million to $1.7 million in its first quarter.

The shipping investment company, which owns a stake in Kloster Cruise operator Vard A/S, said earnings per share fell from 66 cents a share to 27 cents a share for the three months ended September 30.

Revenues rose from $2.2 million to $3.9 million for the period. The company said the decline in earnings was partly due to a one-time gain of $3.8 million from the sale of investments in the three months to September 30, 1994.