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Carnival฀Corporation฀&฀plc฀|฀page฀47
Our฀revenues฀from฀the฀sale฀of฀passenger฀tickets฀are฀seasonal.฀Historically,฀demand฀for฀cruises฀has฀been฀the฀greatest฀during฀our฀
third฀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฀net฀income฀is฀earned฀during฀this฀period.฀The฀seasonality฀of฀our฀
results฀is฀increased฀due฀to฀ships฀being฀taken฀out฀of฀service฀for฀maintenance,฀which฀we฀typically฀schedule฀during฀non-peak฀demand฀
periods.฀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฀2006฀were฀as฀follows:
Quarters฀Ended
(in฀millions,฀except฀per฀share฀data) February฀28 May฀31 August฀31 November฀30
Revenues ฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $2,463 $2,662 $3,905 $2,809
Operating฀income฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ ฀349 $฀ ฀448 $1,340 $฀ ฀476
Net฀income(a)฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ ฀251 $฀ ฀380 $1,232 $฀ ฀416
Earnings฀per฀share
฀ Basic ฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ 0.31 $฀ 0.47 $฀ 1.55 $฀ 0.53
฀ Diluted฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ 0.31 $฀ 0.46 $฀ 1.49 $฀ 0.51
Dividends฀declared฀per฀share฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ 0.25 $฀ 0.25 $฀ 0.25 $0.275
(a)฀฀Net฀income฀includes฀incremental฀share-based฀compensation฀expense฀as฀a฀result฀of฀our฀adoption฀of฀SFAS฀No.฀123(R)฀of฀$17฀million,฀$11฀million,฀$13฀million฀and฀฀
$16฀million฀for฀the฀quarters฀ended฀February฀28,฀May฀31,฀August฀31฀and฀November฀30,฀2006,฀respectively.
Quarterly฀financial฀results฀for฀fiscal฀2005฀were฀as฀follows:
Quarters฀Ended
(in฀millions,฀except฀per฀share฀data) February฀28 May฀31 August฀31 November฀30
Revenues ฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $2,398 $2,516 $3,607 $2,573
Operating฀income฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ ฀422 $฀ ฀462 $1,321 $฀ ฀434
Net฀income(a)฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀ ฀348 $฀ ฀388 $1,181(b) $฀ ฀336
Earnings฀per฀share
฀ Basic ฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀0.43 $฀0.48 $฀1.46 $฀0.42
฀ Diluted฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀0.42 $฀0.47 $฀1.40 $฀0.41
Dividends฀declared฀per฀share฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀.฀. $฀0.15 $฀0.20 $฀0.20 $฀0.25
(a)฀฀Net฀income฀was฀increased฀(decreased)฀by฀$ 3฀million,฀$(20)฀million,฀$30฀million฀and฀$(17)฀million฀for฀the฀quarters฀ended฀February฀28,฀May฀31,฀August฀31฀and฀
November฀30,฀2006,฀respectively,฀as฀a฀result฀of฀our฀change฀in฀our฀method฀of฀accounting฀for฀dry-dock฀costs฀from฀the฀deferral฀method฀to฀the฀direct฀expense฀method.
(b)฀Includes฀a฀$23฀million฀expense฀related฀to฀the฀MNOPF฀contribution฀and฀a฀$22฀million฀expense฀for฀a฀non-cruise฀investment฀write-down.
SELECTED฀QUARTERLY฀FINANCIAL฀DATA฀(UNAUDITED)