Carnival Cruises 2015 Annual Report Download - page 83

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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 2015 were as follows (in millions, except per share data):
Quarters Ended
February 28 May 31 August 31 November 30
Revenues ......................................... $3,531 $3,590 $4,883 $3,711
Operating income .................................. $ 266 $ 289 $1,510 $ 510
Net income ....................................... $ 49 $ 222 $1,216 $ 270
Earnings per share
Basic ........................................ $ 0.06 $ 0.29 $ 1.56 $ 0.35
Diluted ....................................... $ 0.06 $ 0.29 $ 1.56 $ 0.35
Adjusted net income (a) ............................. $ 159 $ 193 $1,365 $ 389
Adjusted earnings per share—diluted (a) ................ $ 0.20 $ 0.25 $ 1.75 $ 0.50
Dividends declared per share ......................... $ 0.25 $ 0.25 $ 0.30 $ 0.30
(a) Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
Quarters Ended
February 28 May 31 August 31 November 30
Net income
U.S. GAAP net income ......................... $ 49 $ 222 $1,216 $ 270
Restructuring expenses .......................... - 7 14 4
Gain on ship sale ............................... (2) (2) (2) (2)
Unrealized losses (gains) on fuel derivatives, net ...... 112 (34) 137 117
Adjusted net income ........................... $ 159 $ 193 $1,365 $ 389
Weighted-average shares outstanding ................. 779 780 781 777
Earnings per share
U.S. GAAP earnings per share ................... $ 0.06 $ 0.29 $ 1.56 $ 0.35
Restructuring expenses .......................... - 0.01 0.02 -
Unrealized losses (gains) on fuel derivatives, net ...... 0.14 (0.05) 0.17 0.15
Adjusted earnings per share ..................... $ 0.20 $ 0.25 $ 1.75 $ 0.50
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