casino World, Inc., intends to develop a destination casino resort and hotel at its 404 acre site in Diamondhead, Mississippi. The site, located immediately off Interstate 10, is adjacent to a site on which Circus Circus Enterprises, Inc., also intends to develop a destination Casino resort and hotel.
EUROPA CRUISES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30,
1998 1997
Revenues
Gaming revenue $3,475,343 $3,897,462
Passenger fares 749,200 809,891
Food and beverage 265,455 360,547
Subcharter fees 406,000 55,000
Other 75,768 242,683
4,971,766 5,365,583
Costs and Expenses:
Vessel operating 3,136,270 3,166,767
Administrative and general 548,013 541,770
Advertising and promotion 218,559 439,031
Depreciation
and amortization 597,013 468,189
Nonrecurring sales
tax settlement -- 1,284,664
Interest, net 141,777 193,490
Other operating 77,212 365,903
4,718,844 6,459,814
Net (loss) income 252,922 (1,094,231)
Preferred stock dividends (54,273) (52,825)
Net (loss) income
applicable to Common stock $198,649 $(1,147,056)
Net (loss) income per common $.01 $(.05)
Weighted average number of
common and common equivalent
shares outstanding primary and
fully diluted 23,598,440 22,755,718
EUROPA CRUISES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended June 30
1998 1997
Revenues
Gaming revenue $7,012,969 $8,238,361
Passenger fares 1,520,717 1,945,519
Food and beverage 495,249 749,135
Subcharter fees 406,000 55,000
Other 164,506 441,926
9,599,441 11,429,941
Costs and Expenses:
Vessel operating 6,138,568 6,569,601
Administrative
and general 1,074,040 1,128,963
Advertising
and promotion 501,783 853,640
Depreciation and
amortization 1,089,075 924,608
Nonrecurring sales
tax settlement -- 1,284,664
Interest, net 345,573 424,392
Other operating 158,293 649,850
9,307,332 11,835,718
Net (loss) income 292,109 (405,777)
Preferred stock dividends (108,546) (99,712)
Net (loss) income
applicable to common
stock $183,563 $(505,489)
Net (loss) income per common $.01 $(.02)
Weighted average number of
common and common
equivalent shares outstanding
primary and fully diluted 23,145,135 22,302,413
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/
(KRUZ) |
