Royal Caribbean Announce Third Quarter Results

Royal Caribbean Cruises Ltd. announced net income for the third quarter of $159.2 million, or $0.82 per share. Third quarter earnings were negatively impacted by $21.3 million due to lost revenues and extra costs directly associated with passengers not being able to reach their departure ports during the weeks following September 11. Also included in the reported results is an additional $15.4 million in costs associated with business decisions taken in the aftermath of the attacks, including itinerary changes and charges related to closing of offices and deferral of programs. Adjusted for these changes, third quarter net income was $196.0 million. This compares to $201.5 million per share for the third quarter of 2000.

Comparable revenues were $966.9 million for the quarter, up 15.8% from the same quarter in 2000, when revenues were $835.2 million. The increase in revenues was due to a 20.1% increase in capacity, offset by a decrease in pricing and occupancy. Net revenue per available lower berth ("Yield") adjusted for lost revenues from the September 11 event was down 4.6%. On a reported basis, yield was down 6.8%.