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

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  Published in House and Home on Thursday, August 27th 2009 at 10:42 GMT, Last Modified on 2009-08-27 10:42:06 by Market Wire
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TORONTO, ONTARIO--(Marketwire - Aug. 27, 2009) - SeaMiles Limited (the "Company") (TSX VENTURE:SEE), North America's premier cruise loyalty provider, today announced second quarter results for the period ended June 30, 2009.

For the 2009 second quarter, the Company reported revenue of $3,071,798 compared to $2,721,520 in 2008, a 13% increase, due to the increased strength in the U.S. dollar. For the quarter ended June 30, 2009, the Company reported a net loss from continuing operations of ($100,408) or ($0.01) per share versus net income from continuing operations of $102,495 or $0.01 per share in 2008. Net loss for the second quarter in 2009 was ($100,408) or ($0.01) per share compared to net income of $409,217 or $0.04 in 2008.

For the six months ended June 30, 2009, the Company reported revenue of $6,266,392, an increase of 18% compared to $5,295,763 last year, as a result of the strengthening U.S. dollar. SeaMiles had income from continuing operations of $188,485 or $0.02 per share compared to income from continuing operations of $47,201 or $0.00 per share in the previous year. Net income for the 6 months ended June 30, 2009 was $188,485 or $0.02 per share compared to $305,020 or $0.03 per share last year.

"Our 2009 second quarter results reflect increased costs relative to the Carnival(SM) Sea Miles^® MasterCard^® program, with revenue remaining consistent year-overyear. SeaMiles is now well positioned to maximize all opportunities during the upcoming winter season. Based on Any Cruise Line...Any Time, our cruise loyalty program offers cruisers total choice and flexibility at the time of point redemption which is unique within the marketplace" said Peter Rooney, President.

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 ].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.