{"id":449239,"date":"2021-03-03T06:48:08","date_gmt":"2021-03-03T11:48:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449239"},"modified":"2021-03-03T06:48:08","modified_gmt":"2021-03-03T11:48:08","slug":"onespaworld-reports-fourth-quarter-and-fiscal-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/onespaworld-reports-fourth-quarter-and-fiscal-year-2020-financial-results\/","title":{"rendered":"OneSpaWorld Reports Fourth Quarter and Fiscal Year 2020 Financial Results"},"content":{"rendered":"

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OneSpaWorld Reports Fourth Quarter and Fiscal Year 2020 Financial Results<\/b><\/p>\n

Ends Fiscal Year with Total Liquidity of $56.4 Million <\/b><\/p>\n

Company Expects Liquidity to be Sufficient to Sustain Operations with No Significant Voyages Through March 2022 <\/b><\/p>\n

NASSAU, Bahamas–(BUSINESS WIRE<\/a>)–
\nOneSpaWorld Holdings Limited (NASDAQ: OSW) (\u201cOneSpaWorld,\u201d or the \u201cCompany\u201d), the pre-eminent global provider of health and wellness services and products on-board cruise ships and in destination resorts around the world, today announced its financial results for its fourth quarter and fiscal year ended December 31, 2020.\n<\/p>\n

\nThe Company\u2019s fourth quarter and fiscal year 2020 performance was materially impacted by the global COVID-19 pandemic, including actions taken by cruise lines, hotels and resorts and governmental authorities around the world. These actions include the U.S. Centers for Disease Control and Prevention\u2019s (\u201cCDC\u201d) No Sail Order issued on March 14, 2020 and extended on April 9, 2020, July 16, 2020 and September 30, 2020 and the CDC issued a Framework for Conditional Sailing Order on October 30, 2020, which will remain in effect until the earliest of: (1) the expiration of the Secretary of Health and Human Services\u2019 declaration that COVID-19 constitutes a public health emergency, (2) the CDC Director rescinds or modifies the order based on specific public health or other considerations, or (3) November 1, 2021. Pursuant to the Framework for Conditional Sailing Order, the No Sail Order has been lifted and the cruise industry will work with the CDC on a phased in return-to-service, which will consist of three phases: (i) testing and implementing additional safeguards for crew members; (ii) conducting simulated voyages to test cruise operators\u2019 ability to mitigate COVID-19 risk; and (iii) providing a certification to ships that meet specified requirements, thereby allowing for a phased return to cruise ship passenger voyages.\n<\/p>\n

\nLeonard Fluxman, Executive Chairman of OneSpaWorld, commented, \u201cAmid a global pandemic that shuttered our operations for the majority of the year, our intense focus on ensuring the safety of our staff, strengthening liquidity, and preparing for a successful resumption of our cruise and destination resort spa operations as restrictions are lifted has served us well. We ended the year with $56.4 million in liquidity giving us the ability to sustain operations through March 2022 with no significant voyages and we innovated our compelling range of products, services and guest experiences even further to provide a safe and welcoming environment across our health and wellness centers as they resume operations. I am proud of the efforts of our team, as their passion, commitment and ability to quickly adapt to the unprecedented environment enabled us to navigate this extraordinary period.\n<\/p>\n

\n\u201cAs of today, one vessel of our cruise line partners is sailing and 44 of our destination resort spas remain open, In addition to the 159 vessels that we expect to come back into service over the next 24 months, we are excited by the prospects of having 24 new vessels being introduced into service by our cruise line partners between now and year end 2022,\u201d continued Mr. Fluxman. \u201cOur priorities in fiscal 2021 remain focused on maintaining strong liquidity while further evolving our innovative service offering and operating platform to allow OneSpaWorld to be even more powerfully positioned as operations resume. Overall, we remain confident in our ability to continue to capitalize on the strength of our operating platform and advantageous business model to drive long term profitable growth for the benefit of OneSpaWorld stakeholders.\u201d\n<\/p>\n

\nGlenn Fusfield, Chief Executive Officer, commented, \u201cDuring an unprecedented year of disruption, we focused on the well-being of our staff while investing in innovation and updating our operating procedures to position us to scale our global operations as the cruise lines return to service. We are very pleased with our staff\u2019s resilience and ability to quickly adapt to the changing operating conditions, as they stand ready to return as soon as operations ramp back up. We are confident that our elevated practices that include digital training, the implementation of our GPS (Guidelines for Protection & Sanitization) culture and standards, as well as expansion of our service offering and enhanced technology, have us positioned for a successful return to service. We will continue to identify revenue opportunities and cost savings while working with our key partners to deepen our collaborations, execute contract extensions and renewals and identify and evaluate emerging and new market opportunities. While there remains uncertainty as to the timing for a return to normal operations, we are confident in the advantages of our business model and ability to deliver on our long-term performance objectives.\u201d\n<\/p>\n

Operating Network Update COVID-19: <\/i><\/b><\/p>\n