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Regent Seven Seas swings to Q1 profit on record net yield, occupancy

Del Rio - pleased with record revenues, net yields and occupancy
Regent Seven Seas Cruises swung to a $1.8m profit in the first quarter on record total revenues of $132.3m, compared to a $5m loss a year ago on revenues of $124.3m.

Adjusted earnings before interest, taxation, depreciation and amortization rose 17.4%, to $22.9m, up from $19.5m in Q1 2013.

Net yield rose 9.1% to a record $524.40 for the quarter compared to $480.44 the year before.

Occupancy climbed 3.1 points, to a record 95.1%, whle capacity during the quarter was 167,300 available passenger cruise days compared to 170,100 in the first quarter of 2013. This year's slight decline was due to four days Seven Seas Mariner's scheduled 10-day drydock falling in March.

'We are pleased with our financial results, including record revenues, net yields and occupancy for the quarter,' said Frank Del Rio, chairman and CEO.

Net cruise cost, excluding fuel and other expense, per available passenger cruise day crept up 1.7% due to fewer APCDs. Fuel expense, net of settled fuel hedges, was $10.6m compared to $11.3m in Q1 2013, due to lower prices and consumption.

Other expense was $3.5m, up from $1.2m a year ago related to the Seven Seas Mariner docking.