FORM 6-K/A
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER, 2001
ROYAL CARIBBEAN CRUISES LTD.
1050 CARIBBEAN WAY, MIAMI, FLORIDA 33132
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
[INDICATE BY CHECK MARK WHETHER THE REGISTRANT FILES OR WILL FILE
ANNUAL REPORTS UNDER COVER FORM 20-F OR FORM 40-F.]
FORM 20-F /X/ FORM 40-F / /
[INDICATE BY CHECK MARK WHETHER THE REGISTRANT BY FURNISHING THE
INFORMATION CONTAINED IN THIS FORM IS ALSO THEREBY FURNISHING THE INFORMATION TO
THE COMMISSION PURSUANT TO RULE 12G3-2(b) UNDER THE SECURITIES EXCHANGE ACT OF
1934.]
YES / / NO /X/
On November 15, 2001, the undersigned registrant filed under cover of Form 6-K
with the Securities and Exchange Commission its Quarterly Financial Report for
the Third Quarter 2001 (the "Third Quarterly Report on Form 6-K"). The
Registrant hereby amends its Third Quarterly Report on Form 6-K as follows in
order to correct the apportionment of its debt between current and long-term as
of September 30, 2001:
1. The "Consolidated Balance Sheets as of September 30, 2001 and
December 31, 2000" are hereby amended in their entirety to read
as follows:
"ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
As of
------------------------------------
ASSETS SEPTEMBER 30, DECEMBER 31,
2001 2000
------------- ------------
CURRENT ASSETS
Cash and cash equivalents $ 764,590 $ 177,810
Trade and other receivables, net 66,509 53,609
Inventories 34,191 30,115
Prepaid expenses and other 61,733 49,185
------------ ------------
Total current assets 927,023 310,719
Property and Equipment - at cost less accumulated
depreciation and amortization 8,109,673 6,831,809
Goodwill - less accumulated amortization of $136,002
and $ 128,192, respectively 281,164 288,974
Other Assets 583,573 396,963
----------- -----------
$9,901,433 $7,828,465
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $ 234,277 $ 109,926
Accounts payable 157,665 158,143
Accrued expenses and other liabilities 272,086 200,900
Customer deposits 448,805 443,411
----------- -----------
Total current liabilities 1,112,833 912,380
Long-Term Debt 4,906,808 3,300,170
Other Long-Term Liabilities 48,631 --
COMMITMENTS AND CONTINGENCIES (NOTE 6)
SHAREHOLDERS' EQUITY
Common stock ($.01 par value; 500,000,000 shares authorized;
192,289,724 and 192,122,088 shares issued) 1,923 1,921
Paid-in capital 2,045,639 3,043,111
Retained Earnings 1,795,374 1,576,921
Accumulated other comprehensive income (3,317) --
Treasury stock (465,438 and 435,180 common shares at cost) (6,458) (6,038)
Total shareholders' equity 3,833,161 3,615,915
------------ -------------
$ 9,901,433 $ 7,828,465
============ =============
The accompanying notes are an integral part of these financial statements."
2. The "Liquidity and Capital Resources - Future Commitments" section of
the Third Quarterly Report on Form 6-K is hereby amended in its entirety
to read as follows:
"FUTURE COMMITMENTS
We currently have six ships on order for an additional capacity of 14,566
berths. The aggregate contract price of the six ships, which excludes
capitalized interest and other ancillary costs, is approximately $2.6 billion,
of which we have deposited $291.0 million as of September 30, 2001. Additional
deposits are due prior to the dates of delivery of $47.0 million, $121.8
million, and $27.8 million in 2001, 2002, and 2003, respectively.
In October 2001, we entered into agreements to postpone the deliveries of
SERENADE OF THE SEAS and JEWEL OF THE SEAS to the fourth quarter of 2003 and the
second quarter of 2004, respectively. We also signed a letter of intent, subject
to the satisfaction of certain conditions, for the delay of the deliveries of
NAVIGATOR OF THE SEAS and MARINER OF THE SEAS to the first quarter of 2003 and
the first quarter of 2004, respectively. We have also reviewed our capital
expenditure program and have reduced, deferred or eliminated a number of
projects. Based on these new delivery dates and the reduction in capital
programs, capital expenditures will be approximately $2.1 billion, $1.1 billion,
and $1.1 billion for 2001, 2002, and 2003, respectively.
In June 2001, we deferred our options to purchase two additional Radiance-class
vessels with delivery dates in the third quarters of 2005 and 2006. The options
have an aggregate contract price of $804.6 million. Our right to cancel the
options was extended to on or before July 26, 2002.
As of September 30, 2001, we had $5.1 billion of long-term debt. Approximately
$234.3 million of this debt is due during the twelve month period ending
September 30, 2002.
As a normal part of our business, depending on market conditions, pricing and
our overall growth strategy, we continuously consider opportunities to enter
into contracts for the building of additional ships. We may also consider the
sale of ships. We continuously consider potential acquisitions and strategic
alliances. If any of these were to occur, they would be financed through the
incurrence of additional indebtedness, the issuance of additional shares of
equity securities or through cash flows from operations."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment No. 1 to its Report on Form 6-K to be
signed on its behalf by the undersigned, thereunto duly authorized.
ROYAL CARIBBEAN CRUISES LTD.
(Registrant)
Date: November 19, 2001 By:/S/ BONNIE S. BIUMI
---------------------------------
Bonnie S. Biumi
VICE PRESIDENT AND TREASURER