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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 OCTOBER, 2000
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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
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[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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News from Royal Caribbean Cruises Ltd.
Contact: Lynn Martenstein (305) 539-6573
Michael Sheehan (305) 539-6572
Erin Williams (305) 539-6153
For Immediate Release
ROYAL CARIBBEAN REPORTS RECORD THIRD-QUARTER EARNINGS
MIAMI - October 18, 2000 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL)
announced record third-quarter results today. Net income increased 18.5% to
$201.5 million, or $1.04 per share, in the third quarter of 2000, compared to
$170.0 million, or $0.92 per share, in the same quarter of 1999.
Revenues were $835.2 million for the third quarter of 2000, as compared
with $734.5 million for the same quarter in 1999. The increase in revenues is
attributable to a 17.9% increase in capacity primarily as a result of VOYAGER OF
THE SEAS and MILLENNIUM joining the fleet. Occupancy for the quarter was 109.7%,
up slightly from last year's 109.0%. Net revenue yields (net revenue per
available passenger cruise day) declined by about 1%. The company's profit
margins improved during the quarter as compared to 1999. Approximately $6 to $8
million of this improvement can be attributable to the timing of certain
marketing and other expenses, which will now be incurred in the fourth quarter
of 2000.
Net income for the nine months ended September 30, 2000 increased 20.2%
to $415.3 million, or $2.15 per share, compared to $345.5 million, or $1.88 per
share for the same period last year. Revenues were $2.2 billion for the nine
months ended September 30, 2000, compared to $2.0 billion for the same period in
1999. Capacity was up 14.8%, while occupancy was slightly higher at 105.9%,
compared to 105.4% in the prior year. Higher pricing and lower operating
expenses resulted in strong growth in net income.
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ROYAL CARIBBEAN REPORTS RECORD THIRD-QUARTER EARNINGS 2,2,2,2
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"We are pleased with our ability to continue to expand our business and
improve our profitability," said Richard D. Fain, Chairman & Chief Executive
Officer. "Despite an 18% increase in capacity, we were able to maintain pricing
at last year's record levels and generate improved margins. We expect that the
competitive pricing environment will continue in the short term, but the strong
fundamentals of our industry remain intact. Our new ship deliveries are proving
to be very successful and continue to stimulate the market for cruise
vacations."
The company has scheduled a conference call at 10 a.m. today to discuss
its third quarter earnings. This call can be listened to, either live or on a
delayed basis, on the company's investor relations web site at
WWW.RCLINVESTOR.COM.
Royal Caribbean Cruises Ltd. is a global cruise company, operating two
cruise brands, Royal Caribbean International and Celebrity Cruises. The brands'
combined fleet currently consists of 19 vessels, with 10 additional vessels on
order for delivery through 2004. For additional information about Royal
Caribbean, visit the company's Internet sites on the World Wide Web at
HTTP://WWW.ROYALCARIBBEAN.COM, HTTP://WWW.CELEBRITYCRUISES.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, weather 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)
<TABLE>
<CAPTION>
Third Quarter Ended Nine Months Ended
September 30, September 30,
--------------------------------- ---------------------------------
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues $ 835,210 $ 734,460 $ 2,223,727 $ 1,962,170
------------- ------------- ------------- -------------
Expenses
Operating 444,888 393,198 1,238,666 1,130,021
Marketing, selling and administrative 96,650 92,787 309,338 271,480
Depreciation and amortization 57,506 50,250 168,725 145,944
------------- ------------- ------------- -------------
599,044 536,235 1,716,729 1,547,445
------------- ------------- ------------- -------------
Operating Income 236,166 198,225 506,998 414,725
------------- ------------- ------------- -------------
Other Income (Expense)
Interest income 1,037 2,573 4,920 4,628
Interest expense, net of capitalized interest (39,539) (30,812) (102,865) (99,987)
Other income (expense) 3,833 (14) 6,230 26,149
------------- ------------- ------------- -------------
(34,669) (28,253) (91,715) (69,210)
------------- ------------- ------------- -------------
Net Income $ 201,497 $ 169,972 $ 415,283 $ 345,515
============= ============= ============= =============
Earnings Per Share
Basic $ 1.05 $ 0.98 $ 2.19 $ 1.98
============= ============= ============= =============
Diluted $ 1.04 $ 0.92 $ 2.15 $ 1.88
============= ============= ============= =============
Weighed Average Shares Outstanding
Basic 192,019,106 169,942,219 188,491,887 169,450,157
============= ============= ============= =============
Diluted 193,010,588 184,253,792 192,726,279 183,637,455
============= ============= ============= =============
</TABLE>
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STATISTICS
<TABLE>
<CAPTION>
Third Quarter Third Quarter Year to Date Year to Date
------------- ------------- ------------- -------------
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Occupancy as a percentage of total capacity 109.7% 109.0% 105.9% 105.4%
Passenger Cruise Days 3,562,802 3,001,719 9,618,955 8,330,453
</TABLE>
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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: November 3, 2000 By: /s/ Richard J. Glasier
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Richard J. Glasier
Executive Vice President
and Chief Financial Officer
