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CARNIVAL CRUISE LINES REPORTS FIRST QUARTER EARNINGS

 MIAMI, March 24 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) reported revenues of $323.6 million for its first quarter ended Feb. 28, compared to $328.8 million for the first quarter of 1992. Net income rose to $50.7 million ($ 0.36 EPS), an 8 percent increase over the $46.8 million ($ 0.33 EPS) for the 1992 first quarter.
 The revenue decline resulted from fewer passenger operating days due to a higher number of dry dockings and wet dockings of ships in the first quarter of 1993, as compared to 1992. The stronger earnings were primarily attributed to lower interest costs during the quarter.
 Carnival Chairman and CEO Micky Arison said that while overall earnings for the quarter were satisfactory, it was disappointing that revenue yields for the Carnival brand did not improve. The first quarter profit improvement was driven by Holland America Line's continued strong performance, including five weeks of operation for its new ship, the Statendam. "Response to the Statendam has been extremely positive and Holland America has managed to harness the tremendous excitement created by her introduction to improve its fleetwide occupancies," he said.
 The outlook for the remainder of the year is unclear, according to Arison, because a continued over-supply of berths in the contemporary cruise market makes revenue yield improvement difficult for the Carnival brand. "These factors have led our competitors to increase advertising expenditures significantly. In order to maintain our pre-eminent brand positioning, Carnival intends to accelerate its own advertising activity, including a program of investment spending in network television," Arison said.
 Together with Holland America and Windstar, the company carried 265,151 passengers during the quarter compared to 279,910 passengers carried during the first quarter of 1992. Overall occupancy was 100.9 percent, down slightly from the 102.0 percent achieved during the first quarter of 1992.
 Carnival is the world's largest cruise line based on number of passengers carried. Together with its affiliated cruise lines, Holland America Line, Windstar Cruises and Seabourn Cruise Line, it operates 19 ships in the Caribbean, Alaska and other worldwide destinations. Carnival has contracted for the construction of three 70,000 gross-registered-ton, 2,600-passenger ships, the Sensation, Fascination and Imagination, which are scheduled for delivery in 1993, 1994 and 1995, respectively, as well as a 95,000-ton ship which will be the largest cruise ship ever built, scheduled for delivery in 1996. Holland America Line introduced its new Statendam in January, and the company has contracted to construct two more ships, the Maasdam and Ryndam to be delivered in late 1993 and 1994, respectively.
 CARNIVAL CRUISE LINES
 3 MONTHS ENDED
 Feb. 28, 1993 Feb. 29, 1992
 Revenues (millions) $ 323.6 $ 328.8
 Net Income (millions) $ 50.7 $ 46.8
 Earnings Per Share --
 Net Income $ 0.36 $ 0.33
 Passengers Carried 265,151 279,910
 Percentage of Total
 Capacity 100.9 pct. 102.0 pct.
 Weighted Average Shares
 Outstanding 141,107,000 140,636,000
 -0- 3/24/93
 /CONTACT: Tim Gallagher of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL)


CO: Carnival Cruise Lines ST: Florida IN: LEI SU: ERN

JB-JJ -- FL002 -- 9011 03/24/93 10:03 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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