Regent Seven Seas Cruises Reports Results for Second Quarter 2011: Strong Net Yield Growth of 6.2%
MIAMI--(BUSINESS WIRE)-- Regent Seven Seas Cruises (Seven Seas Cruises S. DE R.L. or the “Company”) today reported results for the quarter ended June 30, 2011.
Net Yield for the second quarter was up 6.2 percent driven by a strong rise in pricing with Net Per Diem up 4.8 percent and occupancy increasing 1.2 percentage points. Adjusted EBITDA was $24.6 million on revenue of $122.8 million for the second quarter of 2011 compared to Adjusted EBITDA of $25.3 million on revenue of $110.5 million for the second quarter of 2010. In the second quarter of 2011, we had a 4.1 percent reduction in capacity caused by a scheduled drydock for Seven Seas Mariner. There were no drydocks in the second quarter of 2010.
Commenting on the second quarter, the Company’s chairman and CEO, Frank Del Rio, stated, “We are extraordinarily pleased with the performance of the brand in the second quarter. Our strategy of delivering the industry’s most all-inclusive luxury cruise experience is resonating well in the marketplace and is reflected in our strong Net Yield growth.”
Other key operating metrics for the second quarter of 2011 compared to the same period in the prior year are as follows:
- Net Cruise Costs, excluding Fuel and Other expenses, per APCD was up less than 1 percent increasing to $270 in 2011 compared to $268 in 2010.
- Fuel was up 32.3 percent, or $2.5 million, reflecting higher prices. Our effective economic hedging strategy was able to partially offset this increase, as we recognized a $1.6 million cash benefit on executed fuel hedge contracts during the quarter that offset 65.8 percent of this increase. The realized gain of fuel derivatives was recorded in other income (expense) as these instruments do not qualify for hedge accounting.
- Other expenses were up $3.3 million primarily attributable to a 10-day scheduled drydock for Seven Seas Mariner in 2011.
During the second quarter of 2011, we successfully issued $225 million of new senior secured notes and used a portion of the proceeds to extinguish our second lien term loan and prepay $29 million of our first lien term loan. As part of this transaction, we recorded a loss on early extinguishment of debt of $7.5 million due to the write-off of previously deferred financing costs and prepayment penalties.
About Regent Seven Seas Cruises
Regent Seven Seas Cruises is the world’s most inclusive luxury cruise line. Fares include all-suite accommodations, round-trip air, highly personalized service, acclaimed cuisine, fine wines and spirits, sightseeing excursions in every port, a pre-cruise luxury hotel package and gratuities. Three award-winning, all-suite vessels, Seven Seas Mariner, Seven Seas Voyager and Seven Seas Navigator, are among the most spacious at sea and visit more than 300 destinations around the globe.
About Prestige Cruise Holdings
Prestige Cruise Holdings (PCH) is the parent company of Oceania Cruises and Regent Seven Seas Cruises. Formed in 2007 to manage select assets in Apollo Management's cruise investment portfolio, PCH is led by Chairman and CEO Frank Del Rio, the founder of Oceania Cruises. PCH is the market leader in the upper-premium and luxury segments of the cruise industry with nearly 5,200 berths between the Oceania Cruises and Regent Seven Seas Cruises brands, a number the company expects will grow to approximately 6,400 berths by 2012.
Terminology
Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax benefit (expense), and other supplemental adjustments in connection with the calculation of certain financial ratios in accordance with our loan indenture.
Available Passenger Cruise Days (“APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period.
Gross Cruise Costs represent the sum of total cruise operation expenses plus selling and administrative expenses.
Gross Yield represents total revenue per APCD.
Net Cruise Costs represent Gross Cruise Costs excluding commissions, transportation and other expenses, and onboard and other expenses.
Net Per Diem represents Net Revenue divided by Passenger Days Sold.
Net Revenue represents total revenue less commissions, transportation and other expenses, and onboard and other expenses.
Net Yield represents Net Revenue per APCD.
Occupancy is calculated by dividing Passenger Days Sold by APCD.
Passenger Days Sold represents the number of revenue passengers carried for the period multiplied by the number of days within the period of their respective cruises.
Non-GAAP Financial Measures
We use certain non-GAAP measures, such as Adjusted EBITDA, Net Per Diem, Net Yield, and Net Cruise Costs, which allow us to perform capacity and rate analysis to separate the impact of known capacity changes from other less predictable changes which affect our business. We utilize Net Per Diem to manage our business on a day-to-day basis as we believe that it is the most relevant measure of our pricing performance as it reflects the revenues earned by us, net of our most significant variable costs. In measuring our ability to control costs in a manner that positively impacts net income, we believe Net Cruise Costs to be the most relevant indicators of our performance. We believe these non-GAAP measures provide expanded insight to measure revenue and cost performance in addition to the standard United States GAAP based financial measures. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with United States GAAP.
