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Norwegian Cruise Line reports higher prices, bigger spenders

Norwegian Cruise Line posted a $29 million profit in the quarter that ended June 30, a marked improvement from the previous year, when the Miami-based company reported a net loss of nearly $15 million.

The cruise operator brought in $568.6 million in total revenue, up from nearly $478 million during the same time the previous year. Net revenue was $418 million compared to $349 million during the second quarter of 2010.

Adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — increased 29 percent to $123.5 million.

Net yield, or the revenue generated per berth per day, increased 4.2 percent thanks to higher ticket prices and increased spending onboard.

President and CEO Kevin Sheehan said the company’s newest ship, Norwegian Epic, performed well as it moved from the Caribbean to the Mediterranean during the second quarter. He said the rest of the fleet has shown “consistent” yield improvement.

Epic debuted in June 2010; two new ships dubbed Project Breakaway are on order. Though they aren’t scheduled for delivery until 2013 and 2014, Sheehan said the company is preparing for their arrival.

“We need to get everything ready for the Breakaway ships and make sure we’ve got the business lean and mean,” he said.

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