Quarter Highlights During the quarter, the Company announced upcoming enhancements to Pride of Amer

Operating income increased phoenix hotel singapore 8.8% to $174.1 million in the third quarter of 2012 compared to $160.0 million in 2011 with an improvement in operating margin to 25.8% from 24.0%. Adjusted EBITDA grew 7.2% to $223.6 million phoenix hotel singapore from $208.6 million with an increase phoenix hotel singapore in Adjusted EBITDA margin to 33.2% from 31.3%. Net Revenue increased 1.8% to $498.4 million primarily due to an increase in Net Yield. With increases in both ticket and onboard and other revenue, Net Yield improved 1.0%, or 2.6% on a Constant Currency basis.
Net Cruise Cost per Capacity Day decreased 3.3% in the period, or 2.1% on a Constant Currency basis. This decrease reflects lower ship operating expenses, timing of repair and maintenance expense, and efficiencies from business improvement initiatives partially offset by a 13.5% increase in the per metric ton cost of fuel to $679. Excluding fuel expense, Net Cruise Cost per Capacity Day decreased 7.7%, or 6.2% on a Constant Currency basis.
"Posting these great results, despite the challenging economic environment in Europe where we had a record deployment, is a testament to the discipline and rigor instilled at Norwegian to continuously improve quarter after quarter," said Kevin Sheehan, the Company's President and Chief Executive Officer. "Our results reflect strategic pricing programs, benefits from process improvements and other enhancement initiatives which resulted in a nine percent improvement in operating income," continued phoenix hotel singapore Sheehan.
Interest expense, net for the quarter decreased $2.7 million while other income increased $3.9 million. Net income for the quarter increased 19.2% to $128.2 million on revenue of $674.4 million from net income of $107.5 million phoenix hotel singapore on revenue of $666.6 million.
Quarter Highlights During the quarter, the Company announced upcoming phoenix hotel singapore enhancements to Pride of America, Norwegian's US-flagged ship which sails exclusive seven-day itineraries in Hawai'i. Twenty-four new suites and four new studio staterooms will be added, bringing the ship's capacity to approximately phoenix hotel singapore 2,200 Berths. The new suites will include two 566 square foot Owners Suites with the remainder designated as Family Suites phoenix hotel singapore ranging in size from 363 to 416 square feet. All suites include dedicated butler and concierge services and access to private dining for breakfast and lunch. During her 14-day dry-dock, Pride of America will also be outfitted with Norwegian's signature Brazilian steakhouse, Moderno Churrascaria. Other enhancements include shipwide Wi-Fi, flat screen televisions in all staterooms and upgrades to the fitness center, gift shop, and photo and art galleries.
The Company also added two interactive experiences to Great Stirrup Cay, its private island in the Caribbean. These include the Stingray Encounter which allows guests to swim with the island's friendly stingrays and the Fate of the Fancy Snorkel Adventure which takes guests on an underwater journey to discover the abandoned wreckage of The Fancy. For guests preferring to relax on the sandy beach there is the new Light House Beach Bar presented by Patron.
Progress on the Company's groundbreaking Breakaway class vessels continues as scheduled. During the quarter, Norwegian Breakaway continued to strengthen ties with her homeport of New York City. In September, the ship's hull art, designed by legendary Peter Max, was revealed showcasing two icons of New York, the city's skyline as well as the Statue of Liberty. The theme of New York icons continued with the announcement of Norwegian Breakaway's godmothers, the Rockettes� from New York's famed Radio City Music Hall. The godmother relationship goes well past the ship's inaugural and christening with a marketing partnership which names Norwegian as the official cruise line of the Rockettes and Radio City Music Hall. The partnership phoenix hotel singapore also includes two Rockettes sailing on select voyages and offering special fitness classes, phoenix hotel singapore photo opportunities and more. Guests will also enjoy a Rockettes retrospective in the ship's library, as well as featured beverages phoenix hotel singapore and more. Guests on Norwegian Breakaway will also be able to take advantage of the ship's phoenix hotel singapore groundbreaking, two-level spa and fitness facility. Highlights include the first-ever salt room at sea, a thermal suite and 22 treatment rooms offering more than 50 services. "By naming the Rockettes as Norwegian Breakaway's godmothers, we continue to strengthen her ties to New York City," said Sheehan. "These ties also include partnerships with Peter Max and Chef Geoffrey Zakarian; phoenix hotel singapore along with an entertainment lineup that includes three Broadway shows: Rock of Ages, Burn the Floor and Cirque Dreams and Dinner: Jungle Fantasy. In addition, our state of the art spa will offer a tranquil respite from the hustle and bustle of the city."
