Half-yearly Report
Carnival Corporation & plc Reports Second Quarter Earnings
MIAMI, June 19 -- Carnival Corporation & plc today reports earnings
for the second quarter ended May 31, 2007. The earnings of Carnival
Corporation and Carnival plc have been consolidated, and this statement
includes consolidated results on a U.S. GAAP basis.
Q2 Highlights
* Q2 revenues increased by $238m or 8.9% to $2.90bn versus the prior year,
driven primarily by a 9.2% increase in cruise capacity
* Q2 net revenue yields increased 0.2% compared to the prior year
(decreased 2.6% on a constant dollar basis)
* Q2 net income (profit after tax) increased by $10m or 2.6% to $390m (Q2
2006: net income of $380m on revenues of $2.66bn)
* Q2 earnings per share (diluted) increased by $0.02 to $0.48 (Q2 2006:
earnings per share (diluted) of $0.46)
2007 Outlook
* Net revenue yields for full year 2007 are expected to be up 1% (down 1
to 2% on a constant dollar basis), compared to last year
* Net cruise costs per ALBD for full year 2007 are expected to be up 2 to
3% (flat to up 1% on a constant dollar basis), compared to 2006
* Full year guidance for net revenue yields and costs excluding fuel,
remains unchanged on a constant dollar basis.
* Fuel prices have increased significantly since our previous guidance,
which has reduced earnings estimates for the year by $0.12 per share
* Full year 2007 earnings per share (diluted) expected to be in the range
of $2.85 to $2.95
* Q3 earnings per share (diluted) expected to be in the range of $1.60 to
$1.62 versus $1.49 in Q3 2006
Chairman and Chief Executive Officer Micky Arison commenting on these
results:
"Revenues for our North American and European cruise brands were both in
line with our expectations. The Caribbean, which still had a relatively high
percentage of our capacity during the second quarter, continued to experience
price pressure. However, increases in revenue yields from our European brands
together with the strengthening Euro and Sterling produced significant revenue
yield growth outside of North America. The decision to expand our European
cruise business is working, with the strength of our European brands
offsetting some cyclical weakness in the contemporary segment of North
America," Arison said.
Arison also pointed out that as the company moves into the second half of
the year it has more deployments in Europe and less capacity devoted to the
Caribbean.
"Our North American brands are enjoying strong European and Alaskan
programs and our European brands are performing well against strong
comparisons last year," Arison said.
He also noted that pricing for Caribbean sailings in the second half of
2007 appears to have stabilized.
MEDIA CONTACTS: INVESTOR RELATIONS CONTACT:
US US/UK
Carnival Corporation & plc Carnival Corporation & plc
Tim Gallagher Beth Roberts
001 305 599 2600, ext. 16000 001 305 406 4832
UK
Brunswick Group
Richard Jacques/Sophie Brand
44 (0) 20 7404 5959
Analyst conference call
The company has scheduled a conference call with analysts at 15.00 London
time (10:00 a.m. EDT) today to discuss its 2007 second quarter earnings. This
call can be listened to live, and additional information can be obtained, via
Carnival Corporation & plc's Web site at www.carnivalcorp.com and
www.carnivalplc.com.
Carnival Corporation & plc
Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of cruise brands in North America, Europe and
Australia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, Seabourn Cruise Line, AIDA Cruises, Costa Cruises, Cunard Line, Ocean
Village, P&O Cruises and P&O Cruises Australia.
Together, these brands operate 82 ships totaling 154,000 lower berths with
17 new ships scheduled to enter service between December 2007 and June 2011.
Carnival Corporation & plc also operates Holland America Tours and Princess
Tours, the leading tour companies in Alaska and the Canadian Yukon. Traded on
both the New York and London Stock Exchanges, Carnival Corporation & plc is
the only group in the world to be included in both the S&P 500 and the FTSE
100 indices.
Carnival Corporation & plc Reports Second Quarter Earnings
MIAMI, June 19 /PRNewswire-FirstCall/ -- Carnival Corporation & plc
(NYSE/LSE: CCL; NYSE: CUK) reported net income for its second quarter ended
May 31, 2007 of $390 million, or $0.48 diluted EPS, compared to net income for
the second quarter of 2006 of $380 million, or $0.46 diluted EPS. Revenues for
the second quarter 2007 increased to $2.90 billion from $2.66 billion in the
second quarter of 2006.
