NCLH quarterly result released

[npcl]

https://www.sec.gov/Archives/edgar/data/1513761/000117184320005597/exh_991.htm

 

Second Quarter 2020 Results

GAAP net income (loss) was $(715.2) million or EPS of $(2.99) compared to $240.2 million or $1.11 in the prior year. The Company reported Adjusted Net Income (Loss) of $(666.4) million or Adjusted EPS of $(2.78), in 2020, which included $48.8 million of adjustments primarily consisting of expenses related to non-cash compensation and losses on extinguishment and modifications of debt. This compares to Adjusted Net Income and Adjusted EPS of $282.1 million and $1.30, respectively, in 2019.

Revenue decreased to $16.9 million compared to $1.7 billion in 2019 due to the complete suspension of voyages in the quarter.

Total cruise operating expense decreased 68.5% in 2020 compared to 2019. In 2020, our cruise operating expenses were primarily related to the continued payment of protected commissions as additional sailings were cancelled, crew costs, including salaries, food and repatriation costs, and fuel.

Fuel price per metric ton, net of hedges increased to $594 from $493 in 2019. The Company reported fuel expense of $49 million in the period. In addition, a net loss of $8.3 million was recorded in other income (expense), net related to a reduction in forecasted fuel consumption resulting from voyage cancellations due to COVID-19, resulting in a de-designation of the associated fuel hedges.

Interest expense, net was $114.5 million in 2020 compared to $66.0 million in 2019. The change in interest expense reflects additional debt outstanding, partially offset by lower LIBOR rates. Included in 2020 were losses on extinguishment of debt and debt modification costs of $21.2 million compared to $1.2 million in 2019.

Other income (expense), net was expense of $14.4 million in 2020 compared to a gain of $3.6 million in 2019. In 2020, the expense primarily related to losses on foreign currency exchange and losses on fuel hedges released into earnings as a result of the forecasted transactions no longer being probable. A $8.3 million net loss was recorded in the quarter related to a reduction in forecasted fuel consumption due to voyage cancellations, resulting in a de-designation of the associated fuel hedges.

 

[Trimone]

That’s your money well FCCs they are losing folks! would you invest in a sinking ship? Oh bouy ! Bet old Frank J Del Rio isn’t suffering salary loss 
PONZI Scheme.... book now folks??? I promise 

[OzCanuck]

Almost $800mil in customer refunds. Yikes. 

[Trimone]

The only income they have, is making promises that they will sail again one day? 
All Future bookings should be suspended until a sail date is agreed.

[ABoatNerd]

3 hours ago, Trimone said:

That’s your money well FCCs they are losing folks! would you invest in a sinking ship? Oh bouy ! Bet old Frank J Del Rio isn’t suffering salary loss 
PONZI Scheme.... book now folks??? I promise 

 

Trimone, perfectly said.

 

Yes, people are losing their FCC's, and if and when cruising starts - sorry will be the words from the cruise lines, we only have 50% of your FCC available - pony up the rest of the $. They will do that because they were very successful getting many consumers to advance fund their operations via the FCC scam.

 

Cruise lines have been scamming the consumer for years with the nickle and diming and deterioration combined with price increases. 

 

Ought to be interesting to hear the complaining on these boards if this happens. I will stay tuned.

[jaja]

well...at least I use the NCL stock as a (big) loss on my taxes !!!!