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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 July, 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]
[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.
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Public Relations Office
1050 Caribbean Way, Miami, Florida 33132-2096
Contact: Michael Sheehan (305) 539-6572
or Erin Williams (305) 539-6153
FOR IMMEDIATE RELEASE
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ROYAL CARIBBEAN REPORTS RECORD PROFITS AND HIGHER NET YIELDS
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MIAMI - July 25, 2000 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) reported
record profits for the second quarter of 2000. Net income for the quarter was
$108 million, or $0.56 per share, compared to $85 million, or $0.47 per share in
the same quarter of 1999. Second quarter results for 1999 include a $14 million
charge for a non-recurring item.
Revenues were $680.7 million for the second quarter of 2000, as compared to
$617.7 million for the same quarter in 1999. The increase in revenues was due
primarily to an 11% increase in capacity. Occupancy was 106.1% in the second
quarter, compared to 104.8% in 1999. Net revenue yields (net revenue per
available passenger cruise day) were up 2%.
Net income for the six months ended June 30, 2000 increased 22% on a 13%
increase in capacity. Net income was $213.8 million or $1.11 per share, compared
to $175.5 million or $0.96 per share for the same period last year. This
increase is primarily due to a year over year increase in capacity and net yield
improvements. Revenues increased 13% to $1.4 billion for the six months ended
June 30, 2000 compared to $1.2 billion for the same period last year. Occupancy
for the first six months was 103.9%, compared to 103.4% the prior year.
"We are pleased to report record profits again this quarter," said Richard D.
Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd.
"Especially noteworthy is our yield performance in the current competitive
pricing environment. These results reflect the strong demand for our product, a
job well done by our revenue management team and the underlying strength of the
industry fundamentals. Our expectations for the second half of the year remains
basically unchanged, with a highly competitive pricing environment and yields
less than last year."
MORE. . .
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ROYAL CARIBBEAN REPORTS RECORD PROFITS AND HIGHER NET YIELDS 2-2-2-2
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The Company has scheduled a conference call at 10 a.m. today to discuss its
second 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 18 vessels, with 11 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>
Second Quarter Ended Six Months Ended
June 30, June 30,
------------------------------- -------------------------------
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
REVENUES $ 680,731 $ 617,664 $ 1,388,517 $ 1,227,710
------------- ------------- ------------- -------------
EXPENSES
Operating 390,599 370,210 793,778 736,823
Marketing, selling and administrative 104,273 90,879 212,688 178,693
Depreciation and amortization 54,663 48,465 111,219 95,694
------------- ------------- ------------- -------------
549,535 509,554 1,117,685 1,011,210
------------- ------------- ------------- -------------
OPERATING INCOME 131,196 108,110 270,832 216,500
------------- ------------- ------------- -------------
OTHER INCOME (EXPENSE)
Interest income 2,510 1,164 3,883 2,055
Interest expense, net of capitalized interest (31,348) (33,953) (63,326) (69,175)
Other income (expense) 5,900 10,026 2,397 26,163
------------- ------------- ------------- -------------
(22,938) (22,763) (57,046) (40,957)
------------- ------------- ------------- -------------
NET INCOME $ 108,258 $ 85,347 $ 213,786 $ 175,543
============= ============= ============= =============
BASIC EARNINGS PER SHARE
Net income $ 0.57 $ 0.49 $ 1.13 $ 1.00
============= ============= ============= =============
Weighted average shares outstanding 190,951,195 169,340,956 186,708,896 169,200,070
============= ============= ============= =============
DILUTED EARNINGS PER SHARE
Net income $ 0.56 $ 0.47 $ 1.11 $ 0.96
============= ============= ============= =============
Weighted average shares outstanding 192,002,249 183,474,066 192,634,706 183,280,098
============= ============= ============= =============
</TABLE>
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STATISTICS
<TABLE>
<CAPTION>
Second Quarter Second Quarter Year to Date Year to Date
-------------- -------------- ------------- -------------
2000 1999 2000 1999
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Occupancy as a percentage of total capacity 106.1% 104.8% 103.9% 103.4%
Passenger Cruise Days 3,031,884 2,696,785 6,056,153 5,328,734
</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: July 28, 2000 By: /s/ Richard J. Glasier
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Richard J. Glasier
Executive Vice President
and Chief Financial Officer
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