SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
Filed by the registrant [X]
Filed by party other than the registrant [_]
Check the appropriate box:
[ ] Preliminary proxy statement
[ ] Definitive proxy statement
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[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
EUROPA CRUISES CORPORATION .
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(Name of Registrant as Specified in Its Charter)
<PAGE>
NEWS ANNOUNCEMENT
FOR IMMEDIATE RELEASE
EUROPA CRUISES CORPORATION REPORTS OPERATING RESULTS FOR 1996
Madeira Beach, Florida (March 25, 1997) Europa Cruises Corporation (NASDAQ:
KRUZ) today reported its operating results for the year ended December 31, 1996.
The Company ended the year at nearly break even with a net loss before preferred
dividends of ($16,523) as compared to a net loss before preferred dividends of
($1,572,104) for the year ended 1995. The net operating income before interest,
depreciation, amortization, non-cash ESOP charge and preferred dividends
increased from $607,139 in 1995 to $2,643,967 in 1996, an increase of
$2,036,828, or 435%. The Company attributes this positive transition to cost
cutting measures implemented by management in late 1995 and early 1996. Total
costs and expenses decreased from $21,031,030 in 1995 to $19,269,301 in 1996, a
decrease of $1,761,729 or 8.37%. Total operating revenues for 1996 were
$19,252,778, a slight increase from total operating revenues of $19,243,830 in
1995.
Lester Bullock, President of the Company, said, "This has been a true turnaround
year for the Company. As the numbers so well demonstrate, the Company has
successfully attacked costs on every level. The company's focus in 1997 will be
to increase revenues through increased passenger counts. In this regard, the
Company has already embarked on a marketing strategy aimed at utilizing shared
marketing programs with other companies and organizations engaged in the tourist
and recreation industries in Florida. All indications are the first quarter will
be one of the best in the Company's history".
Europa Cruises Corporation also announced that it has entered into an agreement
with EnRoute Holidays Limited III. EnRoute Holidays Limited III is a successful
Canadian based tour operation that has recently purchased a European Division.
Europa expects approximately 20,000 additional passengers per year will sail on
its ships as a result of this agreement.
Europa Cruises Corporation is one of the largest off-shore gaming operators in
the United States. It employs approximately 450 employees and owns and operates
gaming ships out of ports located in Miami Beach, Ft. Myers Beach, and Madeira
Beach, Florida. The Company's cruises offer blackjack, poker, slot machines,
craps, sports betting, dining, dancing and entertainment.
Contact: Lester Bullock, President
of Europa Cruises Corporation
(813) 393-2885 ext 326
Or: Alan R. Woinski
of Gaming Venture Corp. of U.S.A.
(201) 947-4642
<PAGE>
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Europa Cruises Corporation
and Subsidiaries
Consolidated Statements of Operations
Year ended December 31, 1996 1995
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Revenues
Gaming revenue $13,258,289 $ 11,577,974
Passenger fares 3,888,395 4,635,650
Food and beverage 1,499,071 1,352,986
Charter fees 383,905 1,015,174
Other 223,118 662,046
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19,252,778 19,243,830
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Costs and Expenses
Vessel operating 12,802,466 13,852,562
Administrative and general 2,150,942 2,632,150
Advertising and promotion 1,586,931 1,859,306
Depreciation and amortization 1,544,359 1,345,437
Interest, net 908,006 851,383
Other operating 276,597 490,192
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19,269,301 21,031,030
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Loss before cumulative effect of change
in accounting for drydock costs (16,523) (1,787,200)
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Cumulative effect of change in accounting for
drydock costs -- 215,096
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Net Loss (16,523) (1,572,104)
Preferred Stock Dividends (231,758) (283,124)
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Net Loss Applicable To Common Stock $(248,281) $(1,855,228)
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<PAGE>
ANNOUNCEMENT
FOR IMMEDIATE RELEASE
EUROPA CRUISES CORPORATION EXPECTS TO REPORT ONE
OF THE BEST OPERATING RESULTS FOR FIRST QUARTER.
