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SeaMiles Limited: SeaMiles, Any Cruise Line...Any Time, Announces Record First Quarter Results

^{Published on 2009-05-27 13:29:43, Last Modified on 2009-05-27 13:30:24 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - May 27, 2009) - SeaMiles Limited (the "Company") (TSX VENTURE:SEE), North America's premier cruise loyalty provider, today announced first quarter results for the period ended March 31, 2009.

For the 2009 first quarter, the Company reported total revenue of $3,194,594, an increase of 24% compared to $2,574,243 during the same quarter in 2008 as a result of a favourable foreign exchange fluctuation. Income from continuing operations before income taxes was $456,893 compared to a loss of ($55,294) in the prior year. This improvement was due to the favourable foreign exchange fluctuation and a reduction in direct loyalty program costs in 2009. After taking into account a provision for future income taxes of $168,000 in 2009, income from continuing operations was $288,893 or $0.02 per share compared to a loss of ($55,294) or $0.00 per share last year. The 2009 first quarter net income was $288,893 or $0.02 per share as compared to a loss of ($104,197) or ($0.01) per share last year, which included a charge of $48,903 for discontinued operations.

"Our first quarter results confirm the growing awareness and enthusiasm that both our existing and new cardholders have for SeaMiles. Any Cruise Line... Any Time allows cruisers to have total flexibility at the time of point redemption. With no fees, restrictions or blackouts, SeaMiles continues to be the proven choice for cruise aficionados." said Peter Rooney, President.

Rooney added "With the growing popularity of social communities, SeaMiles recently embarked in creating its own standalone cruise community, CruiseTube ([ www.cruisetube.com ]), which enables members to share their love of cruising before, during and after their cruise experience."

ABOUT SEAMILES LIMITED

SeaMiles is North America's premier cruise loyalty provider, committed to recognizing and rewarding the cruiser through multiple earning opportunities and best-in-class, maximum award flexibility based on "Any Cruise Line...Any Time". Additional information can be found at [ www.seamiles.com ].

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.