THE DELTA QUEEN STEAMBOAT CO. REPORTS 14 PCT INCREASE IN E.P.S.
THE DELTA QUEEN STEAMBOAT CO. REPORTS 14 PCT INCREASE IN E.P.S. NEW ORLEANS, July 28 /PRNewswire/ -- The Delta Queen Steamboat Co. (NASDAQ-NMS: DQSB) today reported significant improvements in results for the first fiscal quarter, ended June 30, 1992. First quarter net income was $3.8 million, or 33 cents per share, a 14 percent increase over pro forma net income of $3.3 million, or 29 cents per share, during the first quarter of fiscal 1991. Pro forma figures assume the company's initial public offering took place at the beginning of fiscal 1992. Excluding pro forma adjustments, net income rose 31 percent during the first quarter. Revenues during the quarter ended June 30, 1992, increased 10 percent to $19.9 million from $18.2 million during the prior period. S. Cody Engle, Delta Queen chairman, said the improvements in company performance were the result of: -- Higher steamboat segment fare revenues and total revenues per passenger night. Fare revenue per passenger night increased 9 percent to $297 for the quarter. Total revenue per passenger night increased 9 percent to $358. -- An increase in the number of berths on the Mississippi Queen, to 416 in the first quarter of the current fiscal year from 408 in the same period last year, combined with a slight improvement in occupancy even with a greater number of berths. Engle said steamboat occupancy rose to 95.2 percent during the first quarter of the current fiscal year, compared to 94.9 percent in the first quarter of last year. Hotel segment revenues declined slightly due to lower occupancy and lower average daily rate at the company's 197-room Maison Dupuy Hotel in New Orleans' French Quarter, Engle said. The decline reflected a soft April, and occupancy and average daily rates have improved since then. Engle pointed out that despite the hotel revenue decline, hotel segment operating income equaled that of the year-ago quarter. "The company's first quarter results are where we expected them to be: a record quarter, with continuing improvements in virtually every measure of operations. Our steamboat yields continue to improve, and, as a result, more of our steamboat revenues are flowing to the bottom line." Engle said second quarter results also are on track to date, and indications are that full-year results will continue at a record pace. "Our plans for a third steamboat continue on schedule. We now have a financing commitment from a major money center bank, and we expect to announce selection of a shipbuilder within the next 60 days," Engle said. The Delta Queen Steamboat Co., headquartered in New Orleans, is the nation's only provider of overnight paddlewheel steamboat vacations. Its two vessels, the Delta Queen and the Mississippi Queen, annually carry approximately 35,000 passengers to 50 cities and towns on the Mississippi, Ohio, Cumberland and Tennessee Rivers. The company also owns the Maison Dupuy Hotel, a 197-room hotel in New Orleans' French Quarter. The Delta Queen Steamboat Co. made an initial public offering of approximately 4.1 million shares in March 1992. THE DELTA QUEEN STEAMBOAT CO. AND SUBSIDIARIES Consolidated Statements of Income (Amounts in thousands) Three months ended June 30 1992 1991 Revenues $ 19,947 $ 18,185 Cost of operations 9,837 9,014 Gross profit 10,110 9,171 Selling, general and administrative exp. 3,925 3,490 Depreciation 589 688 Operating income 5,596 4,993 Interest income 350 180 Interest expense 0 637 Income before income taxes 5,946 4,536 Income taxes 2,182 1,665 Net income $ 3,764 $ 2,871 Pro forma adjustments (A) Interest expense 637 Taxes (217) Pro forma net income $ 3,291 Average common and common equivalent shares outstanding 11,340 11,340 Earnings per common share (A) $ 0.33 $ 0.29 (A) -- In March 1992, the company completed the sale of approximately 4.1 million shares of the company's common stock. The prior period net income, earnings per common share, and average common and common equivalent shares outstanding have been prepared assuming the offering occurred on April 1, 1991, resulting in: (i) interest savings, net of tax, from the retirement of all outstanding debt with proceeds from the offering; and (ii) an increase in average common and common equivalent shares reflecting the issuance from the offering. DELTA QUEEN STEAMBOAT CO. Financial Highlights (Amounts in thousands) Three months ended June 30 1992 1991 Revenues Steamboat $ 18,364 $ 16,539 Hotel 1,583 1,646 Total $ 19,947 $ 18,185 Operating Income Steamboat $ 5,148 $ 4,565 Hotel 448 428 Total $ 5,596 $ 4,993 Net Income (A) $ 3,764 $ 3,291 Earnings per common share (A) $ 0.33 $ 0.29 Average common and common equivalent shares outstanding (A) 11,340 11,340 Operating Statistics Steamboat Fare revenue per passenger night $ 296.77 $ 272.74 Total revenue per passenger night $ 358.09 $ 327.88 Operating days Delta Queen 91 91 Mississippi Queen 91 91 Average vessel capacity per day (berths) Delta Queen 176.0 176.0 Mississippi Queen 416.0 408.0 Capacity Passenger Nights 53,872 53,144 Passenger Nights 51,281 50,433 Physical occupancy percentage (berths) 95.2 pct 94.9 pct Hotel (197 rooms) Average daily rate $ 84.34 $ 85.09 Physical occupancy percentage (rooms) 83.2 pct 87.3 pct (A) -- In March 1992, the company completed the sale of approximately 4.1 million shares of the company's common stock. The prior period net income, earnings per common share, and average common and common equivalent shares outstanding have been prepared assuming the offering occurred on April 1, 1991, resulting in: (i) interest savings, net of tax, from the retirement of all outstanding debt with proceeds from the offering; and (ii) an increase in average common and common equivalent shares reflecting the issuance of shares from the offering. Actual net income for the quarter was $2,871. -0- 7/28/92 /CONTACT: Patrick Fahey, 312-466-4040, or Kirk Brewer, 312-258-4358, both for Delta Queen/ (DQSB) CO: Delta Queen Steamboat Co. ST: Louisiana IN: LEI SU: ERN
GK -- NY010 -- 3896 07/28/92 09:20 EDT
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|Date:||Jul 28, 1992|
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