We believe that Adjusted EBITDA is appropriate to provide additional information to investors as it enables us to analyze our performance. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of our business, such as sales growth, operating costs, selling and administrative expenses and other operating income and expense. We believe Adjusted EBITDA can provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, we use this financial measure to evaluate and forecast our business performance. You are encouraged to evaluate each adjustment and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA differs from the term EBITDA as it is commonly used. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or measures comparable to net income as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments, and it includes other supplemental adjustments.
Our non-GAAP financial measures may not be comparable to other companies within our industry. Please see a historical reconciliation of these measures to items in our consolidated financial statements below in Results of Operations.
Forward-Looking Statements
This release may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. All statements other than statements of historical facts, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects and objectives of management for future operations (including development plans and objectives relating to our activities), are forward-looking. Many, but not all, of these statements can be found by looking for terms like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “could,” “will,” “may,” “might,” “forecast,” “estimate,” “intend,” and “future” and for similar words. Forward-looking statements reflect management’s current expectations and do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance, or achievements to differ materially from the future results, performance, or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, our substantial leverage, including the inability to generate the necessary amount of cash to service our existing debt and the incurrence of substantial indebtedness in the future; continued availability under our credit facilities and compliance with our covenants; our ability to incur significantly more debt despite our substantial existing indebtedness; the impact of changes in our credit ratings; the impact of changes in the global credit markets on our ability to borrow and our counterparty credit risks, including with respect to our credit facilities, derivative instruments, contingent obligations and insurance contracts; adverse economic conditions that may affect consumer demand for cruises such as declines in the securities and real estate markets, declines in disposable income and consumer confidence and higher unemployment rates; changes in general economic, business and geopolitical conditions; the risks associated with operating internationally; adverse events impacting the security of travel that may affect consumer demand for cruises such as terrorist acts, acts of piracy, armed conflict and other international events including political hostilities or war; the impact of any future changes relating to how travel agents sell and market our cruises; the impact of any future increases in the price of, or major changes or reduction in, commercial airline services; the impact of problems encountered at shipyards, as well as any potential claim, impairment, loss, cancellation or breach of contract in connection with any contracts we have with shipyards; the impact of mechanical failures or accidents involving our ships and the impact of delays, costs and other factors resulting from emergency ship repairs as well as scheduled maintenance, repairs and refurbishment of our ships; the total loss of one or more of our vessels as a result of a marine casualty; the impact of the spread of contagious diseases; the impact of weather and natural disasters; changes in interest rates, fuel costs, or foreign currency rates; changes involving the corporate, tax, environmental, health, safety and other regulatory regimes in which we operate; increases in our future fuel expenses related to implementing recently proposed International Maritime Organization regulations, which require the use of higher priced low sulfur fuels in certain cruising areas; accidents, criminal behavior and other incidents affecting the health, safety, security and vacation satisfaction of passengers and causing damage to ships, which could, in each case, cause reputational harm, the modification of itineraries or cancellation of a cruise or series of cruises; general industry trends, including the introduction of competing itineraries and other products and services by other companies; changes in cruise capacity, as well as capacity changes in the overall vacation industry; the continued availability of attractive port destinations; intense competition from other cruise companies as well as non-cruise vacation alternatives which may affect our ability to compete effectively; our ability to attract and retain qualified shipboard crewmembers and key personnel; the lack of acceptance of new itineraries, products or services by our targeted passengers; changes in other operating costs such as crew, insurance and security costs; the impact of pending or threatened litigation and investigations; the implementation of regulations in the U.S. requiring U.S. citizens to obtain passports for travel to additional foreign destinations; and the possibility of environmental liabilities and other damage that is not covered by insurance or that exceeds our insurance coverage. The above examples are not exhaustive. From time to time, new risks emerge and existing risks increase in relative importance to our operations. You should not place undue reliance on forward-looking statements as a prediction of actual results. Such forward-looking statements are based on our beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we will operate in the future. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based. In addition, certain financial measures in this release constitute non-GAAP financial measures as defined by Regulation G. A reconciliation of these items can be found attached hereto and on the Company’s web site at www.rssc.com/investors.
