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THE DELTA QUEEN STEAMBOAT CO. REPORTS 94 PERCENT INCREASE IN EARNINGS PER SHARE

 THE DELTA QUEEN STEAMBOAT CO. REPORTS 94 PERCENT INCREASE
 IN EARNINGS PER SHARE
 NEW ORLEANS, May 7 /PRNewswire/ -- The Delta Queen Steamboat Co. (NASDAQ-NMS: DQSB) today reported significant improvements in results for the fourth quarter and fiscal year ended March 31.
 Full-year pro forma earnings, excluding the impact of a previously disclosed non-recurring, non-cash compensation-related expense, were 60 cents per share, a 94 percent increase over pro forma earnings of 31 cents per share during fiscal 1991. The non-recurring charge amounted to 23 cents per share after tax. Pro forma figures assume the company's initial public offering took place at the beginning of each period.
 Including the impact of the non-cash charge, pro forma net income in fiscal 1992 was $4.2 million, or 37 cents per share, an increase of 22 percent over net income of $3.5 million, of 31 cents per share, in fiscal 1991.
 Revenues during the year ended March 31 increased 21 percent to $61.7 million from $51.2 million during the prior fiscal year.
 On a pro forma basis, the company broke even during the fourth quarter of fiscal 1992, compared to a loss of ($1.1 million), or (9) cents per share, during the fourth quarter of fiscal 1991.
 Revenues for the fourth quarter of fiscal 1992 were $12.2 million, a 55 percent increase over revenues of $7.8 million in the same quarter of fiscal 1991.
 S. Cody Engle, Delta Queen chairman, said the significant improvements were the result of:
 -- Higher steamboat segment fare revenues and total revenues per passenger night. Fare revenue per passenger night increased 11 percent to $254 for the full year. Total revenue per passenger night increased 11 percent to $306.
 -- A greater number of operating days for the company's two vessels, the DELTA QUEEN and the MISSISSIPPI QUEEN. The DELTA QUEEN had 50 more operating days in fiscal 1992 than in fiscal 1991, and the MISSISSIPPI QUEEN operated 11 days more in 1992 than in 1991. As a result, total passenger nights increased approximately 9 percent.
 -- Higher occupancy and improved operating margins in the company's hotel segment. Occupancy of the company's Maison Dupuy Hotel in the New Orleans French Quarter increased 10 percent to 75.8 percent for the full fiscal year, while the average daily rate per occupied room was essentially even with last year.
 "We're pleased that the steps taken since 1989 to build demand and manage yields paid off in fiscal 1992. Throughout the last three years, we have focused on driving toward higher yields on the two boats, and this year is evidence that the strategy has paid off. At higher yields, increased revenues flow to the bottom line at an accelerating rate," Engle said.
 Engle said the positive trends have continued into the first quarter of fiscal 1993, and that physical occupancy on both boats remained at 96 percent. Average fare revenue per passenger night was $298 during April, an 8 percent increase over the same period a year earlier. As of April 30, actual cruise revenues plus advance reservations for cruises during the balance of calendar 1992 stood at $41.5 million, an 18 percent increase over the same date last year.
 Engle said the company continues to make steady progress with its plans for construction of a third steamboat. Upon its anticipated completion in mid-1994, the new boat will increase the company's cabin capacity by 70 percent.
 He also said the company intends to pay off, effective May 11, U.S. Government Guaranteed Ship Financing Bonds originally issued for the construction of the MISSISSIPPI QUEEN, and that the company will be debt-free as of that date.
 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 32,000 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 Company made an initial public offering of 4.1 million shares in March 1992, and its shares are traded on the NASDAQ National Market System with the symbol DQSB.
 DELTA QUEEN STEAMBOAT CO.
 Financial Highlights
 (Amounts in thousands)
 3 mos. ended Fiscal year ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Revenues
 Steamboat $ 10,742 $ 6,544 $ 56,032 $ 46,128
 Hotel 1,403 1,267 5,654 5,039
 Total $ 12,145 $ 7,811 $ 61,686 $ 51,167
 Operating income (loss)
 Steamboat $ (568) $ (1,990) $ 4,927(a)$ 4,521
 Hotel 250 (4) 873 387
 Total $ (318) $ (1,994) $ 5,800 $ 4,908
 Net income (loss) $ (640) $ (1,426) $ 2,348(a)$ 1,999
 Pro forma net income
 (loss)(b) $ 4 $ (1,058) $ 4,245(a)$ 3,467
 Pro forma earnings per
 common share(b) $ 0.00 $ (0.09) $ 0.37(a)$ 0.31
 Avg. common and equiv.
