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 April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Offshore Casualty: Harkand Group Collapses

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

ITIC Reports on Ship Agents' Costly Transhipment Errors

International Transport Intermediaries Club (ITIC) says it continues to deal on a regular basis with claims resulting from errors by agents involving transhipment cargoes.

Maritime Security

Vietnam Asks Japan for Vessels to Strengthen Coastguard

Vietnam has asked Japan to provide vessels to strengthen its coastguard, a Japanese official said on Thursday, in the latest sign of growing ties among the states locked in maritime rows with China.

SharpEye Radar Installed and Commissioned on SAS Drakensberg

Kelvin Hughes, a company in the design and supply of navigation and security surveillance systems, has announced the installation and commissioning of a SharpEye

Bollinger Wins Contract for Phase II FRC Builds

Louisiana shipbuilder Bollinger Shipyards announced it has secured a contract to build Phase II of the Sentinel Class Fast Response Cutters (FRC) for the United States Coast Guard (USCG).

 
 
Maritime Security Maritime Standards Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0791 sec (13 req/sec)