Net income for the six months ended May 31, 2007, was $673 million, or
$0.83 diluted EPS, on revenues of $5.59 billion, compared to net income of
$631 million, or $0.77 diluted EPS, on revenues of $5.13 billion for the same
period in 2006.
Carnival Corporation & plc Chairman and CEO Micky Arison said that second
quarter results came in largely in line with expectations.
"Revenues for our North American and European cruise brands were both in
line with our expectations. The Caribbean, which still had a relatively high
percentage of our capacity during the second quarter, continued to experience
price pressure. However, increases in revenue yields from our European brands
together with the strengthening Euro and Sterling produced significant revenue
yield growth outside of North America," Arison said. "The decision to expand
our European cruise business is working, with the strength of our European
brands offsetting some cyclical weakness in the contemporary segment of North
America," Arison noted.
Arison also pointed out that fuel costs came in higher than forecasted,
which impacted earnings by approximately $0.02 per share.
Key metrics for the second quarter of 2007 were as follows:
* Net revenue yields (net revenue per available lower berth day) for Q2
2007 increased 0.2 percent (down 2.6 percent on a constant dollar
basis) compared to the prior year. Gross revenue yields were
approximately equal to the prior year.
* Net cruise costs per available lower berth day ("ALBD") for Q2 2007
increased 1.3 percent (down 1.5 percent on a constant dollar basis)
compared to the prior year. Gross cruise costs per ALBD increased 0.7
percent compared to the prior year.
* Excluding fuel, net cruise cost per ALBD on a constant dollar basis was
equal to the prior year.
* Fuel price increased 7 percent to $333 per metric ton compared to our
previous guidance of $310 per metric ton. Fuel price per metric ton in
the second quarter of 2006 was $354.
Recently, the company also took steps towards the ongoing modernization of
its fleet by selling P&O Australia's Pacific Star and announcing the sale of
Cunard's Queen Elizabeth 2, which are expected to leave the fleet in March and
November of 2008, respectively. In addition, the company took delivery of
three highly acclaimed new ships in the second quarter -- Princess Cruises'
3,100-passenger Emerald Princess, AIDA Cruises' 2,050-passenger AIDAdiva, and
Costa Cruises' 3,000-passenger Costa Serena, all of which are enjoying very
successful inaugural seasons in Europe this summer.
The company also noted that it continues to work towards the completion of
the previously announced joint ventures with Iberojet in Spain and TUI in
Germany. The company continues to expect both joint ventures to be completed
in the second half of the year. Both transactions may be subject to regulatory
review.
Outlook for the Remainder of 2007
On a cumulative basis, occupancy for advance bookings taken for the second
half of 2007 are nicely ahead of last year with pricing on a current dollar
basis down slightly compared to last year.
As the company moves into the second half of the year it has more
deployments in Europe and less capacity devoted to the Caribbean. "Our North
American brands are enjoying strong European and Alaskan programs and our
European brands are performing well against strong comparisons last year,"
Arison said. He also noted that pricing for Caribbean sailings in the second
half of 2007 appears to have stabilized, which he attributed to consumer
recognition of the tremendous value proposition of these cruise vacations.
Since the beginning of the year, booking volumes for Carnival Cruise Lines,
which has the vast majority of its sailings in the Caribbean, are up
approximately 18 percent year over year. This compares to a 5.5 percent
capacity increase for the full year.
The company's 2007 full year revenue yield expectations on a constant
dollar basis remain on track with the guidance given last March. Excluding
fuel, cost guidance for the year also remains unchanged on a constant dollar
basis. However, fuel prices have increased significantly since our previous
guidance, which has reduced earnings estimates by approximately $0.12 per
share for the full year. Based on the above, the company expects full year
2007 earnings per share to be in a range of $2.85 to $2.95, compared to $2.77
per share in 2006. For the third quarter of 2007, the company expects earnings
per share to be in the range of $1.60 to $1.62 per share, compared to $1.49
per share in 2006.
Selected Key Forecast Metrics:
Full Year 2007 Third Quarter 2007
Current Constant Current Constant
Dollars Dollars Dollars Dollars
Change in:
Net revenue yields 1% -1 to -2% 1 to 2% 0 to -1%
Net cruise cost per ALBD 2 to 3% 0 to 1% 2 to 3% 1%
Full Year 2007 Third Quarter 2007
Fuel price per metric ton $346 $375
Fuel consumption (metric tons
in thousands) 3,000 755
Currency
Euro $1.33 to 1 $1.33 to 1
Sterling $1.97 to 1 $1.97 to 1
The company has scheduled a conference call with analysts at 10:00 a.m.
