SeaMiles, Any Cruise Line...Any Time, Announces Record Fourth Quarter and Year-End Results
April 28 2009 - 4:53PM
Marketwired
SeaMiles Limited (the "Company") (TSX VENTURE: SEE), North
America's premier cruise loyalty provider, today announced record
fourth quarter and year-end results for the period ended December
31, 2008.
For the 2008 fourth quarter, the Company reported total revenue
of $3,184,553, an increase of 26% compared to $2,519,090 during the
same quarter in 2007, which is primarily due to a strengthening
dollar. 2008 fourth quarter net income was $822,045 or $0.07 per
share compared to net income of $137,640 or $0.01 per share in the
2007 fourth quarter. The net income for the quarter was primarily
due to recording a future income tax recovery of $1,022,000.
For fiscal 2008, the Company reported revenue of $11,814,463, a
23% increase from $9,572,203 in 2007. This increase is due to the
continued growth in its cruise loyalty program.
For the year ended December 31, 2008, the Company reported
income from continuing operations of $1,521,967 or $0.13 per share
compared to income of $196,698 or $0.02 per share in the prior
year. The improved results in 2008 are primarily attributable to
the growing and profitable cruise loyalty business, recording a
future income tax recovery of $1,022,000 and debt forgiveness debt
income of $246,114, partially offset by a charge of $461,555 to
settle a litigation matter.
The Company reported income from discontinued operations of
$245,532 or $0.02 per share for 2008 versus a loss of ($2,727,090)
or ($0.24) per share in 2007. The income in 2008 is primarily
attributable to a gain on disposal of the Company's property held
for sale of $326,557.
The Company reported net income of $1,767,499 or $0.15 per share
in 2008 versus a net loss of ($2,530,392) or ($0.22) per share in
2007.
"The 2008 results reflect the cruise aficionado's desire to
participate in a cruise loyalty program that offers choice. Our Any
Cruise Line...Any Time option continues to both attract new
participants to our loyalty programs and to ensure the retention of
our existing cardholder base" said Peter Rooney, President. "With
an average annualized growth of 7.4 percent, the cruise industry is
the most exciting growth category in the entire leisure
market."
ABOUT SEAMILES LIMITED
SeaMiles is North America's premier cruise loyalty provider,
committed to recognizing and rewarding the cruiser through multiple
earning opportunities and best-in-class, maximum award flexibility
based on "Any Cruise Line...Any Time". Additional information can
be found at www.seamiles.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: SeaMiles Limited Peter Rooney President (416) 398-1555
Ext. 442 Peter.rooney@seamiles.com SeaMiles Limited Steven Wise
Chairman and CEO (416) 631-3400 steven@seamiles.com
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