| |
(in
thousands) Year Ended December 31, |
|
1998
|
|
1997
|
|
1996
|
|
|
| |
OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
|
| |
Net
income |
$ |
330,770 |
$ |
175,127 |
$ |
150,866 |
|
|
| |
Adjustments: |
|
|
|
|
|
|
|
|
| |
Depreciation
and amortization |
|
194,614 |
|
143,816 |
|
91,185 |
|
|
| |
Gain
on sale of assets |
|
(31,031) |
|
(4,000) |
|
(10,306) |
|
|
| |
Write-down
of vessel to fair value |
|
32,035 |
|
– |
|
– |
|
|
| |
Extraordinary
item |
|
– |
|
2,387 |
|
– |
|
|
| |
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| |
(Increase)
decrease in trade and other receivables, net |
|
(13,904) |
|
145 |
|
(3,364) |
|
|
| |
Decrease
(increase) in inventories |
|
5,440 |
|
(1,885) |
|
(5,835) |
|
|
| |
(Increase)
in prepaid expenses |
|
(3,600) |
|
(6,206) |
|
(7,065) |
|
|
| |
Increase
(decrease) in accounts payable |
|
7,359 |
|
2,010 |
|
(2,437) |
|
|
| |
Increase
in accrued liabilities |
|
27,722 |
|
31,299 |
|
22,451 |
|
|
| |
(Decrease)
increase in customer deposits |
|
(26,477) |
|
89,896 |
|
61,408 |
|
|
| |
Other,
net |
|
3,930 |
|
1,532 |
|
2,611 |
|
|
| |
|
|
|
| |
Net
cash provided by operating activities |
|
526,858 |
|
434,121 |
|
299,514 |
|
|
| |
|
|
|
| |
INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
| |
Purchase
of property and equipment |
|
(556,953) |
|
(1,106,214) |
|
(722,389) |
|
|
| |
Proceeds
from sale of assets |
|
94,500 |
|
99,966 |
|
40,000 |
|
|
| |
Acquisition
of Celebrity Cruise Lines Inc., net of cash, |
|
|
|
|
|
|
|
|
| |
cash
equivalents and short-term investments acquired |
|
– |
|
(152,423) |
|
– |
|
|
| |
Other,
net |
|
247 |
|
(11,802) |
|
(6,039) |
|
|
| |
|
|
|
| |
Net
cash used in investing activities |
|
(462,206) |
|
(1,170,473) |
|
(688,428) |
|
|
| |
|
|
|
| |
FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
| |
Proceeds
from issuance of long-term debt |
|
296,141 |
|
695,189 |
|
452,668 |
|
|
| |
Repayment
of long-term debt |
|
(395,144) |
|
(367,353) |
|
(22,025) |
|
|
| |
Dividends |
|
(67,734) |
|
(49,984) |
|
(34,384) |
|
|
| |
Proceeds
from issuance of common stock |
|
165,532 |
|
364,631 |
|
– |
|
|
| |
Proceeds
from issuance of preferred stock |
|
– |
|
167,030 |
|
– |
|
|
| |
Other,
net |
|
(1,319) |
|
(2,787) |
|
1,818 |
|
|
| |
|
|
|
| |
Net
cash (used in) provided by financing activities |
|
(2,524) |
|
806,726 |
|
398,077 |
|
|
| |
|
|
|
| |
Net
Increase in Cash and Cash Equivalents |
|
62,128 |
|
70,374 |
|
9,163 |
|
|
| |
Cash
and Cash Equivalents, Beginning of Year |
|
110,793 |
|
40,419 |
|
31,256 |
|
|
| |
|
|
|
| |
Cash
and Cash Equivalents, End of Year |
$ |
172,921
|
$ |
110,793 |
$ |
40,419 |
|
|
| |
|
|
|
| |
SUPPLEMENTAL
DISCLOSURE |
|
|
|
|
|
|
|
|
| |
Interest
paid, net of amount capitalized |
$ |
170,278 |
$ |
127,457 |
$ |
65,110 |
|
|
| |
|
|
|
| |
Capital
stock issued for acquisition |
$ |
– |
$ |
270,000 |
$ |
– |
|
|
| |
|
|
|
| |
The accompanying notes are an integral part
of these financial statements. |
|
|
|
|
|
|