EDT (15.00 London time) today to discuss its 2007 second quarter earnings.
This call can be listened to live, and additional information can be obtained,
via Carnival Corporation & plc's Web site at www.carnivalcorp.com and
www.carnivalplc.com.
Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of cruise brands in North America, Europe and
Australia, comprised of Carnival Cruise Lines, Holland America Line, Princess
Cruises, Seabourn Cruise Line, AIDA Cruises, Costa Cruises, Cunard Line, Ocean
Village, P&O Cruises and P&O Cruises Australia.
Together, these brands operate 82 ships totaling 154,000 lower berths with
17 new ships scheduled to enter service between December 2007 and June 2011.
Carnival Corporation & plc also operates Holland America Tours and Princess
Tours, the leading tour companies in Alaska and the Canadian Yukon. Traded on
both the New York and London Stock Exchanges, Carnival Corporation & plc is
the only group in the world to be included in both the S&P 500 and the FTSE
100 indices.
Cautionary note concerning factors that may affect future results
Some of the statements contained in this earnings release are "forward-
looking statements" that involve risks, uncertainties and assumptions with
respect to Carnival Corporation & plc, including some statements concerning
future results, outlook, plans, goals and other events which have not yet
occurred. These statements are intended to qualify for the safe harbors from
liability provided by Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. We have tried, wherever possible,
to identify these statements by using words like "will," "may," "believe,"
"expect," "anticipate," "forecast," "future," "intend," "plan," and "estimate"
and similar expressions. Because forward-looking statements involve risks and
uncertainties, there are many factors that could cause Carnival Corporation &
plc's actual results, performance or achievements to differ materially from
those expressed or implied in this earnings release. Forward-looking
statements include those statements which may impact the forecasting of
earnings per share, net revenue yields, booking levels, pricing, occupancy,
operating, financing and/or tax costs, fuel costs, costs per available lower
berth day, estimates of ship depreciable lives and residual values, outlook or
business prospects. These factors include, but are not limited to, the
following: general economic and business conditions, which may adversely
impact the levels of Carnival Corporation & plc's potential vacationers'
discretionary income and this group's confidence in the U.S. economy, and
thereby reduce the net revenue yields for Carnival Corporation & plc's cruise
brands; the international political and economic climate, armed conflicts,
terrorist attacks and threats thereof, availability of air service and other
world events, and their impact on the demand for cruises; conditions in the
cruise and land-based vacation industries, including competition from other
cruise ship operators and providers of vacation alternatives and increases in
capacity offered by cruise ship and land-based vacation alternatives;
accidents, unusual weather conditions or natural disasters, such as hurricanes
and earthquakes and other incidents (including machinery and equipment
failures or improper operation thereof) which could cause the alteration of
itineraries or cancellation of a cruise or series of cruises, and the impact
of the spread of contagious diseases, affecting the health, safety, security
and/or vacation satisfaction of passengers; adverse publicity concerning the
cruise industry in general, or Carnival Corporation & plc's in particular,
could impact the demand for Carnival Corporation & plc's cruises; lack of
acceptance of new itineraries, products and services by Carnival Corporation &
plc's guests; changing consumer preferences, which may, among other things,
adversely impact the demand for cruises; changes in and compliance with the
environmental, health, safety, security, tax and other regulatory regimes
under which Carnival Corporation & plc operate, including the implementation
of U.S. regulations requiring U.S. citizens to obtain passports for sea travel
to or from additional foreign destinations; the impact of changes in operating
and financing costs, including changes in foreign currency exchange rates and
interest rates and fuel, food, insurance, payroll and security costs; the
ability of Carnival Corporation & plc to implement its shipbuilding programs
and brand strategies and to continue to operate and expand its business
internationally; Carnival Corporation & plc's future operating cash flow may
not be sufficient to fund future obligations and Carnival Corporation & plc
may not be able to obtain financing, if necessary, on terms that are favorable
or consistent with its expectations; Carnival Corporation & plc's ability to
attract and retain qualified shipboard crew and maintain good relations with
employee unions; the continuing financial viability of Carnival Corporation &
plc's travel agent distribution system and air service providers; Carnival
Corporation & plc's decisions to self-insure against various risks or
inability to obtain insurance for certain risks; disruptions to Carnival
Corporation & plc's information technology systems; continued availability of
attractive port destinations; risks associated with the DLC structure,
including the uncertainty of its tax status; the impact of pending or
threatened litigation; and Carnival Corporation & plc's ability to
successfully implement cost reduction plans. Forward-looking statements should
not be relied upon as a prediction of actual results. Subject to any
continuing obligations under applicable law or any relevant listing rules,
Carnival Corporation & plc expressly disclaims any obligation to disseminate,
after the date of this release, any updates or revisions to any such forward-
looking statements to reflect any change in expectations or events, conditions
or circumstances on which any such statements are based.
