Royal Caribbean 1997 Q2 Results

Royal Caribbean International has reported net income of $38.4 million, or $0.55 per share, on revenues of $403.5 million for the second quarter ended June 30, 1997, compared to net income of $38.3 million, or $0.60 per share, on revenues of $355.0 million for the second quarter of 1996.

The company attributed the revenue increase to increases in capacity and yield.

Net income for the second quarter of 1997 was diluted by an extraordinary charge of $7.6 million, or $0.12 per share, as RCI redeemed $104.5 million of 113/8 percent senior subordinated debt.

Thus, operating income showed a stronger increase year-over-year at $67.4 million for the second quarter of 1997, compared to $58.9 million for the second quarter of 1996.

RCI reported a load factor of 104.8 percent for the second quarter of this year, compared to 101.6 percent for the same period last year.

Six Months

For the six-month period ended June 30, 1997, RCI reported net income of $76.8 million, or $1.13 per share, on revenues of $798.1 million, compared to net income of $71.1 million, or $1.12 per share, on revenues of $672.6 million for the second quarter of 1996.

Operating income for the first six months of 1997 was $128.0 million compared to $108.1 million in 1996.

The load factor for the first six months of this year was 104.1 percent, compared to 101.6 percent last year.

Outlook

In a prepared statement, Richard Fain, chairman and CEO of RCI, described the results for the first six months as “excellent.” He added that he had even “greater enthusiasm” for the future in light of RCI’s continued fleet expansion and the merger with Celebrity Cruises.

RCI also announced that it has been approved for listing on the Oslo Stock Exchange and expects to begin trading there shortly.

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