Carnival Cruises 2013 Annual Report Download - page 118

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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 2013 were as follows (in millions, except per share data):
Quarters Ended
February 28 May 31 August 31 November 30
Revenues $3,593 $ 3,479 $4,726 $3,659
Operating income $ 145 $152 $951 $104
Net income (a) $37 $41 $934 $66
Earnings per share
Basic $0.05 $0.05 $1.20 $0.09
Diluted $0.05 $0.05 $1.20 $0.08
Non-GAAP net income (a) $67 $57 $1,073 $ 35
Non-GAAP earnings per share – diluted (a) $0.08 $0.07 $1.38 $0.04
Dividends declared per share $ 0.25 $ 0.25 $ 0.25 $ 0.25
(a) Non-GAAP net income and fully diluted earnings per share were computed as follows:
Quarters Ended
February 28 May 31 August 31 November 30
Net income – diluted
U.S. GAAP net income $37 $41 $934 $66
Losses (gains) on ship sales including impairments, net 2 (15) 176 -
Trademark and other impairment charges - - 27 -
Unrealized losses (gains) on fuel derivatives, net 28 31 (64) (31)
Non-GAAP net income $67 $57 $1,073 $ 35
Weighted-average shares outstanding – diluted 778 777 777 777
Earnings per share – diluted
U.S. GAAP earnings per share $0.05 $0.05 $1.20 $0.08
Losses (gains) on ship sales including impairments, net - (0.02)(i) 0.23 -
Trademark and other impairment charges - - 0.03 -
Unrealized losses (gains) on fuel derivatives, net 0.03 0.04 (0.08) (0.04)
Non-GAAP earnings per share $0.08 $0.07(i) $1.38 $0.04
(i). We changed our previously reported non-GAAP earnings per share for the quarter ended May 31, 2013 from $0.09 to $0.07 to exclude a gain on a
ship sale to be consistent with our treatment of these types of items in our non-GAAP earnings per share.
F-59