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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF APRIL, 1999
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ROYAL CARIBBEAN CRUISES LTD.
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1050 CARIBBEAN WAY, MIAMI, FLORIDA 33132
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
[INDICATE BY CHECK MARK WHETHER THE REGISTRANT FILES OR WILL FILE
ANNUAL REPORTS UNDER COVER FORM 20-F OR FORM 40-F.]
FORM 20-F X FORM 40-F
----- -----
[INDICATE BY CHECK MARK WHETHER THE REGISTRANT BY FURNISHING THE
INFORMATION CONTAINED IN THIS FORM IS ALSO THEREBY FURNISHING THE INFORMATION TO
THE COMMISSION PURSUANT TO RULE 12g3-2(b) UNDER THE SECURITIES EXCHANGE ACT OF
1934.]
YES NO X
----- -----
[IF "YES" IS MARKED INDICATE BELOW THE FILE NUMBER ASSIGNED TO THE
REGISTRANT IN CONNECTION WITH RULE 12g-3-2(b): 82 _____].
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(LOGO) Royal Caribbean (R)
INTERNATIONAL
Contact: Lynn Martenstein
or Rich Steck
(305) 539-6573
FOR RELEASE APRIL 21, 1999
ROYAL CARIBBEAN REPORTS RECORD FIRST QUARTER RESULTS
MIAMI - April 21, 1999 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) announced
record first quarter earnings today, posting a 16.3% increase in net income to
$90.2 million or $0.49 per share in 1999 on a diluted basis, as compared to
$77.5 million or $0.44 per share in 1998.
The Company's record results were achieved despite temporarily lower
capacity due to unusual events. MONARCH OF THE SEAS missed 11 cruises during the
quarter due to a grounding incident in mid-December. Also affecting capacity was
the loss of one voyage each on GRANDEUR OF THE SEAS and ENCHANTMENT OF THE SEAS
due to unscheduled engine repairs. Positively affecting results were reduced
operating expenses on a per unit basis and lower SG&A expenses compared to last
year. Net yields (net revenue per available passenger cruise day) were
essentially equal to last year after adjusting for the consequences of the ships
being out of service.
"I am quite pleased with the first quarter results, and especially our
ability to improve earnings in the face of the extraordinary operational
challenges we encountered. We are also pleased, but not surprised, by our
ability to sustain our net yields after the fabulous pricing gains we achieved
last year," said Richard D. Fain, chairman & chief executive officer. "We
continue to have a positive view for our earnings outlook in 1999 based on
current trends."
Total Gross Revenues were $610.0 million compared to $659.8 million in
1998. This reduction in revenues was primarily due to the reduction in capacity
and dilution from redemption of cruise coupons related to the ships being out of
service. The gross yield was impacted by a lower air/sea mix and by a reduction
in occupancy to 102.1% from 104.6%. Net Income includes
MORE...
CORPORATE COMMUNICATIONS
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1050 Caribbean Way * Miami, FL 33132-2096 USA * tel: 305-539-6573 *
* fax: 305-536-0140 * www.royalcaribbean.com
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ROYAL CARIBBEAN REPORTS RECORD FIRST QUARTER RESULTS 2-2-2-2
approximately $17 million of proceeds from loss-of-hire insurance for the
affected voyages, which is included in Other Income.
Royal Caribbean Cruises Ltd. is a global cruise company operating a
fleet of 16 vessels under two cruise brands, Royal Caribbean International and
Celebrity Cruises. The Company has nine additional ships on order. The first of
three Eagle-class ships, VOYAGER OF THE SEAS, is scheduled for service in 1999,
followed by two sister vessels scheduled for delivery in 2000 and 2002. Two
Vantage-class vessels are scheduled for delivery in 2001 and 2002. Four
Millennium-class vessels are scheduled for delivery in 2000, 2001 and 2002. The
Company currently operates cruises visiting Alaska, the Bahamas, Bermuda,
Canada, the Caribbean, Europe, the Far East, Hawaii, Mexico, New England, the
Panama Canal, Russia and Scandinavia. For additional information about Royal
Caribbean, visit the line's Internet sites on the World Wide Web at
http://www.royalcaribbean.com, http://www.celebrity-cruises.com or
http://www.rclinvestor.com.
Certain statements in this news release are forward-looking statements. Such
forward-looking statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors, which may cause the
actual results, performances or achievements to differ materially from future
results, performance or achievements expressed or implied in such
forward-looking statements. Such factors include general economic and business
conditions, changes in cruise industry competition, delivery schedule of new
vessels, emergency ship repairs and other factors described in further detail in
Royal Caribbean's filings with the Securities and Exchange Commission.
###
(Financial Tables Follow)
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ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE DATA)
FIRST QUARTER ENDED
MARCH 31,
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1999 1998
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REVENUES $ 610,046 $ 659,777
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EXPENSES
Operating 366,613 396,410
Marketing, selling and administrative 87,814 96,292
Depreciaton and amortization 47,229 47,614
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501,656 540,316
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OPERATING INCOME 108,390 119,461
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OTHER INCOME (EXPENSE)
Interest income 891 2,579
Interest expense, net capitalized interest (35,222) (42,556)
Other income (expense) 16,137 (1,947)
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(18,194) (41,924)
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NET INCOME $ 90,196 $ 77,537
===========================
BASIC EARNINGS PER SHARE
NET INCOME $ 0.52 $ 0.45
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DILUTED EARNINGS PER SHARE
NET INCOME $ 0.49 $ 0.44
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Weighted average shares outstanding 183,075,050 177,220,624
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STATISTICS
FIRST QUARTER
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1999 1998
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Occupancy as a percentage of total capacity 102.1% 104.6%
Passenger Cruise Days 2,631,949 2,807,504
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ROYAL CARIBBEAN CRUISES LTD.
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(Registrant)
Date: April 30, 1999 By: /s/ RICHARD J. GLASIER
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Richard J. Glasier
Executive Vice President
and Chief Financial Officer
