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CARNIVAL CRUISE LINES REPORTS RECORD FIRST QUARTER EARNINGS

 CARNIVAL CRUISE LINES REPORTS RECORD FIRST QUARTER EARNINGS
 MIAMI, March 26 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) reported record income from continuing operations and net income of $46.8 million ($0.33 EPS) on revenues of $328.8 million for the first quarter ended Feb. 29, 1992, compared to income from continuing operations of $37.4 million ($0.28 EPS) and net income of $30.5 million ($0.23 EPS) on revenues of $292.9 million for the same quarter in 1991. For accounting purposes, the company is treating its Crystal Palace Resort and Casino business in Nassau, Bahamas, as a discontinued operation.
 Carnival's stronger operating results were primarily attributed to additional capacity during the first quarter of 1992 as a result of Carnival's Ecstasy entering service in June 1991. Though discounting of cruise industry fares is continuing in 1992, according to Carnival Chairman and CEO Micky Arison, "It was our ability to maintain operating margins during the quarter that enabled us to improve earnings by 25 percent.
 "Despite the continued softness in the economy, the Carnival brand performed exceptionally well during the quarter. In fact, not only did we absorb the additional capacity of the Ecstasy, but even improved our occupancy levels at the same time," Arison said.
 Together with Holland America and Windstar, the company's 16 ships carried 279,910 passengers during the quarter representing a 13.6 percent increase from the 246,410 passengers carried during the first quarter of 1991. Overall occupancy was 102.0 percent, down slightly from the 103.5 percent achieved during the first quarter of 1991.
 Carnival is the world's largest cruise line based on number of passengers carried. Together with Holland America Line and Windstar Cruises, it currently operates 16 ships in the Caribbean, Alaska, and other worldwide destinations. Carnival has contracted for the construction of two 2,600-passenger ships, the Sensation and Fascination, which are scheduled for delivery in late fall of 1993 and early fall of 1994, respectively. It also has contracted to construct three new ships for Holland America Line. The first of these, the Statendam, is scheduled for delivery in late 1992, with the Maasdam and Ryndam to be delivered in late 1993 and 1994, respectively.
 CARNIVAL CRUISE LINES, INC.
 THREE MONTHS ENDED
 Feb. 29, 1992 Feb. 28, 1991
 Revenues From Continuing
 Operations (millions) $ 328.8 $ 292.9
 Income From Continuing
 Operations (millions) $ 46.8 $ 37.4
 Net Income (millions) $ 46.8 $ 30.5
 EPS From Continuing
 Operations $ 0.33 $ 0.28
 Earnings Per Share $ 0.33 $ 0.23
 Passengers Carried 279,910 246,410
 Percentage of Total
 Capacity 102.0 pct. 103.5 pct.
 Weighted Average Shares
 Outstanding 140,636,000 134,738,000
 -0- 3/26/92
 /CONTACT: Tim Gallagher or Jennifer De La Cruz of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL) CO: Carnival Cruise Lines, Inc. ST: Florida IN: LEI SU: ERN


AW-AL -- FL002 -- 1785 03/26/92 08:06 EST
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Date:Mar 26, 1992
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