Europa Cruises Corporation Announces First Quarter Results
MADEIRA BEACH, Fla., May 22 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) today announced operating results for the first quarter of 2000. The Company reported a net loss after preferred dividends of $799,341 for the three months ending March 31, 2000, as compared to a net loss of $108,882 for the same period in 1999. The net loss per common share for the period ending March 31, 2000 was $0.03 per common share as compared to a net loss of $0.004 per common share for the same period in 1999.
Deborah A. Vitale, President and Chairman of the Board of Directors, commenting on the operating results for the first quarter, stated: ``The operating results reflect the fact that the Company is disengaging from the cruise-to-nowhere industry so as to focus its resources on the development of its Diamondhead, Mississippi site. The Company currently operates only one port out of Madeira Beach, Florida. The loss for the first quarter is primarily attributable to the swing in net income that resulted from the non- operation of the Europa Star in Ft. Myers for the first quarter of 2000. The Star generated net income from operations of $705,737 in the first quarter of 1999 as compared to a net loss from operations of $117,316 for the first quarter of 2000. The net loss consists of the fixed costs associated with the port, whether operating or not operating.
``The Company is in active negotiations with unrelated third parties with respect to the sale of the Europa Star and one of the Company's subsidiaries, EuropaSky Corporation.''
The Company, through its wholly owned subsidiary, Casino World, Inc., intends to build a destination casino resort and hotel at its 404 acre site on the Bay of St Louis in Diamondhead, Mississippi. The site, which is located immediately off Interstate 10, is adjacent to a site on which Mandalay Resort Group, previously known as Circus Circus Enterprises, Inc., also intends to develop a destination casino resort and hotel.
The Company currently owns two vessels, the EuropaSky and the Europa Star. The Company operates the M/V Europa Sky out of Madeira Beach, Florida. The Company offers day and evening gambling cruises which include Las Vegas-style gaming, including blackjack, slot machines, craps, and roulette, in addition to dining, dancing and entertainment.
The business of the Company is subject to risks and uncertainties. The development of the Diamondhead, Mississippi project is also subject to risks and uncertainties which include those relating to permitting, financing, the activities of environmental groups, the outcome of litigation and the actions of federal, state, or local governments and agencies.
For further information, contact: John R. Duber, Director and Director of Investor Relations, Europa Cruises Corporation, (440) 331-0194 |