 shares outst.(b) 11,340 11,340 11,340 11,340
 Operating Statistics
 Steamboat
 Fare revenue per passenger
 night $ 241.04 $ 215.82 $ 253.91 $ 227.80
 Total revenue per passenger
 night $ 315.31 $ 274.62 $ 305.94 $ 274.41
 Operating days:
 Delta Queen 47 9 291 241
 Mississippi Queen 68 57 343 332
 Average vessel capacity per day (berths)
 Delta Queen 176.0 176.0 176.0 176.0
 Mississippi Queen 416.0 408.0 412.4 399.7
 Capacity passenger nights 36,560 24,840 192,680 175,122
 Passenger nights 34,068 23,829 183,149 168,096
 Physical occupancy percentage
 (berths) 93.2 95.9 95.1 96.0
 Hotel (197 rooms)
 Average daily rate per
 occupied room $ 95.50 $ 87.84 $ 82.71 $ 82.07
 Physical occupancy percentage
 (rooms) 66.5 67.1 75.8 69.0
 (a) In the third quarter of fiscal 1992, the company recorded a $4 million charge for non-recurring compensation expense. The after-tax impact of the charge decreased net income by $2.6 million, or $.23 per pro forma earnings per share.
 (b) Due to the initial public offering and a dividend of $26 million which occurred during fiscal 1992, historical earnings per share was not deemed meaningful. The pro forma earnings per share presented above have been prepared assuming (i) the offering had occurred at the beginning of each of the applicable periods, resulting in an interest savings, net of tax, from the retirement of all outstanding debt at the beginning of such period with proceeds from the offering; and (ii) an increase in common and common equivalent shares reflecting the issuance of shares from the offering.
 THE DELTA QUEEN STEAMBOAT CO. AND SUBSIDIARIES
 Consolidated Statements of Income
 (Amounts in thousands)
 3 mos. ended Fiscal year ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Revenues $ 12,145 $ 7,811 $ 61,686 $ 51,167
 Cost of operations 7,546 5,150 33,201 29,161
 Gross profit 4,599 2,661 28,485 22,006
 Selling, general and admin. 4,208 3,957 15,878 14,342
 Depreciation 709 698 2,807 2,756
 Non-recurring compensation(a) --- --- 4,000 ---
 Operating income (loss) (318) (1,994) 5,800 4,908
 Interest income 186 141 687 697
 Interest expense 976 558 2,874 2,224
 Income (loss) before income
 taxes (1,108) (2,411) 3,613 3,381
 Income taxes (benefit) (468) (985) 1,265 1,382
 Net income (loss) $ (640) $ (1,426) $ 2,348 $ 1,999
 Pro Forma Adjustments(b)
 Interest expense $ 976 $ 558 $ 2,874 $ 2,224
 Taxes (332) (190) (977) (756)
 Pro forma net income
 (loss) $ 4 $ (1,058) $ 4,245 $ 3,467
 Pro forma shares
 outstanding(b) 11,340 11,340 11,340 11,340
 Pro forma earnings (loss)
 per common share(b) $ 0.00 $ (0.09) $ 0.37 $ 0.31
 Impact of non-recurring compensation(a)
 Non-recurring compensation
 expense $ --- $ --- $ (4,000)$ ---
 Income tax benefit --- --- 1,360 ---
 After-tax impact $ --- $ --- $ (2,640)$ ---
 Impact on earnings per
 share $ --- $ --- $ (0.23)$ ---
 (a) In the third quarter of fiscal 1992, the company recorded a $4 million charge for non-recurring compensation expense. The after-tax impact of the charge decreased net income by $2.6 million, or $.23 per pro forma earnings per share.
 (b) Due to the initial public offering and a dividend of $26 million which occurred during fiscal 1992, historical earnings per share was not deemed meaningful. The pro forma earnings per share presented above have been prepared assuming (i) the offering had occurred at the beginning of each of the applicable periods, resulting in an interest savings, net of tax, from the retirement of all outstanding debt at the beginning of such period with proceeds from the offering; and (ii) an increase in common and common equivalent shares reflecting the issuance of shares from the offering.
 -0- 5/7/92
 /CONTACT: Kirk Brewer, 312-258-4358, or Patrick Fahey, 504-585-0631, both of The Delta Queen Steamboat Co./
 (DQSB) CO: The Delta Queen Steamboat Company ST: Louisiana IN: LEI SU: ERN


BN-BR -- AT005 -- 7448 05/07/92 09:02 EDT
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Date:May 7, 1992
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