MARITIME OPERATIONS:
THE HUMAN ELEMENT
Washington Marriott, Washington,DC April 23 & 24, 2002

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April 18, 2002

Record year for New York Fast Ferry
Lighthouse Fast Ferry, Inc., the owner of New York Fast Ferry, reported record sales results for the fourth quarter and twelve months ended December 31, 2001.

For the year-ended December 31, 2001, total revenue increased 10% to a record $4.4 million from $4.1 million for the prior-year period in 2000. Passenger ticket sales jumped nearly 16% to $3.9 million from $3.4 million in the prior-year period, reflecting increased ridership at the company's Highlands, N.J/ site, where total annual ridership rose 6% to 297,775 passengers. Immediate demand for the company's latest Keyport, N.J. service, which commenced on October 15, 2001, also contributed to sales, with a ridership of 24,693 passengers at year-end 2001.


Galley sales increased nearly 9% to $234,577 compared with $215,790 in the prior-year period. Charter sales contributed $156,437 to total year-end revenue compared with $431,841 in 2000.

Chairman and CEO Anthony Cappaze noted "we are rapidly gaining traction as commuters increasingly recognize the intrinsic value of commuting via fast ferries.

He said the company is on schedule to commence service out of Perth Amboy by Fall 2002, where the company projects an annual rider-ship of about 275,000 passengers in the first year of operations, growing to about 400,000 annual passenger trips within two years. Cappaze said the Perth Amboy Redevelopment Authority has agreed to sponsor $14 million in tax-free municipal bonds, which will be used for the development of the facilities and the acquisition of two ferry vessels.


"In addition," said Cappaze, "we are aggressively pursuing the tremendous opportunities we see in existing and new regions. We are confident in expanding service to Stamford and Bridgeport, Connecticut, to Manhattan, LaGuardia Airport and Jersey City, New Jersey, beginning in 2003, with an anticipated initial annual rider-ship from these new locations of approximately 300,000 passengers.

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