<PAGE> 1
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 JANUARY, 2000
ROYAL CARIBBEAN CRUISES LTD.
1050 CARIBBEAN WAY, MIAMI, FLORIDA 33132
(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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News From
Royal Caribbean Cruises Ltd.
Public Relations Office
1050 Caribbean Way, Miami, Florida 33132-2096
Contact: Lynn Martenstein (305) 539-6573
or Erin Williams (305) 539-6153
FOR IMMEDIATE RELEASE
---------------------
ROYAL CARIBBEAN REPORTS RECORD RESULTS IN 1999
MIAMI - (January 25, 2000) - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL)
announced today a 16% increase in net income to $383.9 million in 1999, up from
$330.8 million in 1998. Earnings per share was $2.06, or 13% higher than the
previous year. Since both years experienced non-recurring items, comparable EPS
was $2.15 in 1999 versus $1.93 in 1998.
Revenues were $2.5 billion, as compared to $2.6 billion in 1998. The slight
decline in revenues was due primarily to a 3% decrease in capacity in 1999. This
decrease was the result of the sale of SONG OF AMERICA and service outages in
the first half of the year.
On a comparable basis, earnings for the fourth quarter of 1999 increased to $.21
per share compared to $.17 per share in 1998. Reported net income for the fourth
quarter of 1999 was $38.3 million or $.19 per share, which includes a $3.3
million non-recurring item. Reported net income for the fourth quarter of 1998
was $23.4 million or $0.12 per share, which includes a $9 million non-recurring
item. Revenues for the fourth quarter of 1999 were $584.0 million, up from
$575.1 million in 1998.
"We are pleased with our earnings growth in 1999, especially in a year of
reduced capacity," said Richard D. Fain, chairman and chief executive officer.
"Continued focus on yield management and cost control have proven effective,
enabling us to report record earnings once again. We are particularly pleased
with the introduction of VOYAGER OF THE SEAS. We had always anticipated the ship
would be a success, and are very happy with the positive press she has received.
We look forward to continuing our tradition of product innovation with the
delivery of Celebrity's MILLENNIUM in June of this year."
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ROYAL CARIBBEAN REPORTS RECORD RESULTS IN 1999 2-2-2-2
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 17 vessels; 10 additional vessels are 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.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, 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>
(UNAUDITED)
FOURTH QUARTER ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
-------------------- ------------------------
1999 1998 1999 1998
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues $583,982 $575,148 $2,546,152 $2,636,291
-------- -------- ---------- ----------
Expenses
Operating 366,231 379,627 1,496,252 1,593,728
Marketing, selling and administrative 100,337 83,717 371,817 359,214
Depreciation and amortization 51,965 47,655 197,909 194,614
-------- -------- ---------- ----------
518,533 510,999 2,065,978 2,147,556
-------- -------- ---------- ----------
Operating Income 65,449 64,149 480,174 488,735
-------- -------- ---------- ----------
Other Income (Expense)
Interest income 3,554 3,463 8,182 15,912
Interest expense, net of capitalized
interest (30,638) (39,489) (130,625) (167,869)
Other income (expense) (27) (4,698) 26,122 (6,008)
-------- -------- ---------- ----------
(27,111) (40,724) (96,321) (157,965)
-------- -------- ---------- ----------
Net income $ 38,338 $ 23,425 $ 383,853 $ 330,770
======== ======== ========== ==========
Earnings per Share
Basic $ 0.19 $ 0.12 $ 2.15 $ 1.90
======== ======== ========== ==========
Diluted $ 0.19 $ 0.12 $ 2.06 $ 1.83
======== ======== ========== ==========
</TABLE>
STATISTICS
<TABLE>
<CAPTION>
FOURTH QUARTER YEAR TO DATE
---------------------- ------------------------
1999 1998 1999 1998
--------- --------- ---------- ----------
<S> <C> <C> <C> <C>
Occupancy as a percentage of total capacity 102.9% 101.6% 104.7% 105.2%
Passenger Cruise Days 2,896,743 2,811,302 11,227,196 11,607,906
</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.
------------------------------------
(Registrant)
Date: February 1, 2000 By: /s/ RICHARD J. GLASIER
---------------------------------
Richard J. Glasier
Executive Vice President
and Chief Financial Officer
