Royal Caribbean Cruise Lines 2004 Annual Report Download - page 21

Download and view the complete annual report

Please find page 21 of the 2004 Royal Caribbean Cruise Lines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 35

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35

Year Ended December 31,
(in thousands, except per share data)
2004 2003 2002
Passenger ticket revenues $ 3,359,201 $2,775,055 $ 2,589,942
Onboard and other revenues 1,196,174 1,009,194 ,844,405
Total revenues 4,555,375 3,784,249 3,434,347
Cruise operating expenses
Commissions, transportation and other ,822,206 ,684,344 ,669,177
Onboard and other ,300,717 ,249,537 ,208,231
Payroll and related ,487,633 ,426,462 ,314,370
Food ,269,436 ,239,483 ,255,703
Other operating ,939,391 ,781,209 ,665,736
Total cruise operating expenses 2,819,383 2,381,035 2,113,217
Marketing, selling and administrative expenses ,588,267 ,514,334 ,431,055
Depreciation and amortization expenses ,394,136 ,362,695 ,339,100
3,801,786 3,258,064 2,883,372
Operating Income ,753,589 ,526,185 ,550,975
Other income (expense)
Interest income ,009,208 ,004,519 ,012,413
Interest expense, net of interest capitalized ,(309,977) ,(268,398) ,(266,842)
Other income ,021,871 ,018,358 ,054,738
,(278,898) ,(245,521) ,(199,691)
Net Income $,474,691 $,280,664 $ ,351,284
Earnings Per Share:
Basic $ 2.39 $ 1.45 $ 1.82
Diluted (Note 8) $ 2.26 $ 1.42 $ 1.76
The accompanying notes are an integral part of these financial statements.
ROYAL CARIBBEAN CRUISES LTD. 19
CONSOLIDATED STATEMENTS OF OPERATIONS