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EUROPA CRUISES
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NEWS ANNOUNCEMENT
FOR IMMEDIATE RELEASE
EUROPA CRUISES CORPORATION ANNOUNCES UNAUDITED EARNINGS FOR THE
PERIOD ENDED MAY 31, 1998
Madeira Beach, Florida (July 7, 1998) - On July 3, 1998, Europa Cruises
Corporation (NASDAQ: KRUZ) reported preliminary, unaudited net earnings
of approximately $1,088,000, before preferred dividends, for the five
month period ending May 31, 1998. Revenues for the period ending May 31,
1998 were approximately $7,426,000. The income was derived from
operating income rather than unusual, non-recurring gains. Shareholder
equity at May 31, 1998 was approximately $11.9 million dollars.
The Company reported that its cash position (as of June 29, 1998) was
approximately $940,000 and that the Company's payables (as of July 2,
1998) were approximately $500,000.
The results of operations for the interim period reported are not
necessarily indicative of results to be expected for the fiscal year. In
the opinion of management, the information contained herein reflects all
adjustments necessary to make the results of operations for the interim
period a fair statement of such operations. All such adjustments of
which management was aware are of a normal recurring, nature.
Europa Cruises Corporation is one of the largest off-shore gaming
operators in the United States. It currently employs approximately 400
employees and owns and operates gambling ships out of ports located in
Miami Beach, Ft. Myers, and Madeira Beach, Florida. In addition to
blackjack, poker, slot machines, craps, and sportsbetting, the cruises
offer fine dining, dancing and entertainment.
For further information, contact:
John R. Duber, Director and
Director of Investor Relations
Europa Cruises Corporation
(440) 331-0194
(440) 331-0195
or Alan R. Woinski, President
Gaming Venture Corp., U.S.A.
(201) 947-4642
