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The Honolulu Advertiser
Posted on: Tuesday, June 2, 2009

Atlantis Submarines reports lower first quarter profits

Advertiser Staff

Atlantis Submarines (International Holdings) Inc. said its profits fell in the first quarter, in part because of a tourism downturn in markets where it operates and a sales decline in Honolulu where one of its two submarines was knocked out of service by an electrical fire.

The Vancouver-based company reported a profit of $1.09 million, or 12 cents a share, in the quarter ended March 31.
That was lower than the $1.38 million, or 15 cents, in the quarter a year prior, as revenues fell to $10.3 million from $12.8 million.
The company said a recession has negatively impacted tourism markets where it operates, reducing arrivals and spending. Revenues were down 20 percent from the prior year in both Hawaiçi and the Caribbean.
The company said the fire aboard one of its Honolulu-based submarines occurred in February and that the 64-passenger vessel is expected to be back in service by the end of June.