Carnival Cruises 2004 Annual Report Download - page 50

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Selected Quarterly Financial Data (Unaudited)
Our revenue from the sale of passenger tickets is seasonal, with our third quarter being the strongest. Historically,
demand for cruises has been greatest during our third fiscal quarter, which includes the Northern Hemisphere summer
months. The consolidation of P&O Princess brands has caused our quarterly results to be more seasonal than we had
previously experienced, as their business is more seasonal. This higher demand during the third quarter results in
higher net revenue yields and, accordingly, the largest share of our net income is earned during this period. Substantially
all of Holland America Tours’ and Princess Tours’ revenues and net income are generated from May through September
in conjunction with the Alaska cruise season.
Quarterly financial results for fiscal 2004 were as follows:
Quarters Ended
(in millions, except per share data) February 29 May 31 August 31 November 30
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,981 $2,257 $3,246 $2,243
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 260 $ 406 $1,160 $ 347
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 203 $ 332 $1,025 $ 294
Earnings per share
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25 $ 0.41 $ 1.28 $ 0.37
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.25 $ 0.40(a) $ 1.22(a) $ 0.36
Dividends declared per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.125 $0.125 $0.125 $ 0.15
Quarterly financial results for fiscal 2003 were as follows:
Quarters Ended
(in millions, except per share data) February 28 May 31 August 31 November 30
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,035 $1,342 $2,524 $1,817
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 132 $ 168 $ 809 $ 274
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127(b) $ 128(c) $ 734 $ 205
Earnings per share
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.22 $ 0.19 $ 0.92 $ 0.26
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.22 $ 0.19 $ 0.88(a) $ 0.26
Dividends declared per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.105 $0.105 $0.105 $0.125
(a) Diluted earnings per share prior to the fourth quarter of 2004 have been restated for the early adoption of EITF No. 04-08 and
reduced from the previously reported amounts by $0.01, $0.01 and $0.02 for the quarters ended May 31 and August 31 of 2004
and August 31, 2003, respectively.
(b) Included $19 million of income from net insurance proceeds.
(c) Included $16 million of expenses related to litigation and other charges associated with the DLC transaction.
Carnival Corporation & plc 47