Commodore Holdings, Ltd. Reports 14% Increase in Earnings.Business & Travel Editors HOLLYWOOD, Fla.--(BUSINESS WIRE)--Dec. 28, 1999 Enters New Fiscal Year With 2 Additional Vessels Commodore One of the first personal computer companies. In 1977, Commodore Business Machines, West Chester, PA, introduced the PET computer and launched the personal computer industry along with Apple and Radio Shack. In 1982, it introduced the Commodore 64 (64K RAM) and later the Commodore 128. Holdings, Ltd., a national NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on company (Nasdaq:CCLN) reports a 14% increase in earnings for its fiscal year ending September 30, 1999. Earnings for FY 99 were $4,606,000, as compared to $4,023,170 in FY 98. The line went public in July of 1996. Earnings per share for FY 99 are $.62 per share on a basic basis, and $.52 per share on a diluted basis. This compares to $.64 per share basic and $.54 per share diluted in FY 98. The company's weighted average number of common stock outstanding - diluted - was 9,292,000 for FY 99 as compared to 7,923,000 for FY 98. This increase was primarily due to the higher average stock price for the company's common stock in FY 99, which is used in calculating common stock equivalents, as well as the exercise of warrants in FY 99. "We end this outstanding year with not only an increase in earnings, but a future that includes two additional vessels," said Jeffrey I. Binder, chairman of the board of CCLN. "The revenue from the two new vessels were not included in FY 99 since they were not yet in service. The full impact of the two new vessels will come in the second half of FY 2000 when both vessels will be in service." "As of December 18th we inaugurated a new upscale cruise brand, Crown Cruise Line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the , and a new addition to our fleet which is currently sailing in Aruba. In May we'll begin our Bermuda season and sail from the ports of Philadelphia and Baltimore, we will also be the only cruise line allowed to dock over the weekend in Bermuda," said Binder. "And, our newest ship, the Enchanted en·chant tr.v. en·chant·ed, en·chant·ing, en·chants 1. To cast a spell over; bewitch. 2. To attract and delight; entrance. See Synonyms at charm. Sun, is currently being refurbished and will begin service from the Port of San Diego The Port of San Diego is a self-supporting public benefit corporation established in 1963 by an act of the California State Legislature. The Port Act says that the policy of the State of California is to develop the harbors and ports of the State for multiple uses that benefit all in late March where it will sail on day cruises to Rosarito, Mexico. We have the exclusive docking rights in Rosarito and are looking forward to this being a very popular cruise," he concluded. A veteran of the cruise business, Commodore Cruise Line began operations in 1966 and is known for pioneering new routes and innovative cruise packages. South Florida-based Commodore Holdings Limited, with approximately $88.7 million in assets, operates Crown Cruise Line and Commodore Cruise Line, which was selected by Travel Holiday magazine as "the best cruise for the money" and just recently in a poll by members of America Online See AOL. (AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ) Commodore was chosen as one of the "The Top 10 Best Values." Crown's website is www.crowncruiseline.com and Commodore's website is www.commodorecruise.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, competing in a saturated industry against modern and larger fleets, the ability of the company to obtain financing for the acquisition of additional vessels, the potential for additional maintenance to aging vessels and general economic conditions in the cruise and gaming industries and the markets in which the company operates. Additional information concerning potential factors that could affect the company's financial results is included in, but not limited to, its form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other filings with the Securities and Exchange Commission. For media or investor information, please contact Laura Bennett Laura Bennett (born August 2, 1963 in New Orleans, Louisiana) is an American architect and fashion designer and one of the four finalists on Season 3 of the Bravo series Project Runway. , 407/425-6040. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion