NCL Corporation Ltd. operates as a cruise line operator. The company was founded in 2013 and is based in Miami, Florida. NCL Corporation Ltd. operates as a subsidiary of Norwegian Cruise Line Holdings Ltd.
7665 Corporate Center Drive
Miami, FL 33126
Founded in 2013
NCL Corporation Ltd. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Earnings and Operating Guidance for the Third Quarter and Full Year of 2013
Jul 29 13
NCL Corporation Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, total revenue was $644.433 million against $583.234 million a year ago. Operating income was $95.389 million against $87.006 million a year ago. Net loss before income taxes was $7.868 million against net income before income taxes of $36.102 million a year ago. Net loss attributable to the company was $8.841 million or $0.04 per diluted share against net income attributable to the company of $36.031 million or $0.20 per diluted share a year ago. Adjusted net income was $60.216 million or $0.29 per share against $36.031 million or $0.20 per share a year ago. EBITDA was $149.746 million against $131.687 million a year ago. Adjusted EBITDA was $152.335 million against $135.058 million a year ago.
For the six months, total revenue was $1,172.064 million against $1,098.664 million a year ago. Operating income was $126.377 million against $133.450 million a year ago. Net loss before income taxes was $103.171 million against net income before income taxes of $39.461 million a year ago. Net loss attributable to the company was $105.236 million or $0.52 per diluted share against net income attributable to the company of $39.315 million or $0.22 per diluted share a year ago. Net cash provided by operating activities was $252.780 million against $255.788 million a year ago. Additions to property and equipment and other was $759.020 million against $174.973 million a year ago. Adjusted net income was $73.124 million or $0.35 per share against $39.315 million or $0.22 per share a year ago. EBITDA was $231.952 million against $227.013 million a year ago. Adjusted EBITDA was $252.095 million against $228.599 million a year ago. Net debt as on June 30, 2013, was $3,108.370 million. Adjusted free cash flow was $243.875 million against $162.262 million a year ago.
For the quarter, the company’s passengers carried were 405,646 against 373,133 a year ago. Passenger cruise days were 2,763,358 against 2,556,575 a year ago. Capacity days were 2,569,525 against 2,374,885 a year ago. Occupancy percentage was 107.5% against 107.7% a year ago.
For the six months, the company’s passengers carried were 773,656 against 758,010 a year ago. Passenger cruise days were 5,291,550 against 5,138,262 a year ago. Capacity days were 4,920,824 against 4,773,259 a year ago. Occupancy percentage was 107.5% against 107.6% a year ago.
For the third quarter of 2013, net yield is expected to between 3.5% and 4.5% on both as reported and constant Currency basis. Adjusted EPS is expected to be in the range of $0.80 to $0.85. Depreciation and amortization are expected to be $55 million to $60 million. Fuel consumption is expected to be approximately 114,000 metric tons.
For the full year of 2013, net yield is expected to between 4.0% and 5.0% on both as reported and constant Currency basis. Adjusted EPS is expected to be in the range of $1.30 to $1.40. Depreciation and amortization are expected to be $215 million to 220 million. Fuel consumption is expected to be approximately 460,000 metric tons.
NCL Corporation Ltd. Enters into Credit Agreement
May 30 13
On May 24, 2013, NCL Corporation Ltd. entered into a credit agreement with Deutsche Bank Trust Company Americas, as administrative agent and as collateral agent, DNB Bank ASA and Nordea Bank Finland Plc, New York Branch, as co-syndication agents, and a syndicate of other banks party thereto as joint bookrunners, arrangers, co-documentation agents and lenders, which provides senior secured financing of $1.3 billion, consisting of (i) a $675 million term loan facility maturing on May 24, 2018, all of which was borrowed for the purpose of refinancing existing senior debt; and (ii) a $625 million revolving credit facility maturing on May 24, 2018, none of which was borrowed as of May 24, 2013. Borrowings under the new senior secured credit facilities bear interest at a rate per annum equal to (a) an adjusted LIBOR rate or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate of Deutsche Bank and (iii) the adjusted LIBOR rate, in each case plus an applicable margin that is determined by reference to a total leverage ratio, with an applicable margin of between 2.25% and 1.50% with respect to Eurocurrency loans and between 1.25% and 0.50% with respect to base rate loans. The initial applicable margin for borrowings is 2.25% with respect to Eurocurrency borrowings and 1.25% with respect to base rate borrowings. In addition to paying interest on outstanding principal under the new senior secured credit facilities, the company is required to pay a commitment fee to the lenders under the Revolving Loan Facility in respect of the unutilized commitments thereunder. The commitment fee rate is determined by reference to a total leverage ratio, with a maximum commitment fee rate of 40% of the applicable margin for Eurocurrency loans. The new senior secured credit facilities require the company to prepay outstanding loans under the Term Loan Facility, subject to certain exceptions, with 100% (which percentage will be reduced to a percentage equal to the fair market value of the applicable vessel divided by the fair market value of all of the mortgaged vessels under the new senior secured credit facilities if the facility's loan-to-value ratio is 0.5x or less) of the net cash proceeds received from an asset sale or event of loss (net of certain fees, premiums, taxes, required payments, and reasonable reserves in connection therewith) that are retained by the company or any subsidiary, provided that the company may, subject to certain conditions and limitations, apply such proceeds to assets useful in the business of the company and its subsidiaries or to make investments in permitted business acquisitions.