Royal Caribbean Cruise Lines 2005 Annual Report Download - page 32

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Year Ended December 31,
2005 2004 2003
(in thousands, except per share data)
Passenger ticket revenues $ 3,609,487 $ 3,359,201 $ 2,775,055
Onboard and other revenues 1,293,687 1,196,174 1,009,194
Total revenues 4,903,174 4,555,375 3,784,249
Cruise operating expenses
Commissions, transportation and other 858,606 822,206 684,344
Onboard and other 308,611 300,717 249,537
Payroll and related 510,692 487,633 426,462
Food 270,674 269,436 239,483
Fuel 367,864 251,886 197,562
Other operating 677,785 687,505 583,647
Total cruise operating expenses 2,994,232 2,819,383 2,381,035
Marketing, selling and administrative expenses 635,308 588,267 514,334
Depreciation and amortization expenses 402,069 394,136 362,695
4,031,609 3,801,786 3,258,064
Operating Income 871,565 753,589 526,185
Other income (expense)
Interest income 9,129 9,208 4,519
Interest expense, net of interest capitalized (269,750) (309,977) (268,398)
Other income 52,521 21,871 18,358
(208,100) (278,898) (245,521)
Income Before Cumulative Effect of a Change in
Accounting Principle 663,465 474,691 280,664
Cumulative effect of a change in accounting principle (Note 2) 52,491 ––
Net Income $ 715,956 $ 474,691 $ 280,664
Basic Earnings per Share:
Income before cumulative effect of a change in accounting principle $ 3.22 $ 2.39 $ 1.45
Cumulative effect of a change in accounting principle (Note 2) $ 0.25 $– $ –
Net income $ 3.47 $ 2.39 $ 1.45
Diluted Earnings per Share:
Income before cumulative effect of a change in accounting principle $3.03 $ 2.26 $ 1.42
Cumulative effect of a change in accounting principle (Note 2) $ 0.22 $– $ –
Net income $ 3.26 $ 2.26 $ 1.42
Pro Forma Amounts (assuming change in accounting principle
was applied retrospectively) (Note 2) (unaudited):
Pro forma net income $ 663,465 $ 483,853 $ 283,235
Pro forma basic earnings per share $ 3.22 $ 2.43 $ 1.46
Pro forma diluted earnings per share $ 3.03 $ 2.30 $ 1.43
The accompanying notes are an integral part of these financial statements.
30 Royal Caribbean Cruises Ltd.
Consolidated Statements
of Operations