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Carnival Profits Up Sharply!



 
 
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  #1  
Old June 17th, 2004, 02:40 PM
Ray Goldenberg
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

Hi Everyone,

I received this press release from the Carnival Corporation and
thought it would be of interest. If you have missed any of my news'
postings, they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Carnival Corporation & plc Reports Record Second Quarter and Six
Months Earnings

MIAMI, June 17
Carnival Corporation & plc (NYSE: CCL; LSE) (NYSE: CUK) reported
record net income of $332 million, or $0.41 diluted EPS, on revenues
of $2.3 billion for its second quarter ended May 31, 2004 compared to
pro forma net income of $124 million, or $0.16 diluted EPS, on pro
forma revenues of $1.6 billion for the same quarter in 2003. Reported
diluted earnings per share for the second quarter of 2003 were $0.19.
Both the pro forma and reported 2003 earnings per share were reduced
by $0.02 due to litigation and other charges associated with the dual
listed company ("DLC") transaction.

Net income for the six months ended May 31, 2004 was $535 million, or
$0.66 diluted EPS, on revenues of $4.2 billion, compared to pro forma
net income of $272 million, or $0.34 diluted EPS, on pro forma
revenues of $3.3 billion for the same period in 2003. Reported diluted
earnings per share for the six months ended May 31, 2003 were $0.40.

Carnival Corporation and P&O Princess plc entered into a DLC structure
on April 17, 2003, which effectively made Carnival Corporation and P&O
Princess plc a single economic entity ("Carnival Corporation & plc" or
the "company"). Also on that date, P&O Princess plc changed its name
to Carnival plc. For reporting purposes, Carnival Corporation has
accounted for the DLC transaction as an acquisition of Carnival plc as
of April 17, 2003.

The company's reported results for the second quarter of 2003 include
only six weeks of the results of Carnival plc. Consequently, the
company believes that the most meaningful comparison of financial
results and revenue and cost metrics is to the comparable 2003 pro
forma results and metrics, which reflect the operations of both
Carnival Corporation and Carnival plc as if the companies had been
consolidated throughout 2003. The company has also presented these
metrics on a gross and as reported basis.

Pro Forma Comparisons

Net revenue yields (net revenue per available lower berth day) for the
second quarter of 2004 increased 13.2 percent compared to pro forma
net revenue yields in the prior year, primarily due to higher net
revenue per diems and occupancy levels and, to a lesser extent, the
weak U.S. dollar relative to the euro and sterling. Net revenue yields
as measured on a local currency basis ("constant dollar basis")
increased 10.6 percent over the same period last year. Gross revenue
yields increased 13.2 percent.

Net cruise costs per available lower berth day ("ALBD") for the second
quarter of 2004 were flat compared to pro forma costs for the same
period last year. This result was achieved despite the impact of the
weak dollar, which has the effect of increasing cruise costs per ALBD.
On a constant dollar basis, net cruise costs per ALBD declined 2.7
percent from the same period last year due to economies of scale from
our 22 percent capacity increase and synergies from the DLC
transaction. Gross cruise costs per ALBD increased 3.4 percent
compared to the prior year.

Reported Comparisons

Net revenue yields increased 13.8 percent (16.5 percent gross) for the
second quarter of 2004 compared to the same quarter of 2003 primarily
due to the same reasons as the pro forma comparisons. Net cruise costs
per ALBD increased 4.3 percent (10.2 percent gross) compared to the
second quarter of 2003 primarily because of the impact of the weak
U.S. dollar and higher operating costs of the Carnival plc brands.

"This has been a remarkable quarter," said Micky Arison, Carnival
Corporation & plc Chairman and CEO. "Even with a 22 percent capacity
growth, we achieved a 13 percent improvement in revenue yields. This,
along with the synergies we realized from the P&O Princess
combination, contributed to earnings more than doubling during the
second quarter compared to last year's comparable quarter," he added.

"This quarter also marks the first anniversary of the merger with P&O
Princess and we're very pleased with the progress and performance thus
far," Arison said. "In addition to a record breaking quarter, we also
introduced seven new ships in just seven months. Despite the ambitious
newbuild delivery schedule, each introduction has been extremely
smooth, with all of these ships enjoying great success in their
respective markets."