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Six Months
Ended May 31, Ended May 31,
------------------- ------------------
2007 2006 2007 2006
------- ------- ------- -------
(in millions, except per share data)
Revenues
Cruise
Passenger tickets $2,181 $2,020 $4,231 $3,930
Onboard and other 678 600 1,304 1,139
Other 41 42 53 56
------- ------- ------- -------
2,900 2,662 5,588 5,125
------- ------- ------- -------
Costs and Expenses
Operating
Cruise
Commissions,
transportation
and other 439 405 910 813
Onboard and other 109 101 220 198
Payroll and related 321 288 632 560
Fuel 254 247 474 461
Food 181 159 356 311
Other ship
operating 416 383 802 740
Other 43 37 60 53
------- ------- ------- -------
Total 1,763 1,620 3,454 3,136
Selling and
administrative 406 354 790 720
Depreciation and
amortization 272 240 532 472
------- ------- ------- -------
2,441 2,214 4,776 4,328
------- ------- ------- -------
Operating Income 459 448 812 797
------- ------- ------- -------
Nonoperating (Expense) Income
Interest income 17 5 27 12
Interest expense, net of
capitalized interest (94) (75) (178) (151)
Other expense, net (1) (1) (1) (16)(1)
------- ------- ------- -------
(78) (71) (152) (155)
------- ------- ------- -------
Income Before Income Taxes 381 377 660 642
Income Tax Benefit (Expense),
Net 9 3 13 (11)
------- ------- ------- -------
Net Income $390 $380 $673 $631
======= ======= ======= =======
Earnings Per Share
Basic $0.49 $0.47 $0.85 $0.78
======= ======= ======= =======
Diluted $0.48 $0.46 $0.83 $0.77
======= ======= ======= =======
Dividends Per Share $0.35 $0.25 $0.625 $0.50
======= ======= ======= =======
Weighted-Average Shares
Outstanding - Basic 794 805 794 807
======= ======= ======= =======
Weighted-Average Shares
Outstanding - Diluted 829 840 829 843
======= ======= ======= =======
(1) Includes a $10 million expense for a non-cruise investment write-down
and $5 million for a litigation reserve.
CARNIVAL CORPORATION & PLC
CONSOLIDATED BALANCE SHEETS
May 31, November 30, May 31,
2007 2006 2006
------- ------- -------
(in millions, except par values)
ASSETS
Current Assets
Cash and cash equivalents $1,859 $1,163 $570
Short-term investments 214 21 13
Trade and other receivables, net 401 280 405
Inventories 282 263 278
Prepaid expenses and other 263 268 240
------- ------- -------
Total current assets 3,019 1,995 1,506
------- ------- -------
Property and Equipment, Net 25,019 23,458 22,772
Goodwill 3,331 3,313 3,290
Trademarks 1,328 1,321 1,308
Other Assets 490 465 428
------- ------- -------
$33,187 $30,552 $29,304
======= ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $1,075 $438 $767
Current portion of long-term debt 1,457 1,054 217
Convertible debt subject to
current put options 1,170 218
Accounts payable 498 438 411
Accrued liabilities and other 1,209 1,149 946
Customer deposits 3,200 2,336 2,953
------- ------- -------
Total current liabilities 8,609 5,415 5,512
------- ------- -------
Long-Term Debt 5,425 6,355 6,045
Other Long-Term Liabilities and
Deferred Income 574 572 652
Shareholders' Equity
Common stock of Carnival Corporation;
$0.01 par value; 1,960 shares
authorized; 642 shares at 2007, 641
shares at November 2006 and 640
shares at May 2006 issued 6 6 6
Ordinary shares of Carnival plc;
$1.66 par value; 226 shares
authorized; 213 shares at
2007 and 2006 issued 354 354 353
Additional paid-in capital 7,556 7,479 7,418
Retained earnings 11,778 11,600 10,369
Accumulated other comprehensive income 772 661 473
Treasury stock; 18 shares at 2007
and November 2006 and 10 shares at
May 2006 of Carnival Corporation and
42 shares at 2007 and 2006 of
Carnival plc, at cost (1,887) (1,890) (1,524)
------- ------- -------
Total shareholders' equity 18,579 18,210 17,095
------- ------- -------
$33,187 $30,552 $29,304
======= ======= =======
CARNIVAL CORPORATION & PLC
SELECTED INFORMATION
Three Months Six Months
Ended May 31, Ended May 31,
----------------- -----------------
2007 2006 2007 2006
------- ------- ------- -------
(in millions, except statistical information)
STATISTICAL INFORMATION
Passengers carried
(in thousands) 1,832 1,708 3,581 3,225(1)
Occupancy percentage 103.7% 105.4% 103.9% 104.8%(2)
Fuel cost per metric ton(3) $333 $354 $317 $336
OTHER INFORMATION
Cash from operations $1,494 $1,272 $2,091 $1,885
Capital expenditures $1,493 $726 $2,130 $1,483
SEGMENT INFORMATION
Revenues
Cruise $2,859 $2,620 $5,535 $5,069
Other 55 54 69 70
Intersegment elimination (14) (12) (16) (14)
