Norwegian Cruise Line is the innovator in cruise travel with a 46-year history of breaking the bound

Norwegian Cruise Line (NASDAQ: NCLH, Norwegian Cruise Line Holdings Ltd., NCL Corporation hotels in the florida keys Ltd., "Norwegian" or "the Company"), today reported results for the quarter ended March 31, 2013, and provided guidance hotels in the florida keys for 2013.
On January 24, 2013, the Company closed on its successful IPO at a price of $19.00 per share. In addition, on February 6, 2013, the Company issued $300 million of 5.00% senior unsecured notes. hotels in the florida keys The aggregate net proceeds of the IPO and the Notes Offering hotels in the florida keys were used to prepay certain credit facilities, prepay amounts due pursuant to the Norwegian Sky Purchase Agreement, redeem the full amount of the outstanding $450 million 11.75% hotels in the florida keys senior secured notes due 2016, redeem a portion of the outstanding $350 million 9.5% senior unsecured hotels in the florida keys notes due 2018 and for general corporate purposes.
hotels in the florida keys "We are excited to announce another quarter of strong results, especially in light of this being our first quarter as a publicly traded company," said Kevin Sheehan, Norwegian Cruise Line's President and CEO. "These strong results bring us to nineteen consecutive quarters of year over year Adjusted EBITDA growth."
For the first quarter of 2013, the Company reported Adjusted Net Income of $12.9 million and Adjusted EPS of $0.06, which exclude $110.4 million in expenses related to debt prepayments funded by the aggregate net proceeds from the IPO and the Notes Offering as well as non-cash compensation and other expenses related to the Company's hotels in the florida keys IPO. On a GAAP basis, net loss and diluted EPS were $(96.4) million and $(0.49), respectively.
An increase in Net Yield, partially offset by lower Capacity Days primarily due to the planned Dry-dock hotels in the florida keys of Pride of America, resulted in a 1.3% improvement in Net Revenue for the quarter to $390.7 million. Net Yield increased 3.3%, on both an as reported and Constant Currency basis, on stronger overall pricing and increased onboard spend, particularly hotels in the florida keys in the bar and shore excursion areas.
Adjusted Net Cruise Cost ex Fuel decreased 1.5%, on both an as reported and Constant Currency basis, mainly due to the timing of certain expenses. The first quarter included a portion of the Pride of America hotels in the florida keys Dry-dock which extended into the second quarter. Incremental Dry-docks in subsequent quarters include Norwegian Pearl and Norwegian Sky. Fuel price in the quarter increased 12.5% to $673 per metric ton from $598 in 2012.
Interest expense, net for the period was $127.7 million and included $90.5 million in charges related to the prepayment of certain credit facilities and the redemption of certain of the Company's senior notes in connection with proceeds from both the Company's IPO and Notes Offering.
"Our initiatives for driving demand, pricing discipline and continuous improvement resulted in strong earnings and record guest satisfaction scores," said Sheehan. "These efforts contributed to our successful initial public offering and notes offering which further hotels in the florida keys optimized our capital structure, strengthened our balance sheet and positioned Norwegian for future growth."
Future capital commitments consist of contracted commitments, including ship construction contracts and future expected hotels in the florida keys capital expenditures for business enhancements. As of March 31, 2013, anticipated capital expenditures for business enhancements were $57.2 million for the remainder of 2013, and $77 million for each of the years 2014 and 2015. As of March 31, 2013, anticipated capital expenditures for ship construction were $681.1 million hotels in the florida keys for the remainder of 2013, $755.6 million for 2014 and $788.5 million for 2015, of which export credit financing is in place of $572.8 million for 2013, $657.1 million for 2014 and $621.1 million for 2015, based on the euro/U.S. dollar exchange rate as of March 31, 2013.
On April 25, 2013, the Company took delivery of the newest ship in its fleet, the 4,000 passenger Norwegian Breakaway. After inaugural events in Europe and a transatlantic crossing, Norwegian Breakaway arrives for the first time in her homeport of New York City on May 7. Said Sheehan about the Company's newest vessel, "Norwegian Breakaway is bringing the best of New York City to sea, offering an extensive choice of dining venues, an unparalleled list of entertainment including three Broadway shows and public areas 678 Ocean Place and the Waterfront, which jointly form a dynamic complex that enhances guests' connection with the ocean."
Norwegian Breakaway's sister ship, Norwegian Getaway, continues construction for an on-time delivery in January 2014 and will also feature a three-story sports complex, hotels in the florida keys Aqua Park, Nickelodeon entertainment and a trio of seafood dining options from celebrity chef and Food Network star Geoffrey Zakarian. In addition, Norwegian Getaway will feature The Illusionarium, an immersive experience featuring magic by renowned illusionists. The Company announced a partnership with The Recording Academy�, creators of The GRAMMY Awards�, which will bring the Academy's first GRAMMY Experience at sea on Norwegian Getaway. hotels in the florida keys The venue, unique to Norwegian Getaway, will feature memorabilia from the GRAMMY Museum� while hosting performances that will include past GRAMMY winners and nominees, among others.
