Royal Caribbean Cruise Lines 2007 Annual Report Download - page 26

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24
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year Ended December 31, 2007 2006 2005
Passenger ticket revenues
$4,427,384
$3,838,648 $3,609,487
Onboard and other revenues
1,721,755
1,390,936 1,293,687
Total revenues
6,149,139
5,229,584 4,903,174
Cruise operating expenses:
Commissions, transportation and other
1,124,022
917,929 858,606
Onboard and other
405,637
331,218 308,611
Payroll and related
584,081
501,874 510,692
Food
322,996
278,604 270,674
Fuel
546,029
480,187 367,864
Other operating
998,933
739,817 677,785
Total cruise operating expenses
3,981,698
3,249,629 2,994,232
Marketing, selling and administrative expenses
783,040
699,864 635,308
Depreciation and amortization expenses
483,066
421,645 402,069
5,247,804
4,371,138 4,031,609
Operating Income
901,335
858,446 871,565
Other income (expense):
Interest income
20,025
15,238 9,129
Interest expense, net of interest capitalized
(333,784)
(267,861) (269,750)
Other income
15,829
28,099 52,521
(297,930)
(224,524) (208,100)
Income Before Cumulative Effect of a Change in Accounting Principle
603,405
633,922 663,465
Cumulativeeffect of a change in accounting principle (Note 2)
–
– 52,491
Net Income
$ 603,405
$ 633,922 $ 715,956
Basic Earningsper Share:
Income beforecumulativeeffect of a change in accounting principle
$ 2.84
$ 3.01 $ 3.22
Cumulative effect of a change in accounting principle (Note 2)
$–
$ – $ 0.25
Net income
$ 2.84
$ 3.01 $ 3.47
Diluted Earnings per Share:
Income before cumulative effect of a change in accounting principle
$ 2.82
$ 2.94 $ 3.03
Cumulative effect of a change in accounting principle (Note 2)
$–
$ – $ 0.22
Net income
$ 2.82
$ 2.94 $ 3.26
Pro Forma Amounts (assuming change in accounting principle
was applied retrospectively) (Note 2) (unaudited):
Pro forma net income
$ 603,405
$ 633,922 $ 663,465
Pro forma basic earnings per share
$ 2.84
$ 3.01 $ 3.22
Pro forma diluted earnings per share
$ 2.82
$ 2.94 $ 3.03
The accompanying notes are an integral part of these consolidated financial statements.