------- ------- ------- -------
$2,900 $2,662 $5,588 $5,125
======= ======= ======= =======
Operating expenses
Cruise $1,720 $1,583 $3,394 $3,083
Other 57 49 76 67
Intersegment elimination (14) (12) (16) (14)
------- ------- ------- -------
$1,763 $1,620 $3,454 $3,136
======= ======= ======= =======
Selling and administrative
expenses
Cruise $398 $343 $774 $698
Other 8 11 16 22
------- ------- ------- -------
$406 $354 $790 $720
======= ======= ======= =======
Depreciation and
amortization
Cruise $263 $232 $514 $456
Other 9 8 18 16
------- ------- ------- -------
$272 $240 $532 $472
======= ======= ======= =======
Operating income (loss)
Cruise $478 $462 $853 $832
Other (19) (14) (41) (35)
------- ------- ------- -------
$459 $448 $812 $797
======= ======= ======= =======
(1) Passengers carried in first quarter of 2006 does not include any
passengers for the three ships chartered to the Military Sealift
Command ("MSC") in connection with the Hurricane Katrina relief
efforts.
(2) Occupancy percentage in first quarter of 2006 includes the three
ships chartered to the MSC at 100% occupancy.
(3) Fuel cost per metric ton is calculated by dividing the cost of our
fuel by the number of metric tons consumed.
CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES
Gross and net revenue yields were computed by dividing the gross or net
revenues, without rounding, by ALBDs as follows:
Three Months Six Months
Ended May 31 Ended May 31,
------------------- ------------------
2007 2006 2007 2006
------- ------- ------- -------
(in millions, except ALBDs and yields)
Cruise revenues
Passenger tickets $2,181 $2,020 $4,231 $3,930
Onboard and other 678 600 1,304 1,139
---------- ---------- ---------- ----------
Gross cruise revenues 2,859 2,620 5,535 5,069
Less cruise costs
Commissions,
transportation and
other (439) (405) (910) (813)
Onboard and other (109) (101) (220) (198)
---------- ---------- ---------- ----------
Net cruise revenues(1) $2,311 $2,114 $4,405 $4,058
========== ========== ========== ==========
ALBDs(2) 13,369,111 12,242,982 26,187,929 24,179,420
========== ========== ========== ==========
Gross revenue yields(1) $213.87 $214.00 $211.35 $209.63
========== ========== ========== ==========
Net revenue yields(1) $172.90 $172.63 $168.21 $167.78
========== ========== ========== ==========
Gross and net cruise costs per ALBD were computed by dividing the gross or
net cruise costs, without rounding, by ALBDs as follows:
Three Months Six Months
Ended May 31 Ended May 31,
------------------ ----------------
2007 2006 2007 2006
------- ------- ------- -------
(in millions, except ALBDs and costs per ALBD)
Cruise operating expenses $1,720 $1,583 $3,394 $3,083
Cruise selling and
administrative expenses 398 343 774 698
---------- ---------- ---------- ----------
Gross cruise costs 2,118 1,926 4,168 3,781
Less cruise costs included
in net cruise revenues
Commissions,
transportation and
other (439) (405) (910) (813)
Onboard and other (109) (101) (220) (198)
---------- ---------- ---------- ----------
Net cruise costs(1) $1,570 $1,420 $3,038 $2,770
========== ========== ========== ==========
ALBDs(2) 13,369,111 12,242,982 26,187,929 24,179,420
========== ========== ========== ==========
Gross cruise costs per
ALBD(1) $158.46 $157.35 $159.17 $156.40
========== ========== ========== ==========
Net cruise costs per
ALBD(1) $117.50 $115.98 $116.03 $114.54
========== ========== ========== ==========
NOTES TO NON-GAAP FINANCIAL MEASURES
(1) We use net cruise revenues per ALBD ("net revenue yields") and net
cruise costs per ALBD as significant non-GAAP financial measures of
our cruise segment financial performance. We believe that net revenue
yields are commonly used in the cruise industry to measure a company's
cruise segment revenue performance. This measure is also used for
revenue management purposes. In calculating net revenue yields, we
use "net cruise revenues" rather than "gross cruise revenues." We
believe that net cruise revenues is a more meaningful measure in
determining revenue yield than gross cruise revenues because it
reflects the cruise revenues earned by us net of our most significant
variable costs, which are travel agent commissions, cost of air
transportation and certain other variable direct costs associated with
onboard revenues. Substantially all of our remaining cruise costs are
largely fixed once our ship capacity levels have been determined,
except for the impact of changing prices.
