ROYAL CARIBBEAN REPORTS RECORD THIRD QUARTER PROFITS
ROYAL CARIBBEAN REPORTS RECORD THIRD QUARTER PROFITS MIAMI, Oct. 28 /PRNewswire/ -- Royal Caribbean Cruises Ltd. (RCCL)
announced today a significant increase in net income to $30.7 million on revenue of $286.8 million for the third quarter ended Oct. 2, 1992. This compares to net income of $8.5 million on revenue of $198.2 million for the same quarter in 1991.
Revenue increased 44.7 percent over the comparable quarter in 1991 even though the U.S. economy remained sluggish. The company's revenue increase is attributed in part to a 36.1 percent increase in passenger cruise days resulting from the introduction of RCCL's two new 2,354- passenger mega-ships, Majesty of the Seas and Monarch of the Seas, in April 1992 and November 1991 respectively. Operating income for the third quarter was $51.1 million, compared to $24.0 million in 1991, a reflection of the expanded fleet's capacity, economies of
scale, higher revenue yields and increased operating margins due to improved cost controls.
Additionally, Hurricane Andrew, which occurred in third quarter 1992, forced the cancellation of one four-night Nordic Empress Cruise. Net income for 1992's first nine months was $52.8 million, compared to net income of $2.2 million for the prior year. Total revenues for the nine-month period rose 38.7 percent to $757.4 million in 1992 from $546.0 million in 1991. Operating income increased to $109.3 million in 1992 from $43.5 million in 1991. The company's interest expense continued to be favorably affected by lower interest rates. Richard Fain, chairman and CEO of Royal Caribbean stated, "It is particularly gratifying to see our investment in expanded capacity so favorably impact our financial results even though the U.S. economy continued to be sluggish. Our operating margins have improved significantly. We expect this improvement to continue as we realize greater economies of scale as well as operating efficiencies resulting from tighter cost controls and better revenue management." Royal Caribbean is the world's largest cruise brand by passenger capacity and pampers passengers with superlative service aboard its modern fleet of ships. Itineraries include the Caribbean, Bahamas, Panama Canal, Alaska, Mexico, Europe, Mediterranean, Baltic, Greek Isles, Scandinavia/Russia, British Isles, North Cape/Norwegian Fjords, Africa and the Canary Islands. ROYAL CARIBBEAN CRUISES LTD. SUMMARY FINANCIAL DATA THIRD QUARTERS FIRST NINE MONTHS 1991 1992 1991 1992 Revenues (000s) $198,230 $286,787 $546,005 $757,375 Operating Income (000s) 24,036 51,122 43,472 109,325 Net Income (000s) 8,520 30,651 2,240 52,765 Passenger Cruise Days 995,252 1,354,680 2,685,068 3,587,426 Passengers Carried 191,982 230,934 503,260 616,843 -0- 10/28/92 /CONTACT: Lloyd Axelrod or Rich Steck of Royal Caribbean Cruises Ltd., 305-539-6573/ CO: Royal Caribbean Cruises Ltd. ST: Florida IN: LEI SU: ERN
AW-JB -- FL010 -- 6109 10/28/92 14:32 EST
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|Date:||Oct 28, 1992|
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