Royal Caribbean Reports 4Q Results

Thursday, January 30, 2003
Royal Caribbean Cruises Ltd. has announced their fourth quarter earnings of $38.3 million, or $0.20 pershare, compared to a net loss of ($39.0) million, or ($0.20) per share, in 2001. Included in the fourth quarter of 2002 are net proceeds of $33.0 million, or $0.17 per share, related to the termination of the proposed DLC merger with P&O Princess. Fourth quarter earnings are better than those previously predicted by the company due to better than expected yield performance. Net yields (net revenue per available passenger cruise day) for the fourth quarter were up 10.6% compared to previous guidance of 7% to 9%. As a result, net yields for the full year were only 0.7% below the level experienced in 2001. "Obviously, the fourth quarter of 2001 was greatly impacted by the aftermath of 9/11," said Bonnie S. Biumi, Acting Chief Financial Officer of Royal Caribbean Cruises Ltd. "Nevertheless, a double digit yield improvement in the face of a double digit capacity increase amply demonstrates the strength of our brands." For the full year 2002, net income was $351.3 million, or $1.79 per share, compared with $254.5 million, or $1.32 per share, in 2001. Included in 2002 are net proceeds of $33.0 million, or $0.17 per share, related to the termination of the proposed DLC merger with P&O Princess and a charge of $20.0 million, or $0.10 per share, recorded in connection with a litigation settlement. Excluding the impact of these items, net income for 2002 would have been $338.3 million, or $1.72 per share. Earnings for 2001 were negatively impacted by the events of September 11 and ships out of service. The comparable figures for 2001 were $318.9 million, or $1.65 per share. Revenues for the year were up 9.2% at $3.4 billion, compared with $3.1 billion in 2001. The increase in revenues for the year was due to a 15.0% increase in capacity, partially offset by the 0.7% decline in yields and a decrease in the air/sea mix from 24.0% in 2001 to 14.2% in 2002. For the year operating costs were $2.1 billion, up from $1.9 billion in 2001, but down 5.0% on a per available passenger cruise day basis. The company believes changes in running expenses (i.e., those expenses directly associated with shipboard operations) and SG&A to be a more relevant measure of its ability to control costs in a manner that positively impacts the bottom line. Running and SG&A expenses for the year (excluding fuel, the Brilliance of the Seas lease payments, the litigation settlement and the costs associated with September 11th) were down 4.8% on a per available passenger cruise day basis.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


France-Corsica Ferry Operator SNCM's Takeover Gets EU Clearance

The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday.

Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options

MacArtney, Moog Focal in Expansion Mode

Moog Focal Technologies Corporation and the MacArtney Group have agreed to intensify their multi-service partnership aiming at expanding their long-term business

Maritime Security

Australia, Japan Partner for Hydrodynamics Research

Australia and Japan have signed a cooperative research arrangement on marine hydrodynamics, the Chief Defence Scientist, Dr Alex Zelinsky, announced today.   “This

GOST Debuts New Technology at Workboat

GOST (Global Ocean Security Technologies), celebrating its 10th year as a world leader in marine security, tracking, monitoring and video surveillance systems,

South China Sea Hearing in Court

The Philippines has sought to debunk China's claims to disputed islands in the South China Sea, court officials said Monday (November 30) as an international tribunal wrapped up a five-day hearing,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0837 sec (12 req/sec)