Net cruise costs per ALBD is the most significant measure we use to
monitor our cruise segment costs rather than gross cruise costs per
ALBD. In calculating net cruise costs, we exclude the same variable
costs that are included in the calculation of net cruise revenues.
This is done to avoid duplicating these variable costs in these two
non-GAAP financial measures.
We have not provided estimates of future gross revenue yields or
future gross cruise costs per ALBD because the reconciliations of
forecasted net cruise revenues to forecasted gross cruise revenues or
forecasted net cruise costs to forecasted cruise operating expenses
would require us to forecast, with reasonable accuracy, the amount of
air and other transportation costs that our forecasted cruise
passengers would elect to purchase from us (the "air/sea mix"). Since
the forecasting of future air/sea mix involves several significant
variables that are relatively difficult to forecast and the revenues
from the sale of air and other transportation approximate the costs of
providing that transportation, management focuses primarily on
forecasts of net cruise revenues and costs rather than gross cruise
revenues and costs. This does not impact, in any material respect,
our ability to forecast our future results, as any variation in the
air/sea mix has no material impact on our forecasted net cruise
revenues or forecasted net cruise costs. As such, management does not
believe that this reconciling information would be meaningful.
We also monitor these two non-GAAP financial measures assuming the
2007 currency exchange rates have remained constant with the 2006
comparable period rates, or on a "constant dollar basis," in order to
remove the impact of changes in exchange rates on our non-U.S. dollar
cruise operations. We believe that this is a useful measure indicating
the actual growth of our operations in a fluctuating currency exchange
rate environment. On a constant dollar basis, net cruise revenues and
net cruise costs would be $2.25 billion and $1.53 billion for the
three months ended May 31, 2007 and $4.29 billion and $2.96 billion
for the six months ended May 31, 2007, respectively. On a constant
dollar basis, gross cruise revenues and gross cruise costs would be
$2.78 billion and $2.06 billion for the three months ended May 31,
2007 and $5.38 billion and $4.05 billion for the six months ended May
31, 2007, respectively. In addition, our non-U.S. dollar cruise
operations' depreciation and net interest expense were impacted by
changes in exchange rates for the three and six months ended May 31,
2007, compared to the prior year's comparable periods.
(2) Available lower berth days is a standard measure of passenger capacity
for the period. It assumes that each cabin we offer for sale
accommodates two passengers. ALBDs are computed by multiplying
passenger capacity by revenue-producing ship operating days in the
period.
SOURCE Carnival Plc
-0- 06/19/2007
/CONTACT: Media, US: Tim Gallagher, of Carnival Corporation & plc,
+001-305-599-2600, ext. 16000; or UK: Richard Jacques or Sophie Brand, of
Brunswick Group, 44 (0) 20 7404 5959, for Carnival Corporation & plc; Investor
Relations, US and UK: Beth Roberts, of Carnival Corporation & plc,
+001-305-406-4832/
/Web site: http://www.carnivalcorp.com
http://www.carnivalplc.com /
(CCL CUK)
Latest directors dealings
- 1 day ago The Renewables Infrastructure Group Limited
- 1 day ago The Renewables Infrastructure Group Limited
- 1 day ago Smurfit Westrock (DI)
- 1 day ago Menhaden Resource Efficiency
- 1 day ago BP