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Norwegian Cruise Line profits drop on IPO expenses

Norwegian Cruise Line Holdings, which operates cruises to The Bahamas, reported a rise in revenue in the first quarter, but expenses related to its initial public offering put the cruise operator at a loss for quarterly profits. 

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South Florida Business Journal
Tuesday, May 7, 2013
Tuesday, May 7, 2013
Shaun Bevan

Norwegian Cruise Line Holdings reported a rise in revenue in the first quarter, but expenses related to its initial public offering put the cruise operator at a loss for quarterly profits.

The Miami-based cruise line reported a loss of $96.4 million in the first quarter, down from net income of $3.3 million in the same period last year. The company reported revenue of $527.6 million, up from last year’s $515.4 million.


Excluding $110.4 million in expenses related to the debt prepayments from the company’s IPO in January, Norwegian would have reported net income of $12.9 million, the company said.

Norwegian (NASDAQ: NCLH) closed its IPO of 27.1 million shares at $19 each to bring in about $477.6 million, which the company intended to use to pay down some of its $3.1 billion debt on several of its ships.

This is an excerpt from South Florida Business Journal as it appeared on May 7, 2013. For updates or to read the current version of this post in its entirety, please click here.

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Prime Minister Perry Christie brought to a close the debate on whether to introduce a public holiday to mark majority rule in The Bahamas. Read his remarks here.

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