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SEVEN SEAS CRUISES S. DE R.L. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) |
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| Quarter Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenue | ||||||||||||||||
| Passenger ticket | $ | 110,185 | $ | 98,294 | $ | 203,453 | $ | 179,072 | ||||||||
| Onboard and other | 12,664 | 12,199 | 23,167 | 21,531 | ||||||||||||
| Total revenue | 122,849 | 110,493 | 226,620 | 200,603 | ||||||||||||
| Cruise operating expense | ||||||||||||||||
| Commissions, transportation and other | 38,718 | 28,545 | 67,224 | 49,343 | ||||||||||||
| Onboard and other | 3,608 | 2,872 | 5,252 | 4,608 | ||||||||||||
| Payroll, related and food | 17,699 | 17,151 | 35,186 | 34,121 | ||||||||||||
| Fuel | 10,263 | 7,757 | 20,612 | 17,008 | ||||||||||||
| Other ship operating | 9,820 | 10,601 | 18,947 | 19,738 | ||||||||||||
| Other | 5,283 | 1,975 | 6,323 | 3,049 | ||||||||||||
| Total cruise operating expense | 85,391 | 68,901 | 153,544 | 127,867 | ||||||||||||
| Other operating expense | ||||||||||||||||
| Selling and administrative | 16,974 | 18,287 | 38,172 | 39,978 | ||||||||||||
| Depreciation and amortization | 9,224 | 8,461 | 18,037 | 17,820 | ||||||||||||
| Total other operating expense | 26,198 | 26,748 | 56,209 | 57,798 | ||||||||||||
| Operating income | 11,260 | 14,844 | 16,867 | 14,938 | ||||||||||||
| Non-operating income (expense) | ||||||||||||||||
| Interest income | 50 | 18 | 64 | 22 | ||||||||||||
| Interest expense | (7,394 | ) | (9,753 | ) | (15,412 | ) | (19,462 | ) | ||||||||
| Other income (expense) | (7,026 | ) | (2,479 | ) | (3,098 | ) | (2,899 | ) | ||||||||
| Total non-operating expense | (14,370 | ) | (12,214 | ) | (18,446 | ) | (22,339 | ) | ||||||||
| Income (loss) before income taxes | (3,110 | ) | 2,630 | (1,579 | ) | (7,401 | ) | |||||||||
| Income tax benefit (expense) | 108 | 59 | 50 | (151 | ) | |||||||||||
| Net income (loss) | $ | (3,002 | ) | $ | 2,689 | $ | (1,529 | ) | $ | (7,552 | ) | |||||
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SEVEN SEAS CRUISES S. DE R.L. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) |
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| As of | As of | |||||||
| June 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 97,253 | $ | 37,258 | ||||
| Restricted cash | 4,242 | 4,075 | ||||||
| Trade accounts receivable | 7,934 | 6,849 | ||||||
| Other accounts receivable | 39 | 6,427 | ||||||
| Inventories | 4,176 | 2,343 | ||||||
| Prepaid expenses | 20,904 | 13,855 | ||||||
| Other current assets | 6,029 | 5,186 | ||||||
| Total current assets | 140,577 | 75,993 | ||||||
| Property and equipment, net | 658,784 | 656,848 | ||||||
| Goodwill | 404,858 | 404,858 | ||||||
| Intangible assets, net | 87,405 | 80,760 | ||||||
| Other assets | 31,723 | 11,418 | ||||||
| Total assets | $ | 1,323,347 | $ | 1,229,877 | ||||
| Liabilities and Members' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 6,986 | $ | 7,451 | ||||
| Accrued expenses | 40,196 | 32,460 | ||||||
| Passenger deposits | 185,459 | 150,589 | ||||||
| Derivative liabilities | - | 2,814 | ||||||
| Current portion of long-term debt | 15,000 | 25,000 | ||||||
| Total current liabilities | 247,641 | 218,314 | ||||||
| Long-term debt | 531,000 | 476,786 | ||||||
| Other long-term liabilities | 13,423 | 5,209 | ||||||
| Total liabilities | 792,064 | 700,309 | ||||||
| Members' equity | ||||||||
| Contributed capital | 562,995 | 562,566 | ||||||
| Accumulated deficit | (31,712 | ) | (30,184 | ) | ||||
| Accumulated other comprehensive loss | - | (2,814 | ) | |||||
| Total members' equity | 531,283 | 529,568 | ||||||
| Total liabilities and members' equity | $ | 1,323,347 | $ | 1,229,877 | ||||
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SEVEN SEAS CRUISES S. DE R.L. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) |
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| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2011 | 2010 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (1,529 | ) | $ | (7,552 | ) | ||
