Royal Caribbean Cruises reported net income of $149 million or $2.35 per share on revenues of $1.18 billion for the year ended Dec. 31, 1995, compared to net income of $136.6 million or $2.16 per share on revenues of $1.17 billion for 1994.
The 1995 results included a gain of $19.2 million from the sale of the Nordic Prince and a $5.7 million extraordinary charge in 1994 related to the early retirement of a portion of the company's debt.
Royal Caribbean (RCCL) attributed the revenue increase year-over-year to a one percent increase in capacity due to the introduction of the 1,800-passenger Legend of the Seas in the second quarter of 1995, which was partially offset by the sale of the 1.010-passenger Nordic Prince in the first quarter of 1995.
RCCL reported net income of $16.4 million or S0.26 per share on revenues of $289.8 million for the fourth quarter ended Dec. 31, 1995, compared to net income of $18.7 million or $0.30 per share on revenues of $281.9 million for the same quarter in 1994.
"I am pleased that our yields remained consistent with the exceptionally strong performance in 1994 despite the many challenges our industry faced last year principally due to pricing pressure from an increased level of discounting among our competitors." said Richard Fain. Chairman and CEO.