Europa Cruises Corporation Announces Third Quarter Results
PR NEWSWIRE - November 12, 2001 09:00
MADEIRA BEACH, Fla., Nov 12, 2001 /PRNewswire via COMTEX/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that it had reported its financial results for the third quarter of 2001. The Company reported a net loss after preferred dividends of $145,189 for the three months ending September 30, 2001, as compared to net income of $732,567 for the same period in 2000. The third quarter results for the prior year included a net gain in the amount of $1,394,821 from the sale of the Company's two remaining vessels, offsetting the Company's operating loss of $630,016. The net loss per common share for the period ending September 30, 2001 was $.005 as compared to net earnings per common share of $.025 for the same period in 2000.
The net loss after preferred dividends for the nine months ended September 30, 2001 was $541,867 as compared to a net loss of $587,678 for the nine months ended September 30, 2000.
Deborah A. Vitale, President and Chairman of the Board of Directors, commenting on the financial results for the third quarter stated: "The comparative results underscore the fact that the Company's strategy of divesting itself from the cruise-to-nowhere industry to meet its financial obligations was the correct one. The Company reduced its operating losses by almost half a million dollars for the three months ended September 30 and by a total of $1,421,884 for the nine months ended September 30."
Europa Cruises Corporation, through its wholly-owned subsidiary, Casino World, Inc., intends to build a themed, destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. The Company is actively engaged in the process of seeking a joint venture partner and financing for its Diamondhead project.
The development of the Diamondhead, Mississippi project is 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. The Company may be affected by some or all of these factors and other risks and uncertainties, many of which are beyond the Company's control. Except for historical statements contained herein, the statements made in this release constitute forward-looking statements that involve risks and uncertainties |
