American Hawaii
parent narrows losses

It says the SS Independence
is 76 percent booked for this year

By Russ Lynch
Star-Bulletin

American Classic Voyages Co., parent company of American Hawaii Cruises, said today it lost $2 million in the three months ending March 31 but the company added that the first quarter is traditionally a poor one and it was the lowest first-quarter loss in four years.

The latest quarter's performance was a big improvement over the first quarter of 1996, when the Chicago-based company lost $43.3 million, but the 1996 quarter had included a write-down of $38.4 million because of the company's decision to retire one of its two Hawaii cruise ships, the SS Constitution. Revenues in the latest quarter were $40.4 million, a 3 percent dip from $41.6 million in the first quarter of 1996.

Philip C. Calian, chief executive officer, said the results were in line with the company's expectations for the first quarter. Bookings are good for 1997, he said.

American Hawaiian Cruises' one vessel, the SS Independence, is 76 percent booked for this year at $213 a passenger night, he said. Calian said the rates are well ahead of the 1996 level.

The company's other subsidiary, Delta Queen Steamboat Co., is about 74 percent booked for 1997 at an average rate of $279 a passenger night for its three paddle-wheel ships on the Mississippi and other inland waterways.

The company has about 2,000 employees and also owns the Maison Dupay Hotel in New Orleans, according to Bloomberg News. American Classic Voyages' shares trade on the Nasdaq stock market.