Sea Containers Announces 2001 and 4Q Results

Sea Containers Ltd. announced its results for the quarter and year ended December 31, 2001. Net losses for the quarter were $9.1 million on revenue of $296 million, compared with net losses in the fourth quarter of 2000 of $15.8 million on revenue of $306 million. This improvement of $6.7 million was accomplished despite leisure earnings net of minority interest being $5.6 million less primarily due to the effects of the September 11th terrorist attack. Strong fourth quarter performance from the company's ferry operations, particularly the Silja and Isle of Man Steam Packet subsidiaries, as well as a $3 million improvement in container leasing earnings after interest expense, contributed to the better results. For the year 2001 net earnings were $4.5 million on revenue of $1.3 billion, compared with net earnings of $44.9 million on revenue of $1.4 billion in 2000.