Royal Caribbean Cruises has reported net income of $49 million or $0.77 per share on revenues of $309 million for the third quarter ended Sept. 30, 1994, compared to net income of $40.6 million or $0.66 per share on revenues of $301.7 million for the same quarter last year.

RCCL attributed the increase in earnings primarily to the rise in revenues which it said was due to price improvements while occupancy remained essentially unchanged.

Operating income for the third quarter was $60.5 million compared to $52.4 million for the same quarter in 1993.

The interruption of one four-night cruise and the cancellation of one three-night cruise of the 1,512-passenger Viking Serenade had about a $2 million negative impact on third quarter results.

RCCL also reported a passenger occupancy level of 105 percent for the third quarter and 1,328,361 passenger days compared to an 104.6 percent occupancy level and 1,336,439 passenger days for the same quarter a year ago.

The average gross per diem for the third quarter of 1994 was $232.64 compared to $225.77 for the third quarter of 1993.

For the first nine months of 1994, RCCL reported net income of $117.9 million or $1.86 per share on revenues of $889.5 million compared to net income of $88.3 million or $1.52 per share on revenues of $849 million for the first nine months of 1993.

RCCL also reported a passenger occupancy level for the first nine months of 1994 of 101.8 percent or 3,873,259 passenger days compared to a passenger occupancy level of 98.3 percent and 3,789,548 passenger days for the first nine months of 1993.

The average gross per diem for the first nine months of 1994 was $229.66 compared to $224 for the same period last year.

Margins

RCCL continued to improve its margins in the third quarter.

Costs and expenses were 80.4 percent of revenues in the third quarter of this year compared to 82.6 percent last year. The operating income margin was 19.6 percent this year compared to 17.4 percent last year. The net margin was 15.9 percent this year compared to 13.5 percent last year.

For the first nine months of 1994, costs and expenses were 82.6 percent of revenues compared to 84.5 percent last year. The operating income margin was 17.4 percent this year compared to 15.5 percent last year. The net margin was 13.3 percent this year compared to 10.4 percent last year.

Yard Sticks

Other yard sticks also showed strong improvement quarter-over-quarter and year-over-year for RCCL.

Operating income per passenger day was $45.55 for the third quarter of 1994 compared to $39.18 last year. Net income per passenger day was $36.94 for this year's third quarter compared to $30.39 last year.

Operating income per passenger day was $39.85 for the nine month period this year compared to $34.77 last year, and net income per passenger day was $30.45 this year compared to $23.30 last year.

RCCL contributed the results to continued yield improvement associated with higher rates and higher occupancy levels. The company has also reduced its depreciation expense by extending the depreciation period, and has reduced its interest expense by paying off a portion of its indebtedness and securing better terms.

At press time, RCCL (NYSE: RCL) traded for $30 3/4 compared to a 365-day high/low of $30 - $23 1/2.