Europa Cruises Corporation Reports Financial Results for 2001
MADEIRA BEACH, Fla., April 12 /PRNewswire-FirstCall/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) announced today that it had reported its financial results for the year ended December 31, 2001. The Company's net loss for the year was $698,110, or $.024 per common share. Net loss before interest, depreciation, amortization, non-cash ESOP charges and preferred dividends was $432,371.
Deborah A. Vitale, President and Chairman of the Board of Directors of the Company, stated: ``The Company was able to reduce administrative and general expenses by approximately $231,000. The decrease would have been even larger but for one-time expenses associated with prior vessel-related commitments in the approximate amount of $113,000. The net loss before preferred stock dividends of $591,572 in 2001 compares favorably to the prior year's net loss of $660,963, which, however, included a one time gain on the sale of vessels amounting to $1,394,822. Notwithstanding the foregoing, this Company is sitting on an extremely valuable 404 acre site in Diamondhead, Mississippi. The property is debt-free and lien-free and the Company is on firm financial footing. We have sufficient cash reserves to weather any attempts to ''steal`` the Company or its asset in anything other than a fair deal for our shareholders.''
The Company is also pleased to report that in March, the Supreme Court of Mississippi refused to reconsider a decision it had previously issued on October 18, 2001 that upheld the decision of the Commission on Marine Resources to grant a Use Plan Adjustment and Permit to Casino World, Inc. which were required for the construction of a casino resort on the Bay of St. Louis, in Diamondhead, Mississippi. All pending environmental litigation to which the Company or its subsidiaries were parties, has now been decided. |
