Europa Cruises Corporation Reports Results for 2000

Apr 16, 2001, 01:00 ET from Europa Cruises Corporation

    MADEIRA BEACH, Fla., April 16 /PRNewswire/ --
 Europa Cruises Corporation (OTC Bulletin Board:   KRUZ) announced today that it
 has reported its results for the year ended December 31, 2000.  The Company's
 net loss before preferred dividends was $660,963.  Earnings before interest,
 depreciation, amortization, non-cash ESOP charges and preferred dividends were
 $444,848.
     Deborah A. Vitale, Chairman of the Board of Directors of the Company,
 stated, "The year 2000 marked a turning point in the history of the Company.
 In August, the Company was successful in selling its two remaining vessels and
 subleasing its remaining port rights in Florida.  The Company has now divested
 itself of its cruise-to-nowhere operations in Florida.  The Company has
 received all payments due, to date, from both the purchaser of the vessels and
 the purchasers of its port rights.  There is only one payment remaining to be
 made to the Company in the amount of $400,000 which is due on May 1, 2001.
 While the Company continues to work with the new owners when necessary to
 effect a smooth transition, the transition process is now essentially
 complete.  In 2001, the Company was able to turn its full time and attention
 to its Diamondhead, Mississippi, project.  The Company is now actively engaged
 in the process of seeking a joint venture partner for the project."
     Europa Cruises Corporation, through its wholly owned subsidiary, Casino
 World, Inc., intends to build a destination casino resort and hotel at its
 404-acre site on the Bay of St. Louis in Diamondhead, Mississippi.  The
 development of the Diamondhead, Mississippi, project is subject to risks and
 uncertainties which include those relating to permitting, financing, the
 activities of environmental groups, the outcome of litigation and the actions
 of federal, state, or local governments and agencies.  The Company may be
 affected by some or all of these factors and other risks and uncertainties,
 many of which are beyond the Company's control.  Except for historical
 statements contained herein, the statements made in this release constitute
 forward-looking statements that also involve risks and uncertainties.
 
     For further information, contact:
 
     Deborah Vitale,  President
     Europa Cruises Corporation
     (703) 683-6800
            or
     John R. Duber, Director and
     Director of Investor Relations
     Europa Cruises Corporation
     (440) 331-0194
 
 

SOURCE Europa Cruises Corporation
    MADEIRA BEACH, Fla., April 16 /PRNewswire/ --
 Europa Cruises Corporation (OTC Bulletin Board:   KRUZ) announced today that it
 has reported its results for the year ended December 31, 2000.  The Company's
 net loss before preferred dividends was $660,963.  Earnings before interest,
 depreciation, amortization, non-cash ESOP charges and preferred dividends were
 $444,848.
     Deborah A. Vitale, Chairman of the Board of Directors of the Company,
 stated, "The year 2000 marked a turning point in the history of the Company.
 In August, the Company was successful in selling its two remaining vessels and
 subleasing its remaining port rights in Florida.  The Company has now divested
 itself of its cruise-to-nowhere operations in Florida.  The Company has
 received all payments due, to date, from both the purchaser of the vessels and
 the purchasers of its port rights.  There is only one payment remaining to be
 made to the Company in the amount of $400,000 which is due on May 1, 2001.
 While the Company continues to work with the new owners when necessary to
 effect a smooth transition, the transition process is now essentially
 complete.  In 2001, the Company was able to turn its full time and attention
 to its Diamondhead, Mississippi, project.  The Company is now actively engaged
 in the process of seeking a joint venture partner for the project."
     Europa Cruises Corporation, through its wholly owned subsidiary, Casino
 World, Inc., intends to build a destination casino resort and hotel at its
 404-acre site on the Bay of St. Louis in Diamondhead, Mississippi.  The
 development of the Diamondhead, Mississippi, project is subject to risks and
 uncertainties which include those relating to permitting, financing, the
 activities of environmental groups, the outcome of litigation and the actions
 of federal, state, or local governments and agencies.  The Company may be
 affected by some or all of these factors and other risks and uncertainties,
 many of which are beyond the Company's control.  Except for historical
 statements contained herein, the statements made in this release constitute
 forward-looking statements that also involve risks and uncertainties.
 
     For further information, contact:
 
     Deborah Vitale,  President
     Europa Cruises Corporation
     (703) 683-6800
            or
     John R. Duber, Director and
     Director of Investor Relations
     Europa Cruises Corporation
     (440) 331-0194
 
 SOURCE  Europa Cruises Corporation