<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 APRIL, 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 ______
<PAGE> 2
NEWS FROM
ROYAL CARIBBEAN CRUISES LTD.
- --------------------------------------------------------------------------------
Corporate Communications Office
1050 Caribbean Way, Miami, Florida 33132-2096
395/539-6573
Contact: Michael Sheehan (305) 539-6572 or
Erin Williams (305) 539-6153
FOR IMMEDIATE RELEASE
ROYAL CARIBBEAN REPORTS RECORD FIRST QUARTER RESULTS
----------------------------------------------------
MIAMI - April 24, 2000 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) announced
record first quarter results today. Net income increased 17.0% to $105.5 million
or $0.55 per share in the first quarter of 2000, compared to $90.2 million or
$0.49 per share in the same quarter 1999.
Revenues were $707.8 million for the first quarter of 2000, compared to $610.0
million for the same quarter in 1999. This 16.0% increase in revenues was
primarily due to a 15.3% increase in capacity, buoyed by the strong response to
VOYAGER OF THE SEAS and the success of the Millennium New Year's cruises. Gross
yields (gross revenue per available passenger cruise day) were up approximately
1%, while net yields were up significantly more. Occupancy for the quarter was
101.7% versus 102.1% in the prior year.
"We are pleased with our first quarter results, which reflect the benefits of
our growth and of our acceptance in the travel market," said Richard D. Fain,
Chairman and Chief Executive Officer. "Looking out, while we continue to see a
very competitive pricing environment, we still expect that we will enjoy a
year-over-year increase in our net yields for the full year. For the remainder
of the year we expect net yields to be the same as the prior year or up
slightly. While such yield improvements are less than earlier hoped, the fact
that we are anticipating a yield increase in 2000, during a year of such high
industry growth, testifies to the strong fundamentals of the business."
Fain further stated, "We are looking forward to the introduction of Celebrity
Cruises' new class of ships beginning with MILLENNIUM next quarter. MILLENNIUM'S
inaugural season will be in Europe followed by the Caribbean. She will continue
our tradition of innovation with panoramic ocean-view glass elevators, penthouse
suites with wrap-around verandas offering 180(Degree) ocean views and a digital
music library, all of which are the first on any ship.
more...
<PAGE> 3
ROYAL CARIBBEAN REPORTS RECORD FIRST QUARTER RESULTS 2,2,2,2
The Company has scheduled a conference call at 2 p.m. today to discuss its first
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 that operates two cruise
brands, Royal Caribbean International and Celebrity Cruises. The brands'
combined fleet currently consists of 17 vessels, with 10 additional vessels
under construction or on firm order. For additional information, visit these
sites on the World Wide Web: WWW.ROYALCARIBBEAN.COM, WWW.CELEBRITYCRUISES.COM or
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)
###
more...
<PAGE> 4
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
<TABLE>
<CAPTION>
FIRST QUARTER ENDED
MARCH 31,
-----------------------------
2000 1999
------------ -------------
<S> <C> <C>
REVENUES $ 707,786 $ 610,046
------------ -------------
EXPENSES
Operating 403,179 366,613
Marketing, selling and administrative 108,415 87,814
Depreciation and amortization 56,556 47,229
------------ -------------
OPERATING INCOME 568,150 501,656
------------ -------------
139,636 108,390
------------ -------------
OTHER INCOME (EXPENSE)
Interest income 1,373 891
Interest expense, net of capitalized interest (31,978) (35,222)
Other income (expense) (3,503) 16,137
------------ -------------
(34,108) (18,194)
------------ -------------
NET INCOME $ 105,528 $ 90,196
============ =============
BASIC EARNINGS PER SHARE
Net income $ 0.57 $ 0.52
============ =============
Weighted average shares outstanding 182,466,598 169,057,619
============ =============
DILUTED EARNINGS PER SHARE
Net income $ 0.55 $ 0.49
============ =============
Weighted average shares outstanding 193,538,594 183,075,050
============ =============
</TABLE>
- --------------------------------------------------------------------------------
STATISTICS
<TABLE>
<CAPTION>
FIRST QUARTER
-----------------------------
2000 1999
------------ -------------
<S> <C> <C>
Occupancy as a percentage of total capacity 101.7% 102.1%
Passenger Cruise Days 3,024,269 2,631,949
</TABLE>
<PAGE> 5
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: May 2, 2000 By: /s/ RICHARD J. GLASIER
---------------------------------
Richard J. Glasier
Executive Vice President
and Chief Financial Officer