Three new ships joined the fleet during the second quarter of 2004.
Holland America Line's new 1,848-passenger Westerdam was delivered in
April and launched a series of European cruises. Princess Cruises'
3,114-passenger Caribbean Princess was also delivered in April and
began year-round Caribbean cruises from Fort Lauderdale, Fla. In
addition, the 2,674-passenger Sapphire Princess was delivered in late
May and just entered service last week with an Alaskan summer program,
followed by a series of Pacific cruises beginning in September.

These vessels joined the four other ships that were introduced in the
last seven months, including the Costa Fortuna in November 2003, Queen
Mary 2 in January 2004, and the Carnival Miracle and Diamond Princess
in February 2004.

Comments on Outlook for Remainder of 2004

Looking forward, Arison indicated that he was extremely pleased with
the outlook for the remainder of 2004. Advance booking levels for the
second half of 2004 are significantly ahead of last year's levels at
this time on a capacity adjusted basis, with pricing showing
continuing strength. "Cruising is an increasingly popular vacation
choice. More customers are booking further in advance resulting in a
notable expansion in the booking curve for the second half of the
year, which is also extending into 2005," Arison explained.

For the full year of 2004, the company currently expects net revenue
yields to increase approximately 6 to 8 percent (4 to 6 percent on a
constant dollar basis), compared to pro forma 2003. Net cruise costs
per ALBD for full year 2004 are expected to be flat to up 2 percent
(flat to down 2 percent on a constant dollar basis), compared to pro
forma 2003. Based on these estimates, and including better than
expected second quarter results, and assuming no major geopolitical
events adversely impacting its business, the company expects full year
2004 earnings per share to be in the range of $2.10 to $2.20 per
share, versus previous guidance of $2.05 to $2.15 per share. The
company's current guidance is based on an exchange rate of $1.19 to
the euro and $1.77 to sterling.

The company expects that net revenue yields for the third quarter of
2004 will increase approximately 6 to 8 percent (4 to 6 percent on a
constant dollar basis), compared to last year's third quarter. Net
cruise costs per ALBD in the third quarter of 2004 are expected to be
up 1 to 3 percent (down 1 to up 1 percent on a constant dollar basis),
compared to 2003. Based on these estimates, the company expects
earnings per share for the third quarter of 2004 to be in the range of
$1.16 to $1.20.

The company has scheduled a conference call with analysts at 10 a.m.
EST (15.00 London time) today to discuss its 2004 second quarter
earnings. This call can be listened to live and additional information
can be obtained via Carnival Corporation & plc's Web sites at
http://www.carnivalcorp.com and http://www.carnivalplc.com.

Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of 12 cruise brands in North America, Europe
and Australia, comprised of Carnival Cruise Lines, Holland America
Line, Princess Cruises, Seabourn Cruise Line, Windstar Cruises, AIDA,
Costa Cruises, Cunard Line, Ocean Village, P&O Cruises, Swan Hellenic,
and P&O Cruises Australia. Together, these brands operate 77 ships
totaling more than 128,000 lower berths with eight new ships scheduled
for delivery between November 2004 and December 2006. Carnival
Corporation & plc also operates the leading tour companies in Alaska
and the Canadian Yukon, Holland America Tours and Princess Tours.
Traded on both the New York and London Stock Exchanges, Carnival
Corporation & plc is the only group in the world to be included in
both the S&P 500 and the FTSE 100 indices.

