Royal Caribbean International (RCI) has reported net income of $169.9 million, or $0.98 per share, on revenues of $734.5 million for the third quarter ended Sept. 30, 1999, compared to net income of $150.0 million, or $0.87 per share, on revenues of $744.9 million for the third quarter of 1998.
The drop in revenue was attributed to a 2.8 percent drop in capacity due to the sale of the Song of America earlier this year.
For the nine-month period, RCI reported net income of $345.5 million, or $1.88 per share, on revenues of $2.0 billion, compared to net income of $307.3 million, or $1.70 per share, on revenues of $2.1 billion for the same period last year.
The growth in net income was due to higher pricing and lower operating expenses, according to RCI.
The load factor for the third quarter was 109.0 percent compared to 109.4 percent last year. For the nine-month period the load factor was 105.4 percent, compared to 106.4 percent last year.
At press time, RCI's common stock had jumped to $49 5/16, compared to a 52-week high/low of $51 5/8 - $25 1/2. Analysts contacted by Cruise Industry News are still seeing a mid-$60 price for RCI within the next 12 months. Meanwhile all the other cruise- and cruise related stocks were languishing at mid-mark or low evaluations.