Carnival Cruises 2012 Annual Report Download - page 119

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Table of Contents
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 quarter, which includes the
Northern Hemisphere summer months. This higher demand during the third quarter results in higher ticket prices and occupancy levels 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.
Quarterly financial results for 2012 were as follows (in millions, except per share data):
Quarters Ended
February 29 May 31 August 31 November 30
Revenues $3,582 $ 3,538 $ 4,684 $3,579
Operating (loss) income $(82) (a) $ 253 $1,295 $176
Net (loss) income $(139) (a) $14 $1,330 $ 93
(Loss) earnings per share
Basic $(0.18) $0.02 $ 1.71 $0.12
Diluted $(0.18) $0.02 $ 1.71 $0.12
Non-GAAP net income (a)(b)(c) $13 $159 $1,194 $98
Non-GAAP earnings per share – diluted (c) $0.02 $0.20 $ 1.53 $0.13
Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.75(d)
(a) Includes $173 million of impairment charges related to Ibero’s goodwill and trademarks, which is excluded from Non-GAAP net income.
(b) Excludes unrealized gains and (losses) on fuel derivatives, net of $21 million, $(145) million, $136 million and $(5) million for the February, May,
August and November quarter-ends, respectively.
(c) For further discussion of the reconciliation to U.S. GAAP, see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations.”
(d) Includes a special dividend of $0.50 per share.
Quarterly financial results for 2011 were as follows (in millions, except per share data):
Quarters Ended
February 28 May 31 August 31 November 30
Revenues $ 3,419 $ 3,620 $5,058 $3,696
Operating income $ 235 $279 $1,433 $308
Net income $152 $ 206 $1,337 $ 217
Earnings per share
Basic $ 0.19 $ 0.26 $1.69 $0.28
Diluted $ 0.19 $ 0.26 $1.69 $0.28
Non-GAAP net income (a) $152 $ 206 $1,337 $216
Non-GAAP earnings per share – diluted (a) $ 0.19 $ 0.26 $1.69 $0.28
Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.25
(a) For further discussion of the reconciliation to U.S. GAAP, see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations.”
F-49