Madeira Beach, Florida (March 27, 1997) - Europa Cruises Corporation
(NASDAQ:KRUZ) expects to report one of the its best first quarters ever. For the
three months ending March 31, 1997, the net income after preferred dividends is
expected to be approximately $600,000 as compared to a net loss after preferred
dividends of ($201,341) during the same quarter of 1996, an increase of 400%.
Total revenue is expected to exceed $5,800,000 for the period ending March
31,1997, as compared to $4,468,368 during the same period in 1996. The expected
net income of $600,000 would have been $700,000, if not for the unexpected and
unfortunate costs incurred to date with respect to a proxy contest. The Company
expects to report actual earnings on or about April 7, 1997.
Lester E. Bullock, President of Europa Cruises Corporation, commenting on the
expected results for the first quarter stated, "The cruise division is
continuing to improve and move forward based on the operating plan set by
current management. The first quarter 1997 result is the report card for the
cost cutting measures implemented in late 1995 and 1996, and demonstrates the
ability of the Company to achieve success in a highly competitive market."
Europa Cruises Corporation is one of the largest off-shore gaming operators in
the United States. It employs approximately 420 employees and owns and operates
gaming ships out of ports located in Miami Beach, Ft. Myers Beach, and Madeira
Beach, Florida. The company's cruises offer blackjack, poker, slot machines,
craps, sports betting, dining, dancing, and entertainment.
The results expected this quarter are not necessarily an indication of future
prospects for the Company and are subject to economic factors, inclement
weather, and other unforeseen factors.
Contact: Lester Bullock, President
of Europa Cruises Corporation
(813) 393-2885 ext. 326
Or
Alan R. Woinski
of Gaming Venture Corp., U.S.A.
(201) 947-4642
<PAGE>
NEWS ANNOUNCEMENT
FOR IMMEDIATE RELEASE
EUROPA CRUISES CORPORATION
MOVES FORWARD WITH HILTON NEGOTIATIONS
Madeira Beach, Florida (March 31, 1997) - Europa Cruises Corporation (NASDAQ:
KRUZ) announced today that negotiations are continuing with Hilton Gaming
Corporation with respect to the development of a destination casino resort on
the Company's 404 acre site located in Diamondhead, Mississippi, on Bay St.
Louis, in Hancock County. Deborah Vitale, the Chairman of the Board, and Hilton
are expected to meet today.
The Company also announced that it has hired Mr. Werlin Ladner, a former Hancock
County Planning Commissioner, to serve as Director of Governmental Relations for
Casino World, Inc., a wholly owned subsidiary of Europa. Mr. Ladner, who has
worked as a consultant for Casino World, Inc., for over two years, has been
instrumental in assisting the Company during the permit process. The Diamondhead
project continues to enjoy the support of the Hancock County Board of
Supervisors. All remaining permit-related matters are being handled by the
Company's Mississippi attorneys, Mississippi engineers and Mississippi
environmental consultant.
Lester Bullock, President of Europa, stated: "The Mississippi project continues
to move forward both on the permit side and on the negotiating side. I am
pleased to have Mr. Ladner join the Company on a full time basis to provide the
governmental liaison required for our Diamondhead project."
Europa Cruises Corporation is one of the largest off-shore gaming operators in
the United States. It currently employs approximately 420 employees and owns and
operates gaming ships out of ports located in Miami Beach, Ft. Myers Beach, and
Madeira Beach, Florida. In addition to blackjack, poker, slot machines, craps,
and sports betting, the cruises offer fine dining, dancing and entertainment.
The development of the Diamondhead, Mississippi project is subject to risks and
uncertainties, including political, legal, environmental and financial risks,
including but not limited to, those arising from permitting, government agencies
and the activities of environmental and other groups.
Contact: Lester Bullock, President
of Europa Cruises Corporation
(813) 393-2885 ext. 326
Or Alan R. Woinski
of Gaming Venture Corp. U.S.A.
(201) 947-4642