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

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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
Company NameCommon Shares OutstandingROYAL CARIBBEAN CRUISES LTD168,591 (in 000s at most recent fiscal year end)Estimated Price/Share=$98.02Actual Actual Actual Actual ActualFiscal Year End (MM/DD/YYYY) 12/31/1994 12/31/1995 12/31/1996 12/31/1997 12/31/1998Income StatementSales (Net) 1,171,423 1,183,952 1,357,325 1,939,007 2,636,291Cost of Goods Sold (728,760) (742,467) (854,478) (1,219,268) (1,593,728)Gross Profit 442,663 441,485 502,847 719,739 1,042,563R&D Expense 0 0 0 0 0SG&A Expense (179,051) (177,481) (194,629) (272,368) (359,214)EBITDA 263,612 264,004 308,218 447,371 683,349Depreciation & Amortization (77,892) (80,071) (91,185) (143,816) (194,614)EBIT 185,720 183,933 217,033 303,555 488,735Interest Expense (43,349) (54,844) (76,540) (128,531) (167,869)Non-Operating Income (Loss) (46) 19,869 10,373 7,661 9,904EBT 142,325 148,958 150,866 182,685 330,770Income Taxes 0 0 0 0 0Minority Interest in Earnings 0 0 0 0 0Other Income (Loss) 0 0 0 0 0Net Income Before Ext. Items 142,325 148,958 150,866 182,685 330,770Ext. Items & Disc. Ops. (5,700) 0 0 (7,558) 0Preferred Dividends 0 0 0 (9,200) (12,500)Net Income (available to common) 136,625 148,958 150,866 165,927 318,270Balance SheetOperating Cash and Market. Sec. 23,920 31,256 40,419 110,793 172,921Receivables 9,424 12,171 15,535 22,628 36,532Inventories 13,555 16,830 22,665 37,274 31,834Other Current Assets 71,233 27,563 33,745 40,450 45,044Total Current Assets 118,132 87,820 112,364 211,145 286,331PP&E (Net) 1,384,814 1,758,446 2,378,934 4,785,291 5,073,008Investments 0 0 0 0 0Intangibles 351,456 341,041 330,628 320,214 309,801Other Assets 10,602 15,936 20,373 23,098 16,936Total Assets 1,865,004 2,203,243 2,842,299 5,339,748 5,686,076Current Debt 0 6,234 13,061 141,013 127,919Accounts Payable 63,181 71,528 69,091 108,474 115,833Income Taxes Payable 0 0 0 0 0Other Current Liabilities 209,094 230,935 321,307 639,857 646,403Total Current Liabilities 272,275 308,697 403,459 889,344 890,155Long-Term Debt 747,107 929,458 1,353,906 2,431,683 2,341,163Other Liabilities 0 0 0 0 0Deferred Taxes 0 0 0 0 0Minority Interest 0 0 0 0 0Total Liabilities 1,019,382 1,238,155 1,757,365 3,321,027 3,231,318Preferred Stock 0 0 0 172,500 172,500Paid in Common Capital (Net) 545,061 546,058 549,422 1,185,566 1,358,567Retained Earnings 300,561 419,030 535,512 660,655 923,691Total Common Equity 845,622 965,088 1,084,934 1,846,221 2,282,258Total Liabilities and Equity 1,865,004 2,203,243 2,842,299 5,339,748 5,686,076Statement of Retained EarningsBeg. Retained Earnings 300,561 419,030 535,512 660,655+Net Income 148,958 150,866 165,927 318,270-Common Dividends (30,489) (34,384) (49,984) (67,734)+/-Clean Surplus Plug (Ignore) 0 0 9,200 12,500=End. Retained Earnings 300,561 419,030 535,512 660,655 923,691
Page 2 and 3: North America, but may fly to any p
Page 4 and 5: Who’s OnboardObviously different
Page 6 and 7: Demand for a Cruise VacationTo date
Page 8 and 9: Appendix 1Cruise Industry, Demograp
Page 10 and 11: -----------------------------------
Page 12 and 13: According to CLIA and other trade p
Page 14 and 15: Technological DevelopmentThe Compan
Page 16 and 17: Cruise PricingThe Company's cruise
Page 18 and 19: The Company has nine ships on order
Page 20 and 21: In March 1998, the Company issued $
Page 22 and 23: ROYAL CARIBBEAN CRUISES LTD.CONSOLI
Page 24 and 25: ROYAL CARIBBEAN CRUISES LTD. CONSOL
Page 26 and 27: Information about geographic areas
Page 28 and 29: The Company's debt agreements conta
Page 30 and 31: FORM 10-KSECURITIES AND EXCHANGE CO
Page 32 and 33: The Company has signed agreements w
Page 34 and 35: Depreciation and amortization incre
Page 36 and 37: CARNIVAL CORPORATIONCONSOLIDATED ST
Page 38 and 39: CARNIVAL CORPORATIONNOTES TO CONSOL
Page 42 and 43: Company NameROYAL CARIBBEAN CRUISES
Page 44: Company NameCARNIVAL CORPActual Act

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