Royal Caribbean Cruises has reported net income of $33.5 million or $0.53 per share on revenues of $291.9 million for the second quarter ended June 30, 1994 compared to net income of $27.5 million or $0.47 per share on revenues of $276.9 million for the same quarter a year ago. Net income in the second quarter of 1994 was reduced by an extraordinary item of $3.4 million or $0.05 per share from the early retirement of a portion of the company's debt associated with its refinancing program.

RCCL attributed the five percent increase in revenue quarter-over-quarter to continued yield improvement associated with higher rates and higher occupancy levels.

Operating income for the second quarter of 1994 was $48.2 million compared to $40.5 million for the same quarter in 1993. Earnings were also favorably affected by lower interest expense as well as a revision of the company's vessel depreciation policy.

RCCL also reported a passenger occupancy level of 99.1 percent and 1,276.028 passenger days for the second quarter of 1994 compared to an occupancy level of 97.2 percent and 1,246,895 passenger days for the same quarter last year.

The average per diem for the second quarter of 1994 was $228.73 compared to $222.07 for the second quarter of 1993.

For the first six months of 1994, RCCL reported net income of $68.9 million or $1.09 per share on revenues of $580.5 million compared to $47.7 million or $0.86 per share on revenues of $547.3 million for the ftrst six months of 1993.

RCCL also reported a passenger occupancy level of 100.1 percent for the first six months of 1994 and 2,544,898 passenger days compared to an occupancy level of 95.2 percent and 2,453,109 passenger days for the same period last year.

The average per diem for the first six months of 1994 was $228.11 compared to $223.11 last year.

Improved Margins

RCCL's margins improved in the second quarter of 1994 compared to the second quarter of 1993.

Costs and expenses were 83.5 percent of revenues in this year's second quarter compared to 85.4 percent for the same period last year. Operating income was 16.5 percent compared to 14.6 percent; and net income was 11.5 percent compared to 9.9 percent last year. Margins also improved for the six month period year-over-year.

Costs and expenses were 83.9 percent of revenues for the six month period of 1994 compared to 85.5 percent for the same period in 1993. Operating income was 16.2 percent compared to 14.5 percent; and net income was 11.9 percent compared to 8.7 percent last year.

Financial Strengthening

RCCL also recently announced a public offering of $125 million of 8 1/8 percent Senior Notes due 2004 at 98.521 percent of the principal amount. The offering is being led by Merrill Lynch & Co., with Goldman, Sachs & Co., Lazard Freres & Co. and Lehman Brothers acting as co­ managers.

The securities are being offered as part of a previously announced $500 million shelf registration statement filed with the Securities and Exchange Commission.

The net proceeds will be used by the company for general corporate purposes, including capital expenditures and to repay a portion of indebtedness outstanding under a $750 million revolving credit facility or to repay other indebtedness from time to time.

At press time, Royal Caribbean Cruises (NYSE: RCL) traded for $28 7/8 on the New York Stock Exchange compared to a 365-day high/low of $30 - 22 1/4.