Carnival Cruises 2010 Annual Report Download - page 61

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Our revenues from the sale of passenger tickets are seasonal. Historically, demand for cruises has been greatest
during our third fiscal quarter, which includes the Northern Hemisphere summer months. This higher demand
during the third quarter results in higher net revenue yields and, accordingly, the largest share of our operating
income is earned during this period. The seasonality of our results also increases due to ships being taken out of
service for maintenance, which we schedule during non-peak demand periods. In addition, substantially all of
Holland America Princess Alaska Tours’ revenue and net income is generated from May through September in
conjunction with the Alaska cruise season. The seasonality of our results will continue to increase as we expand
our EAA brands, which tend to be more seasonal than our North America brands. Finally, our North America
brands have recently been trending towards an increasing level of seasonality.
Quarterly financial results for fiscal 2010 were as follows (in millions, except per share data):
Quarters Ended
February 28 May 31 August 31 November 30
Revenues (a) ....................................... $3,178 $3,267 $4,527 $3,497
Operating income ................................... $ 255 $ 349 $1,402 $ 341
Net income ........................................ $ 175(b) $ 252 $1,303 (c) $ 248
Earnings per share
Basic ........................................... $ 0.22 $ 0.32 $ 1.65 $ 0.31
Diluted .......................................... $ 0.22 $ 0.32 $ 1.62 $ 0.31
Dividends declared per share .......................... $ 0.10 $ 0.10 $ 0.10 $ 0.10
(a) During the fourth quarter of 2010, we changed the classification of our port costs that vary with guest head
counts to a gross presentation from a net presentation, which resulted in an increase in both revenues and
costs in the same amounts. This change had no impact on our operating income or net income. The amounts
now included on a gross basis in revenues are $83 million, $72 million and $101 million in the
February 28, May 31 and August 31 quarters, respectively.
(b) Includes $19 million of income from minimum guarantees and a litigation settlement, a $44 million gain
recognized from the sale of P&O Cruises (UK)’s Artemis and an $18 million Italian investment income tax
benefit.
(c) Includes a $41 million expense related to the British Merchant Navy Officers Pension Fund, a $17 million
gain from Cunard’s litigation settlement and a $12 million Italian investment income tax benefit.
Quarterly financial results for fiscal 2009 were as follows (in millions, except per share data):
Quarters Ended
February 28 May 31 August 31 November 30
Revenues (a) ....................................... $2,935 $3,013 $4,230 $3,282
Operating income ................................... $ 311 $ 353 $1,196 $ 294
Net income ........................................ $ 260(b) $ 264 $1,073 $ 193
Earnings per share
Basic ........................................... $ 0.33 $ 0.34 $ 1.36 $ 0.25
Diluted .......................................... $ 0.33 $ 0.33 $ 1.33 $ 0.24
(a) The amount of port costs that vary with guest head counts that are now included in gross revenues as
described above are $71 million, $65 million, $91 million and $76 million in the
February 28, May 31, August 31 and November 30 quarters, respectively.
(b) Includes a $15 million gain from the unwinding of a lease out and lease back type transaction and a $17
million gain from changes in uncertain income tax position liabilities.
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