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CARNIVAL CRUISE LINES POSTS RECORD CRUISE EARNINGS AND REVENUES FOR 1991 AND INCREASES DIVIDEND; WRITES DOWN CRYSTAL PALACE

 CARNIVAL CRUISE LINES POSTS RECORD CRUISE EARNINGS AND REVENUES
 FOR 1991 AND INCREASES DIVIDEND; WRITES DOWN CRYSTAL PALACE
 MIAMI, Jan. 22 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) today announced that it will proceed with plans to sell its Crystal Palace Hotel and Casino operation and, as a result, is taking a $135 million estimated loss on disposal during its fourth quarter ended Nov. 30, 1991.
 "The company's decision to sell the Crystal Palace will allow us to direct all of our time and efforts to our successful cruise businesses," said Carnival chairman, Micky Arison. "This decision to dispose of the Crystal Palace should also have a positive impact on our 1992 earnings performance," he added.
 Arison noted, however, that the company's cruise and tour businesses continued to perform very well during the fourth quarter and fiscal year. Income from continuing operations for the fourth quarter ended Nov. 30, 1991, was $38.7 million ($0.28 EPS) on revenues of $305.6 million compared to income from continuing operations of $34.8 mn? ($0.26 EPS) on revenues of $270.4 million posted during the final quarter a year earlier.
 Income from continuing operations for the fiscal year ended Nov. 30, 1991, was a record $253.8 million ($1.85 EPS), compared to $234.4 million ($1.74 EPS) in the previous year. Revenues from continuing operations were $1.4 billion for the fiscal year ended Nov. 30, 1991, compared to $1.25 billion for the previous year. After taking into consideration the $135 million write-down together with a $33.4 million loss from operations at the Crystal Palace in fiscal 1991, net income for the year amounted to $85 million ($0.62 EPS) compared to net income of $206.2 million ($1.53 EPS) for fiscal 1990.
 "All things considered -- the Persian Gulf War, the recession and the devastating effects of those events on travel operators in 1991 -- the performance of our cruise and tour businesses through this difficult period really has been outstanding," Arison said. He cited a particularly strong performance by Carnival's subsidiary Holland America-Westours.
 "This turned out to be the best year Holland America has ever had," said Kirk Lanterman, chief executive officer of Holland America-Westours. According to Lanterman, the company performed particularly well during the summer Alaska tourism season. "Both our cruises and tour products operated at record levels throughout the summer," he said.
 Carnival Cruise Lines became the first cruise company to carry a million passengers a year. The company's 16 ships carried 1,099,520 passengers to achieve a fleet occupancy level of 105.7 percent for the year ended Nov. 30, 1991, a 15.3 percent increase from the 953,221 passengers carried during the previous year. Overall occupancy was down only slightly from the 106.6 percent level achieved in its 1990 fiscal year.
 The company carried 262,245 vacationers in the fourth quarter of 1991 vs. 234,849 during the equivalent 1990 quarter. The average occupancy level of 101 percent was slightly lower than the 101.8 percent in the same period in 1990.
 Due diligence work with respect to the company's previously announced agreement with The Hotel Corporation of The Bahamas is proceeding and the transaction is expected to be completed during the first quarter of calendar 1992. No assurances can be made that an agreement with the Hotel Corporation will be reached or that the company will be able to sell its remaining investment in the Crystal Palace.
 The company's board of directors approved an increase in the regular quarterly dividend on its common stock to $0.14 from $0.13 per share. The board declared the new regular quarterly dividend for the first quarter ending Feb. 29, 1992, payable March 13, 1992, to stockholders of record Feb. 28, 1992.
 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. The Crystal Palace Resort & Casino is a 1,550-room property in Nassau, Bahamas. 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.
 (In millions)
 Periods Ended Fiscal Year Three Months
 Nov. 30 1991 1990 1991 1990
 Revenues from $1,404.7 $1,253.8 $305.6 $270.4
 continuing
 operations
 Income from 253.8 234.4 38.7 34.8
 continuing
 operations
 Net income 85.0 206.2 (112.0) 19.2
 EPS from $1.85 $1.74 $0.28 $0.26
 continuing
 operations
 Earnings per $0.62 $1.53 $(0.80) $0.14
 share
 Passengers 1,099,520 953,221 262,245 234,849
 carried
 Percentage of 105.7 pct. 106.6 pct. 101.0 pct. 101.8 pct.
 total capacity
 Weighted 136,916,000 134,745,000 140,623,000 134,735,000
 average shares
 outstanding
 -0- 1/22/92 R
 /CONTACT: Tim Gallagher of Carnival Cruise Lines, 305-599-2600/
 (CCL) CO: Carnival Cruise Lines, Inc. ST: Florida IN: LEI SU: ERN


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