Cautionary note concerning factors that may affect future results

Some of the statements contained in this earnings release are
"forward- looking statements" that involve risks, uncertainties and
assumptions with respect to Carnival Corporation & plc, including some
statements concerning future results, plans, outlook, goals and other
events which have not yet occurred. You can find many, but not all, of
these statements by looking for words like "will," "may," "believes,"
"expects," "anticipates," "forecast," "future," "intends," "plans,"
and "estimates" and for similar expressions. Because forward-looking
statements involve risks and uncertainties, there are many factors
that could cause Carnival Corporation & plc's actual results,
performance or achievements to differ materially from those expressed
or implied in this earnings release. Forward-looking statements
include those statements which may impact the forecasting of earnings
per share, net revenue yields, booking levels, pricing, occupancy,
operating, financing and tax costs, costs per available lower berth
day, estimates of ship depreciable lives and residual values, outlook
or business prospects. These factors include, but are not limited to,
the following: achievement of expected benefits from the DLC
transaction; risks associated with the DLC structure; risks associated
with the uncertainty of the tax status of the DLC structure; general
economic and business conditions, which may impact levels of
disposable income of consumers and the net revenue yields for cruise
brands of Carnival Corporation & plc; conditions in the cruise and
land-based vacation industries, including competition from other
cruise ship operators and providers of other vacation alternatives and
increases in capacity offered by cruise ship and land-based vacation
alternatives; risks associated with operating internationally; the
international political and economic climate, armed conflicts,
terrorist attacks and threats thereof, including the risk of attack at
the 2004 Summer Olympics in Athens, Greece, for which Carnival
Corporation & plc has chartered four of its ships to third parties,
availability of air service, other world events and adverse publicity,
and their impact on the demand for cruises; accidents and other
incidents affecting the health, safety, security and vacation
satisfaction of passengers; the ability of Carnival Corporation & plc
to implement its shipbuilding programs and brand strategies and to
continue to expand its business worldwide; the ability of Carnival
Corporation & plc to attract and retain qualified shipboard crew and
maintain good relations with employee unions; the ability to obtain
financing on terms that are favorable or consistent with Carnival
Corporation & plc's expectations; the impact of changes in operating
and financing costs, including changes in foreign currency and
interest rates and fuel, food, insurance and security costs; changes
in the tax, environmental, health, safety, security and other
regulatory regimes under which Carnival Corporation & plc operates;
continued availability of attractive port destinations; the ability to
successfully implement cost improvement plans and to integrate
business acquisitions; continuing financial viability of Carnival
Corporation & plc's travel agent distribution system; and weather
patterns or natural disasters.

Forward-looking statements should not be relied upon as a prediction
of actual results. Subject to any continuing obligations under
applicable law or any relevant listing rules, Carnival Corporation &
plc expressly disclaims any obligation to disseminate, after the date
of this release, any updates or revisions to any such forward-looking
statements to reflect any change in expectations or events, conditions
or circumstances on which any such statements are based.

Carnival Corporation & plc
Consolidated Statements Of Operations

Three Months Ended May 31,
Reported(1) Pro Forma(2)(3)
Reported(1)(3)
2004 2003 2003
(in millions, except per share data)

Revenues
Cruise
Passenger tickets $1,691 $1,239 $1,008
Onboard and other 529 364 305
Other 36 31 29
2,256 1,634 1,342
Costs and Expenses
Operating
Cruise
Commissions,
transportation
and other 376 280 212
Onboard and
other 97 61 44
Payroll and
related 249 207 172
Food 137 105 88
Other ship
operating 437 351 283
Other 33 31 28
Total 1,329 1,035 827
Selling and
administrative 322 276 212
Depreciation and
amortization 200 156 135
1,851 1,467 1,174
Operating Income 405 167 168

Nonoperating (Expense) Income
Interest income 4 10 9
Interest expense,
net of capitalized
interest (70) (48) (42)
Other (expense)
income, net (7) (11)(4) (11)(4)
(73) (49) (44)
Income Before Income
Taxes 332 118 124

Income Tax Benefit,
Net 6 4

Net Income $332 $124 $128

Earnings Per Share
Basic $0.41 $0.16 $0.19
Diluted $0.41 $0.16 $0.19

Dividends Per
Share $0.125 $0.105 $0.105

Weighted-Average
Shares Outstanding -
Basic 803 796 689
Weighted-Average
Shares Outstanding -
Diluted 839 799 690

Six Months Ended May 31,
Reported(1) Pro Forma(2)(3)
Reported(1)(3)
2004 2003 2003
(in millions, except per share data)

Revenues
Cruise
Passenger tickets $3,218 $2,501 $1,808
Onboard and other 976 716 536
Other 45 39 33
4,239 3,256 2,377
Costs and Expenses
Operating
Cruise
Commissions,
transportation
and other 760 592 386
Onboard and
other 178 123 72
Payroll and
related 486 398 302
Food 264 211 158
Other ship
operating 817 687 496
Other 43 41 33
Total 2,548 2,052 1,447
Selling and
administrative 638 558 389
Depreciation and
amortization 388 307 241
3,574 2,917 2,077
Operating Income 665 339 300

Nonoperating (Expense) Income
Interest income 9 15 13
Interest expense,
net of capitalized
interest (136) (101) (71)
Other (expense)
income, net (7) 7(4)(5)
4(4)(5)
(134) (79) (54)
Income Before Income
Taxes 531 260 246

