Royal Caribbean Details Interest Expense Accounting Revision, Reports Second Quarter Results, Updates 2011 Guidance and Reinstates Dividend
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Royal Caribbean Details Interest Expense Accounting Revision, Reports Second Quarter Results, Updates 2011 Guidance and Reinstates Dividend
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-08-01
Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today made a series of financial announcements, the most salient points of which are:
(1) Management identified an error in the previous accounting treatment of interest expense relating to its amortization of certain financing fees and has revised its past financial statements to reflect the correct accounting (the "Interest Expense Revision").
(2) Second quarter EPS was 47 cents before the Interest Expense Revision. After adjusting for the revision, the company reported earnings of 43 cents per share which is the midpoint of previous guidance range of 40 cents to 45 cents.
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