Forecasting for the Love Boat: Royal Caribbean Cruises in 1998(

SELECTED FINANCIAL DATAThe selected financial data presented below for the fiscal years 1994 through 1998 and as of the end of each such fiscal year arederived from the financial statements of the Company and should be read in conjunction with such financial statements and therelated notes.YEARS ENDED NOVEMBER 30,1998 1997 1996 1995 1994(in thousands, except per share data)INCOME STATEMENT DATA:Revenues $3,009,306 $2,447,468 $2,212,572 $1,998,150 $1,806,016Operating incomebefore income fromaffiliated operations $ 819,792 $ 660,979 $ 551,461 $ 490,038 $ 443,674Operating income $ 896,524 $ 714,070 $ 597,428 $ 490,038 $ 443,674Net income $ 835,885 $ 666,050 $ 566,302 $ 451,091 $ 381,765Earnings per share (1):Basic $1.40 $1.12 $.98 $.79 $.68Diluted $1.40 $1.12 $.96 $.79 $.67Dividends declaredper share (1) $.315 $.240 $.190 $.158 $.142Passenger cruise days 13,009 11,908 10,583 9,201 8,102Occupancy percentage (2) 106.3% 108.3% 107.6% 105.0% 104.0%----------------------------------(1) All per share amounts have been adjusted to reflect two-for-one stock splits effective November 30, 1994 and June 12, 1998.(2) In accordance with cruise industry practice, occupancy percentage is calculated based upon two passengers per cabin eventhough some cabins can accommodate three or four passengers. The percentages in excess of 100% indicate that more than twopassengers occupied some cabins.SELECTED QUARTERLY FINANCIAL DATA (unaudited)Quarterly financial results for fiscal 1998 are as follows:QUARTERS ENDEDFEBRUARY 28, MAY 31, AUGUST 31, NOVEMBER 30,(in thousands, except per share data)Revenues $557,838 $661,358 $1,061,539 $728,571Gross profit $250,243 $299,002 $ 521,196 $319,488Operating income beforeincome from affiliatedoperations $128,401 $167,794 $ 365,007 $158,590Operating income $117,720 $165,441 $ 378,849 $234,514Net income $109,914 $160,596 $ 344,752 $220,623Earnings per share (1):Basic $.18 $.27 $.58 $.37Diluted $.18 $.27 $.58 $.37Dividends declared per share (1) $.075 $.075 $.075 $.09Quarterly financial results for fiscal 1997 are as follows:QUARTERS ENDEDFEBRUARY 28, MAY 31, AUGUST 31, NOVEMBER 30,(in thousands, except per share data)Revenues $521,082 $596,614 $805,421 $524,351Gross profit $224,144 $258,930 $417,301 $224,424Operating income beforeincome from affiliatedoperations $103,944 $140,253 $308,590 $108,192Operating income $ 94,962 $137,541 $318,961 $162,606Net income $ 85,360 $127,447 $297,893 $155,350Earnings per share (1):Basic $.14 $.21 $.50 $.26Diluted $.14 $.21 $.50 $.26Dividends declared per share (1) $.055 $.055 $.055 $.075