HAMILTON, BERMUDA Orient-Express Ltd., which completed its initial public offering on August 9, 2000 and was listed on the New York Stock Exchange the following day, made its first quarterly earnings release to its shareholders.
For the quarter ended September 30, 2000, EBITDA was $22.6 million, up 14% from the prior year period, on revenue of $73.3 million, while net income was $10.7 million.
Fourteen of the company s 35 properties are in Europe, and the weakening of the Euro bodes well for 2001 because costs in dollar terms have declined while rates in dollar terms will be adjusted upward. EBITDA in U.S. dollars of European hotels both in the third quarter and for the nine months were approximately the same this year as last, reflecting stronger performance in local currencies. RevPAR growth at the European hotels was 14% for the quarter and 12% for the nine months in local currency.
For the company s North American properties, the third quarter is the low season at the Windsor Court, 21 Club and La Samanna. EBITDA in that region was similar to the prior year quarter, but 12% ahead for the nine-month period with an underlying 13% RevPAR growth. (11/6/00)