| Adjustments to reconcile net loss to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization | 18,037 | 17,820 | ||||||
| Amortization of deferred financing costs | 1,916 | 2,058 | ||||||
| Accretion of debt discount | 168 | - | ||||||
| Stock-based compensation | 428 | 896 | ||||||
| Unrealized (gain) loss on derivative contracts | (1,316 | ) | 3,667 | |||||
| Loss on early extinguishment of debt | 7,502 | - | ||||||
| Other | 7 | (33 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Trade and other accounts receivable | 5,253 | (4,101 | ) | |||||
| Prepaid expenses and other current assets | (7,591 | ) | (8,251 | ) | ||||
| Inventories | (1,904 | ) | 287 | |||||
| Accounts payable and accrued expenses | 505 | (6,748 | ) | |||||
| Passenger deposits | 38,284 | 46,779 | ||||||
| Net cash provided by operating activities | 59,760 | 44,822 | ||||||
| Cash flows from investing activities | ||||||||
| Capital expenditures | (11,840 | ) | (14,113 | ) | ||||
| (Increase) decrease in restricted cash | (20,167 | ) | 1,821 | |||||
| Acquisition of Regent tradename rights | (4,445 | ) | - | |||||
| Net cash used in investing activities | (36,452 | ) | (12,292 | ) | ||||
| Cash flows from financing activities | ||||||||
| Repayment of long-term debt | (180,786 | ) | (12,500 | ) | ||||
| Proceeds from the issuance of senior secured notes | 225,000 | - | ||||||
| Debt issuance costs | (6,562 | ) | - | |||||
| Costs associated with early extinguishment of debt | (1,393 | ) | - | |||||
| Capital contributions | - | 19 | ||||||
| Net cash provided by (used in) financing activities | 36,259 | (12,481 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents | 428 | (1,303 | ) | |||||
| Net increase in cash and cash equivalents | 59,995 | 18,746 | ||||||
| Cash and cash equivalents | ||||||||
| Beginning of period | 37,258 | 27,754 | ||||||
| End of period | $ | 97,253 | $ | 46,500 | ||||
| Supplemental Schedule of Non-cash Investing and | ||||||||
| Financing Activities | ||||||||
| Increase (decrease) in accrual of capital expenditures | $ | 4,375 | $ | (12,038 | ) | |||
| Issuance of parent company shares | - | 1,969 | ||||||
| Increase in accrued of debt issuance costs | 794 | - | ||||||
| Increase in accrued intangible asset | 3,449 | - | ||||||
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SEVEN SEAS CRUISES S. DE R.L. NON-GAAP RECONCILING INFORMATION (unaudited) |
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The following table sets forth selected statistical information: |
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Quarter Ended
June 30, |
Six Months Ended
June 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||
| Passenger Days Sold | 147,860 | 152,122 | 295,985 | 298,343 | ||||||||
| APCD | 164,990 | 171,990 | 335,090 | 342,090 | ||||||||
| Occupancy | 89.6 | % | 88.4 | % | 88.3 | % | 87.2 | % | ||||
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Adjusted EBITDA was calculated as follows (in thousands): |
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Quarter Ended
June 30, |
Six Months Ended
June 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net income (loss) | $ | (3,002 | ) | $ | 2,689 | $ | (1,529 | ) | $ | (7,552 | ) | |||||
| Interest income | (50 | ) | (18 | ) | (64 | ) | (22 | ) | ||||||||
| Interest expense | 7,394 | 9,753 | 15,412 | 19,462 | ||||||||||||
| Depreciation and amortization | 9,224 | 8,461 | 18,037 | 17,820 | ||||||||||||
| Income tax benefit (expense), net | (108 | ) | (59 | ) | (50 | ) | 151 | |||||||||
| Other income (expense) | 7,026 | 2,479 | 3,098 | 2,899 | ||||||||||||
| Equity-based compensation/transactions (a) | 121 | 495 | 428 | 896 | ||||||||||||
| Non-recurring expenses (b) | 2,099 | 763 | 3,043 | 2,856 | ||||||||||||
| Restructuring charges (c) | 270 | 347 | 404 | 445 | ||||||||||||
| Fuel hedge gain (d) | 1,649 | 365 | 2,781 | 906 | ||||||||||||
| ADJUSTED EBITDA | $ | 24,623 | $ | 25,275 | $ | 41,560 | $ | 37,861 | ||||||||
| (a) | Equity-based compensation/transactions represent stock compensation expense in each period. | |
