Business
OneSpaWorld Reports Second Quarter Fiscal 2020 Financial Results
Ends second quarter with strengthened liquidity totaling $80 million NASSAU, Bahamas--(BUSINESS WIRE)-- OneSpaWorld Holdings Limited (NASDAQ: OSW)
About this update from Onespaworld Holdings Limited
[{"type":"text","content":"\nEnds second quarter with strengthened liquidity totaling $80 million\n\n NASSAU, Bahamas--(BUSINESS WIRE)--\nOneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” or the “Company”), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, today announced its financial results for the second quarter ended June 30, 2020. The Company’s second quarter 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's (“CDC”) No Sail Order issued on March 14, 2020 and extended on April 9, 2020 and July 16, 2020 to continue until the earliest of: (i) the expiration of the Secretary of Health and Human Services’ declaration that COVID-19 constitutes a public health emergency; (ii) the date the Director of the CDC rescinds or modifies the No Sail Order; or (iii) September 30, 2020. Additionally, Cruise Line International Association members have voluntarily extended suspension of U.S. voyages through at least October 31, 2020.\n\n\nOn June 10, 2020, shareholders approved the $75 million equity financing (the “Equity Financing”) announced on April 30, 2020, when OSW entered into a definitive agreement to sell common equity and warrants to Steiner Leisure Limited (“SLL”) and its affiliates (collectively “SLL Investors”), a company controlled by affiliates of the private equity firm L Catterton, and other existing investors and members of OSW management and its Board of Directors. In 2015, an L Catterton-led investor group acquired the OneSpaWorld business through the take-private of SLL. L Catterton is the largest and most global consumer-focused private equity firm in the world. Its experience was instrumental in developing the platform for OneSpaWorld to return to the public markets in March 2019 as the premier operator of health and wellness centers at sea.\n\n\nLeonard Fluxman, Executive Chairman of OneSpaWorld commented, “Our second quarter results were significantly impacted by the global COVID-19 pandemic as all of our cruise ship health and wellness centers remained closed pending resumption of voyages. Of our 66 destination resort spas, 21 in Asia, four in...