Isle cruise line
parent loses
$4.5 million
A drop in the average
By Russ Lynch
operating days at Delta Queen
helped cause the shortfall
Star-Bulletin
American Classic Voyages Co. today reported a first-quarter loss of $4.5 million, or 32 cents a share, worse than the loss of $4.4 million, or 31 cents a share, in the 1998 quarter.
The first quarter is normally the worst for the Chicago-based parent of American Hawaii Cruises and Delta Queen Steamboat Co.
One reason for the higher loss was a drop of six days in the average operating days at Delta Queen, which runs vacation trips of three to 14 nights aboard three paddlewheel steamboats on the Mississippi and other inland waterways.
There was no cut in operations at American Hawaii Cruises, which runs three-, four- and seven-day cruises around the islands on the SS Independence.
The Independence is 93 percent booked for 1999 at an average rate of $201 per passenger per night, said Philip C. Calian, chief executive officer. Delta Queen is 72 percent booked for this year at an average rate of $228.
First-quarter revenues of $40.57 million were down 0.2 percent from $40.67 million in the 1998 quarter, the company said.
It was a significant quarter for American Classic, said Calian. On March 9 the company signed a contract to build two 1,900-passenger cruise ships for the Hawaii market at a cost of more than $400 million each. The first ship is scheduled for delivery in January 2003 and the second a year later.
American Classic also plans to build five 226-passenger ships for Delta Queen to use in mainland coastal voyages.
