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CARNIVAL CRUISE LINES REPORTS RECORD THIRD QUARTER EARNINGS

CARNIVAL CRUISE LINES REPORTS RECORD THIRD QUARTER EARNINGS
 MIAMI, Oct. 1 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) reported income from continuing operations of $134.8 million ($0.96 EPS) and net income of $129.6 million ($0.92 EPS) on revenues of $487.8 million for the third quarter ended Aug. 31, 1992, compared to income from continuing operations of $130.5 million ($0.95 EPS) and net income of $123.1 million ($0.90 EPS) on revenues of $499.2 million for the same quarter in 1991.


During the 1992 third quarter, the company took an extraordinary charge of $5.2 million in connection with the early redemption of its zero coupon convertible notes.
 Revenues for the period declined slightly primarily due to a decrease in cruise operating days resulting from canceled cruises caused by Hurricane Andrew and a minor mechanical problem with one of the company's cruise ships.
 For the nine months ended Aug. 31, 1992, income from continuing operations was $238.6 million ($1.70 EPS) and net income was $233.4 million ($1.66 EPS) on revenues of $1.16 billion, compared to income from continuing operations of $215.1 million ($1.59 EPS) and net income of $197 million ($1.45 EPS) on revenues of $1.10 billion for the same period in 1991. The increase in income from continuing operations for the nine months was attributable primarily to the additional capacity provided by the Ecstasy.
 "Despite the continued softness in the economy and additional tonnage entering the cruise market during the period, we've continued to post very strong financial results," said Carnival Chairman Micky Arison. Carnival's subsidiary Holland America Line -- Westours, the dominant operator in the summer Alaska season, once again made a significant contribution to the third quarter revenues, he noted.
 A. Kirk Lanterman, president and CEO of that division said that "aggressive marketing efforts along with recent product enhancements such as our 17 exclusive state-of-the-art Alaska-Yukon Explorer lounge coaches, helped us achieve our fifth consecutive record Alaska season."
 In addressing the effects of Hurricane Andrew, Arison said that it caused minor damage to the company's Miami headquarters building and forced the cancellation of a four-day cruise that was scheduled to depart the day the hurricane struck. "We came through Andrew with minimal disruption of cruise service. Other than that one voyage, all ships departed on schedule and maintained their itineraries on the days immediately preceding and following the storm," Arison said.
 Carnival was the first Miami-based cruise line to be fully operational following the hurricane. Its offices, national reservation phone lines and computer systems were opened at 8 a.m., Tuesday, Aug. 25, less than 24 hours after Andrew struck South Florida. In the weeks following the hurricane, the company did operate short-handed as many employees were adversely affected by the storm and were given time off to look after their personal affairs. Arison said the work force has been back to its full complement for several weeks.
 For the three months ended Aug. 31, 1992, the cruise line achieved an average occupancy level of 114.7 percent carrying 324,650 passengers compared to 328,129 passengers for an average occupancy level of 113.7 percent for the third quarter of 1991. The slight decline in passenger counts was due to reduced capacity available during the third quarter resulting from canceled sailings. Combined with first half results, the line achieved a fleetwide occupancy level of 106.8 percent for the first nine months of 1992 vs. 107.2 percent for the same period in 1991. Passenger counts for the nine months rose 6.5 percent to 891,772 up from 837,275 passengers for the first half of 1991.
 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 18 ships in the Caribbean, Alaska and other worldwide destinations. Carnival has contracted for the construction of three 2,600-passenger ships, the Sensation, Fascination and Imagination, which are scheduled for delivery in 1993, 1994 and 1995, 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.
 NINE MONTHS ENDED THREE MONTHS ENDED
 AUG. 31, AUG. 31,
 1992 1991 1992 1991
 Revenues
 (millions) $ 1,162.7 $ 1,099.1 $ 487.8 $ 499.2
 Income from
 Continuing
 Operations
 (millions) $ 238.6 $ 215.1 $ 134.8 $ 130.5
 Net Income
 (millions) $ 233.4 $ 197.0 $ 129.6 $ 123.1
 Earnings
 per share $ 1.66 $ 1.45 $ 0.92 $ 0.90
 Passengers
 carried 891,772 837,275 324,650 328,129
 Percentage of
 Total
 Capacity 106.8 pct. 107.2 pct. 114.7 pct. 113.7 pct.
 Weighted
 Average
 Shares
 Out-
 standing 140,762,491 135,684,271 140,995,758 137,397,746
 -0- 10/01/92
 CONTACT: Tim Gallagher of Carnival Cruise Lines, 305-599-2600, ext. 776
 (CCL) CO: CARNIVAL CRUISE LINES, INC. IN: LEI SU: ERN ST: FL -- FL001 -- X895 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
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