| (b) | Non-recurring expenses represents the net impact of time out of service as a result of unplanned and non-recurring repairs to vessels; expenses associated with consolidating corporate headquarters; professional fees and other costs associated with raising capital through debt and equity offerings; certain litigation fees; and the fees paid to license the name “Regent” in 2010 and first quarter 2011. In February 2011, we amended the Regent license agreement to perpetually license the “Regent” name; as such we will not incur any future license fees. | |
| (c) | Restructuring charges represents the costs associated with bringing the deck and engine operations in house, outsourcing our hotel management services, restructuring our ship holding companies, and other corporate reorganizations associated with improving efficiencies. | |
| (d) | Fuel hedge gain represents the realized gain on fuel hedges triggered by the settlement of the hedge. |
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SEVEN SEAS CRUISES S. DE R.L. |
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NON-GAAP RECONCILING INFORMATION |
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(unaudited) |
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| Net Per Diem, Gross Yield and Net Yield were calculated as follows (in thousands, except | ||||||||||||
| Passenger Days Sold, APCD, Net Per Diem, and Yield data): | ||||||||||||
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Quarter Ended
June 30, |
Six Months Ended
June 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||
| Passenger ticket revenue | $ | 110,185 | $ | 98,294 | $ | 203,453 | $ | 179,072 | ||||
| Onboard and other revenue | 12,664 | 12,199 | 23,167 | 21,531 | ||||||||
| Total revenue | 122,849 | 110,493 | 226,620 | 200,603 | ||||||||
| Less: | ||||||||||||
| Commissions, transportation and other expense | 38,718 | 28,545 | 67,224 | 49,343 | ||||||||
| Onboard and other expense | 3,608 | 2,872 | 5,252 | 4,608 | ||||||||
| Net Revenue | $ | 80,523 | $ | 79,076 | $ | 154,144 | $ | 146,652 | ||||
| Passenger Days Sold | 147,860 | 152,122 | 295,985 | 298,343 | ||||||||
| APCD | 164,990 | 171,990 | 335,090 | 342,090 | ||||||||
| Net Per Diem | $ | 544.59 | $ | 519.82 | $ | 520.78 | $ | 491.56 | ||||
| Gross Yield | 744.58 | 642.44 | 676.30 | 586.40 | ||||||||
| Net Yield | 488.05 | 459.77 | 460.01 | 428.69 | ||||||||
| Gross Cruise Costs and Net Cruise Costs were calculated as follows (in thousands, except APCD and | ||||||||||||
| costs per APCD): | ||||||||||||
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Quarter Ended
June 30, |
Six Months Ended
June 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||
| Total cruise operating expense | $ | 85,391 | $ | 68,901 | $ | 153,544 | $ | 127,867 | ||||
| Selling and administrative expense | 16,974 | 18,287 | 38,172 | 39,978 | ||||||||
| Gross Cruise Cost | 102,365 | 87,188 | 191,716 | 167,845 | ||||||||
| Less: | ||||||||||||
| Commissions, transportation and other expense | 38,718 | 28,545 | 67,224 | 49,343 | ||||||||
| Onboard and other expense | 3,608 | 2,872 | 5,252 | 4,608 | ||||||||
| Net Cruise Cost | $ | 60,039 | $ | 55,771 | $ | 119,240 | $ | 113,894 | ||||
| Less: | ||||||||||||
| Fuel | 10,263 | 7,757 | 20,612 | 17,008 | ||||||||
| Other expenses | 5,283 | 1,975 | 6,323 | 3,049 | ||||||||
| Net Cruise Cost, excluding Fuel and Other | $ | 44,493 | $ | 46,039 | $ | 92,305 | $ | 93,837 | ||||
| APCD | 164,990 | 171,990 | 335,090 | 342,090 | ||||||||
| Gross Cruise Cost per APCD | $ | 620.43 | $ | 506.94 | $ | 572.13 | $ | 490.65 | ||||
| Net Cruise Cost per APCD | 363.89 | 324.27 | 355.84 | 332.94 | ||||||||
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Net Cruise Cost, excluding Fuel and Other, per |
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| APCD | 269.67 | 267.68 | 275.46 | 274.31 | ||||||||
Prestige Cruise Holdings
Investor Relations:
Jason
Montague, 305-514-2743
Executive Vice President and Chief Financial
Officer
jmontague@prestigecruiseholdings.com
or
Media:
Gary
Gerbino, 305-514-3912
Vice President of Corporate Communications
ggerbino@prestigecruiseholdings.com
Source: Regent Seven Seas Cruises
Released August 12, 2011
