Royal Caribbean Cruise Lines 2008 Annual Report Download - page 36

20 Royal Caribbean Cruises Ltd.
ITEM 5. MARKET FOR REGISTRANT’S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
MARKET INFORMATION
Our common stock is listed on the New York Stock Exchange (“NYSE”)
and the Oslo Stock Exchange (“OSE”) under the symbol “RCL.” The
table below sets forth the high and low prices of our common stock
as reported by the NYSE and the OSE for the two most recent years
by quarter:
NYSE OSE
Common Stock Common Stock (1)
High Low High Low
2008
Fourth Quarter $21.26 $ 6.64 133.50 54.50
Third Quarter 29.35 19.54 164.00 97.50
Second Quarter 35.47 22.33 181.50 113.50
First Quarter 41.22 30.23 229.00 160.00
2007
Fourth
Quarter $43.45 $37.52 243.50 205.00
Third Quarter 42.53 36.03 251.00 203.50
Second Quarter 44.62 40.43 268.00 244.00
First Quarter 45.34 38.68 290.00 243.00
(1) Denominated in Norwegian kroner.
HOLDERS
As of February 12, 2009 there were 1,254 record holders of our com-
mon stock. Since certain of our shares are held indirectly, the foregoing
number is not representative of the number of beneficial owners.
DIVIDENDS
We declared cash dividends on our common stock of $0.15 per share
in the each of the first three quarters of 2008 and each of the quarters
of 2007. Commencing in the fourth quarter 2008 our board of directors
discontinued the quarterly dividends.
Holders of our common stock have an equal right to share in our profits
in the form of dividends when declared by our board of directors out of
funds legally available for the distribution of dividends. Holders of our
common stock have no rights to any sinking fund.
There are no exchange control restrictions on remittances of dividends
on our common stock. Since (1) we are and intend to maintain our
status as a nonresident Liberian entity under the Revenue Code of
Liberia (2000) and the regulations thereunder, and (2) our ship-owning
subsidiaries are not now engaged, and are not in the future expected
to engage, in any business in Liberia, including voyages exclusively
within the territorial waters of the Republic of Liberia, under current
Liberian law, no Liberian taxes or withholding will be imposed on pay-
ments to holders of our securities other than to a holder that is a resident
Liberian entity or a resident individual or an individual or entity subject
to taxation in Liberia as a result of having a permanent establishment
within the meaning of the Revenue Code of Liberia (2000) in Liberia.
The declaration of dividends shall at all times be subject to the final
determination of our board of directors that a dividend is prudent at
that time in consideration of the needs of the business. The shareholders
agreement provides that A. Wilhelmsen AS. and Cruise Associates
will from time to time consider our dividend policy with due regard
for the interests of the shareholders in maximizing the return on their
investment and our ability to pay such dividends. The shareholders
agreement also provides that payment of dividends will depend, among
other factors, upon our earnings, financial position and capital require-
ments and the income and other tax liabilities of A. Wilhelmsen AS.,
Cruise Associates and their respective affiliates relating to their owner-
ship of common stock.
ISSUER PURCHASES OF EQUITY SECURITIES
None.
PERFORMANCE GRAPH
The following graph compares the total return, assuming reinvestment of
dividends, on an investment in the Company, based on performance
of the Company’s common stock with the performance of the Standard
& Poor’s 500 Composite Stock Index and the Dow Jones United States
Travel and Leisure Index for a five year period by measuring the changes
in common stock prices from December 31, 2003 to December 31, 2008.
PART II
12/03
$ 0
$ 20
$180
$140
$100
$ 60
$160
$120
$ 80
$ 40
12/04 12/05 12/06 12/07 12/08
Royal Caribbean Cruises Ltd. S&P 500 Dow Jones US Travel & Leisure
12/03 12/04 12/05 12/06 12/07 12/08
Royal Caribbean Cruises Ltd. $100.00 $158.32 $132.66 $123.67 $128.70 $ 42.33
S&P 500 $100.00 $110.88 $116.33 $134.70 $142.10 $ 89.53
Dow Jones United States Travel & Leisure $100.00 $128.53 $130.64 $159.96 $157.71 $102.30
The stock performance graph assumes for comparison that the value
of the Company’s common stock and of each index was $100 on
December 31, 2003 and that all dividends were reinvested. Past perfor-
mance is not necessarily an indicator of future results.