In February, the Company's Board of Directors approved the appointment of John Chidsey and Kevin Crowe effective hotels in the florida keys April 1, 2013. Chidsey, who is also a member of the Company's Audit Committee, currently serves as executive chairman of Red Book Connect?. Previously Chidsey served as chairman and chief executive officer of Burger King Corporation. Chidsey currently serves on the boards of directors of Instalwares Holding Company and HealthSouth as well as the Board of Trustees hotels in the florida keys of Davidson College. Crowe currently serves as a principal of Apollo Management, L.P., a private investment partnership that manages a series of institutional hotels in the florida keys funds focused on complex equity investments, leveraged buyouts and corporate reorganizations. Crowe serves on the boards of directors of Quality Distribution, Nine Entertainment and Prestige Cruise Holdings. Prior to joining Apollo, Mr. Crowe was a member of the Financial Sponsors group of Deutsche Bank Securities.
The Company has scheduled a conference call for Tuesday, May 7, 2013 at 11:00 a.m. EDT to discuss hotels in the florida keys first quarter 2013 results. A link to the live webcast hotels in the florida keys can be found on the Company's hotels in the florida keys Investor Relations website at www.investor.ncl.com. hotels in the florida keys A replay of the conference call will also be available on the website for 30 days after the call.
Norwegian hotels in the florida keys Cruise Line is the innovator in cruise travel with a 46-year history of breaking the boundaries of traditional cruising, most notably with the introduction hotels in the florida keys of Freestyle Cruising which revolutionized the industry by giving guests more freedom and flexibility. Today, Norwegian invites guests to "Cruise Like a Norwegian" on one of 12 purpose-built Freestyle Cruising ships, providing guests the opportunity to enjoy a relaxed, resort style cruise vacation on some of the newest and most contemporary ships at sea. Recently, the line was named "Europe's Leading Cruise Line" by the World Travel Awards for the fifth consecutive year.
The Company took delivery of its most innovative ship to date, the 4,000-passenger Norwegian Breakaway on April 25, 2013. Known as New York's ship, Norwegian hotels in the florida keys Breakaway is the largest vessel to homeport year-round in the city, sailing hotels in the florida keys to Bermuda for the summer beginning May 12, 2013. Norwegian Breakaway's features include hull art by legendary artist Peter Max, seafood restaurant Ocean Blue by famed New York Iron Chef Geoffrey Zakarian, bakery by Buddy Valastro, hotels in the florida keys star of the TLC series "Cake Boss," and fitness classes and a retrospective display from the ship's iconic godmothers, the Rockettes�. The entertainment lineup includes three Broadway shows: Rock of Ages, Burn the Floor and Cirque Dreams? & Dinner: Jungle Fantasy. Sister ship Norwegian Getaway, currently under construction at Meyer Werft will be the largest ship to homeport year-round in Miami and will sail Eastern Caribbean voyages beginning in February 2014. The Company also has one larger "Breakaway Plus" vessel on order for delivery in the fall of 2015, with the option for a second ship.
The Company's largest ship, the 4,100 passenger Norwegian Epic has been named "Best Overall Cruise Ship" by the readers hotels in the florida keys of Travel Weekly two years in a row and "Best Ship for Sea Days" by Cruise Critic.
Norwegian Cruise Line is the official cruise line of Blue Man Group and Legends in Concert, hotels in the florida keys the official cruise line partner of The GRAMMY Awards and is an official partner of the Rockettes and Radio City Music Hall.
High resolution, downloadable images are available at www.ncl.com/pressroom. For further information on Norwegian Cruise Line, visit www.ncl.com, follow us on Facebook, Twitter, and Instagram @Norwegiancruiseline, Pin us on Pinterest, watch us on YouTube, or contact us in the U.S. and Canada at 888-NCL-CRUISE (625-2784).
Constant Currency. A calculation whereby hotels in the florida keys foreign currency-denominated revenues and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of foreign exchange fluctuations.
Dry-dock. A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line.
Non-GAAP Financial Measures We use certain non-GAAP financial measures, such as Net Revenue, hotels in the florida keys Net Yield, Net Cruise Cost, Net Cruise Cost Excluding Fuel, Adjusted Net Cruise Cost Excluding Fuel, Adjusted EBITDA and Adjusted Net Income to enable us to analyze our performance. We utilize Net Revenue and Net Yield to manage our business on a day-to-day basis and believe that they are the most relevant measures of our revenue performance because they reflect the revenue earned by us net of significant variable costs and are commonly used in the cruise industry to measure revenue performance. In measuring our abilit