Europa Cruises Corporation Announces First Quarter Results
MADEIRA BEACH, Fla., May 14 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) today announced that it had reported its financial results for the first quarter of 2001. The Company reported a net loss after preferred dividends of $188,285 for the three months ending March 31, 2001, as compared to a net loss of $799,341 for the same period in 2000. The net loss per common share for the period ending March 31, 2001 was $0.006 per common share as compared to a net loss of $0.028 per common share for the same period in 2000. Net loss for the first quarter of 2001 included preferred dividends of $27,240, non-cash ESOP charges of $26,875 and a one-time, non-reoccurring charge of $35,000.
Deborah A. Vitale, President and Chairman of the Board of Directors, commenting on the financial results for the first quarter, stated: ``The first quarter financial results reflect the fact that this is a turnaround company that has successfully divested itself of its major losing operations. We have made enormous strides in getting the Company to this point. The year 2001 marked the beginning of a new phase in the Company's history. The Company is no longer consumed with the day-to-day problems inherent in maintaining a losing enterprise and is, instead, concentrating on the development of its Diamondhead, Mississippi site. While the Company still has prior history to deal with, its focus has clearly shifted to its future. The Company is now actively engaged in the process of seeking a joint venture partner for its Diamondhead project.'' |
