Royal Caribbean Cruises has reported net income of $150.9 million, or $2.37 per share, on revenues of $1.4 billion for the year ended Dec. 31, 1996, compared to net income of $149 million, or $2.35 per share, on revenues of $1.2 billion for the previous year.
The revenue increase was primarily attributed to the addition of the Legend of the Seas in the second quarter of 1995 and the Splendour of the Seas in the second quarter of 1996.
RCC also explained that the 1996 results include a gain of $10.3 million from the sale of the Song of Norway and a charge of $2 million for expenses incurred in evaluating a potential transaction. And that net income in 1995 included a gain of $19.2 million from the sale of the Nordic Prince. Thus, on a comparable basis before the charge and the gain on the sale of vessels, earnings were $142.6 million, or $2.24 per share, in 1996, compared to $129.8 million, or $2.05 per share, in 1995, according to RCC.
RCC also reported a total of 6,055,068 passenger cruise days for 1996 for a load factor of 101.3 percent.
RCC reported net income of $26.7 million, or $0.42 per share, on revenues of $318.5 million for the fourth quarter ended Dec. 31, 1996, compared to net income of $16.4 million, or $0.26 per share, on revenues of $289.8 million for the fourth quarter of 1995.
Included in net income for the fourth quarter of 1996 is the gain of $10.3 million from the sale of the Song of Norway or $0.16 per share.
RCC also reported 1,514,736 passenger cruise days for a load factor of 98.3 percent in the fourth quarter of 1996.
"I am very pleased with the results achieved during 1996, particularly in light of the softer market conditions we encountered during the second half of the year, especially in the fourth quarter," said Richard D. Fain, Royal Caribbean's chairman and chief executive officer.