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The Honolulu Advertiser
Posted on: Wednesday, September 2, 2009

Atlantis Submarines blames net loss on tourism slump

Advertiser Staff

Atlantis Submarines (International Holdings) Inc., an operator of tour submarines in Hawaiçi and other tourist locales, said it had a second quarter loss of $755,000 or 8 cents a share, in part because of weaker results here.

Atlantis said revenues fell 18 percent from a year earlier because of fewer tourists arriving at island locations and the termination of its St. Thomas submarine operations. Atlantis said revenue from its Hawaii tour operations fell by 15 percent. That included a decline in submarine tour sales of 19 percent.
“submarine revenues in Oahu were negatively impacted by poor operating conditions in June, which resulted in the cancellation of 20 percent of planned tours,” Atlantis said in a quarterly report.
The company also reported that its TS XIV 64-passenger submarine in Honolulu resumed service in late June after completing repairs caused in an electrical fire in February.