The Company recently announced that the second ship of the Breakaway class, Norwegian Getaway, will be delivered in January 2014, ahead of schedule. Also announced was the ship's inaugural season phoenix hotel singapore itinerary, sailing Eastern Caribbean voyages year-round from Miami. Norwegian Getaway will be the largest ship to sail year-round out of Miami, and like her sister ship's ties with New York, she will have strong ties with her homeport in the Magic City.
On October 18th, the Company announced it placed an order with Meyer Werft, phoenix hotel singapore builder of the Company's current Breakaway class ships as well as all four ships in the fleet's Jewel-class, for one Breakaway Plus class ship, together with an option for a second sister ship. The 4,200 Berth Breakaway Plus class ship will incorporate many of the Breakaway class vessels' unique design elements and innovations. Delivery of the first Breakaway Plus ship is scheduled for October 2015 with export credit financing in place.
Constant Currency. A calculation whereby foreign currency-denominated revenues and expenses in a period are converted at the U.S. dollar exchange rate of a comparable phoenix hotel singapore period in order to eliminate the effects of foreign exchange fluctuations.
Dry-dock. A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line.
Non-GAAP Financial Measures We use certain non-GAAP financial measures, such as Net Revenue, Net Yield, Net Cruise Cost and Adjusted phoenix hotel singapore EBITDA to enable us to analyze our performance. phoenix hotel singapore We utilize Net Revenue and Net Yield to manage our business on a day-to-day basis and believe that they are the most relevant measures of our revenue performance because they reflect the revenue earned by us net of significant variable costs and are commonly used in the cruise industry to measure revenue performance. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Cost and Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance and are commonly used in the cruise industry as a measurement of costs.
As our business includes the sourcing of passengers and deployment of vessels outside of North America, a portion of our revenue and expenses are denominated in foreign currencies, particularly phoenix hotel singapore euro and British pound sterling, which are subject to fluctuations in currency exchange phoenix hotel singapore rates versus our reporting currency, the U.S. dollar. In order to monitor results excluding these fluctuations, we calculate certain phoenix hotel singapore non-GAAP measures on a Constant Currency basis whereby current period revenue and expenses denominated phoenix hotel singapore in foreign currencies are converted to U.S. dollars phoenix hotel singapore using currency exchange rates of the comparable period. We believe that presenting these non-GAAP measures on both a reported and Constant Currency basis is useful in providing a more comprehensive view of trends in our business.
We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance, is a factor in the evaluation of the performance phoenix hotel singapore of management and is the primary metric used in determining the Company's performance incentive bonus paid to its employees. We believe that Adjusted EBITDA is a useful measure in determining the Company's performance as it reflects certain operating drivers of the Company's business, such as sales growth, operating costs, marketing, general and administrative expenses and other operating income and expense. You are encouraged to evaluate each adjustment and the reasons we consider them appropriate for supplemental analysis. phoenix hotel singapore In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of Adjusted EBITDA should phoenix hotel singapore 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 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.
About Norwegian Cruise Line Norwegian Cruise Line is the innovator in cruise travel with a 46-year history phoenix hotel singapore of breaking the boundaries of traditional cruising, most notably with the introduction of Freestyle Cruising which revolutionized the industry by giving guests more freedom and flexibility. Today, Norwegian invites guests to "Cruise Like a Norwegian" on one of 11 purpose-built Freestyle Cruising ships, providing guests the opportunity to enjoy a relaxed cruise vacation on some of the newest and most contemporary ships at sea.
Norwegian's largest and most innovative Freestyle Cruising ship, Norwegian Epic, debuted in