One particularly difficult challenge last year
was the economic situation in Spain, which
became so dire in fact, that we felt it appropriate
to record non-cash impairment charges
against our intangible assets there. Adjusting
for these charges, net income for the year was
$432.2 million or $1.97 per diluted share. We
continue to deliver strong cash flows, and cash
provided by operating activities was $1.4 billion
in 2012.
We have always considered the safety of
our guests and crew as a “sine qua non” as
our vessels ply the seven seas. We are keenly
aware of the level of focus our industry has
been receiving regarding safety and security.
It is with a bit of irony that this scrutiny actually
allows us to articulate better just how invested
we are, and what a good job is being done
regarding the safety and security of our guests
and crew. Most recently, Royal Caribbean and the
cruise industry, through the coordinated efforts
of the industry trade group CLIA, embarked
on a voluntary operational safety review. This
review was designed to improve transparency
as well as identify best practices and improvement
opportunities across the cruising industry.
A summary of this initiative is available on
CLIA’s website at: www.cruising.org.
While there is no such thing as perfect
safety, there can be a perfect dedication to
safety and we work hard to achieve that.