Income Tax Benefit,
Net 4 12 9

Net Income $535 $272 $255

Earnings Per Share
Basic $0.67 $0.34 $0.40
Diluted $0.66 $0.34 $0.40

Dividends Per
Share $0.25 $0.21 $0.21

Weighted-Average
Shares Outstanding -
Basic 801 795 638
Weighted-Average
Shares Outstanding -
Diluted 830 799 639


(1) The reported results for 2004 included Carnival Corporation
and
Carnival plc and the 2003 reported results only included
Carnival plc
since April 17, 2003, when the DLC transaction was completed.
(2) See note (a) to the Carnival Corporation & plc "Reported and
Pro Forma
GAAP Reconciling Information."
(3) Reclassifications have been made to certain 2003 amounts to
conform to
the current period presentation.
(4) Included $16 million of expenses recorded in the three months
ended
May 31, 2003 related to litigation and other charges
associated with
the DLC transaction with P&O Princess plc.
(5) Included $19 million of income from net insurance proceeds,
less
certain other nonoperating expenses, recorded in the three
months
ended February 28, 2003.

CARNIVAL CORPORATION & PLC
SELECTED STATISTICAL AND SEGMENT INFORMATION

Three Months Ended May 31,
Reported Pro Forma
Reported
2004 (1) 2003 (2)(3) 2003
(1)(3)
(in millions, except statistical
information)

STATISTICAL INFORMATION
Passengers carried 1,567,423 1,254,259
1,153,003
Available lower
berth days(4) 11,120,445 9,092,025
7,660,571
Occupancy percentage 102.8% 98.2%
98.5%

SEGMENT INFORMATION
Revenues
Cruise $2,220 $1,603
$1,313
Other 43 42
40
Intersegment elimination (7) (11)
(11)
$2,256 $1,634
$1,342
Operating expenses
Cruise $1,296 $1,004
$799
Other 40 42
39
Intersegment elimination (7) (11)
(11)
$1,329 $1,035
$827

Selling and administrative
expenses
Cruise $308 $264
$203
Other 14 12
9
$322 $276
$212

Operating income (loss)
Cruise $421 $183
$178
Other (16) (16)
(10)
$405 $167
$168


Six Months Ended May 31,
Reported Pro Forma
Reported
2004 (1) 2003 (2)(3) 2003
(1)(3)

STATISTICAL INFORMATION
Passengers carried 2,929,009 2,460,689
2,075,786
Available lower
berth days(4) 21,183,100 17,710,254
13,465,330
Occupancy percentage 102.4% 99.3%
100.3%

SEGMENT INFORMATION
Revenues
Cruise $4,194 $3,217
$2,344
Other 54 51
46
Intersegment elimination (9) (12)
(13)
$4,239 $3,256
$2,377
Operating expenses
Cruise $2,505 $2,011
$1,414
Other 52 54
46
Intersegment elimination (9) (13)
(13)
$2,548 $2,052
$1,447

Selling and administrative
expenses
Cruise $610 $533
$373
Other 28 25
16
$638 $558
$389

Operating income (loss)
Cruise $702 $375
$322
Other (37) (36)
(22)
$665 $339
$300

(1) The reported information for 2004 included Carnival
Corporation and
Carnival plc and the 2003 reported results only included
Carnival plc
since April 17, 2003.
(2) See note (a) to the Carnival Corporation & plc "Reported and
Pro Forma
GAAP Reconciling Information."
(3) Reclassifications have been made to certain 2003 amounts to
conform to
the current period presentation.
(4) Available lower berth days ("ALBDs") is the total passenger
capacity
for the period, assuming two passengers per cabin, that we
offer for
sale, which is computed by multiplying passenger capacity by
revenue-
producing ship operating days in the period.


CARNIVAL CORPORATION & PLC
REPORTED AND PRO FORMA GAAP RECONCILING INFORMATION


We use net revenue yields to measure our cruise segment revenue
performance. Gross and net revenue yields were computed by dividing
the gross or net revenues, without rounding, by ALBDs as follows:

Three Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and
yields)

Cruise revenues
Passenger tickets $1,691 $1,239
$1,008
Onboard and other 529 364
305
Gross cruise revenues 2,220 1,603
1,313
Less cruise costs
Commissions, transportation
and other (376) (280)
(212)
Onboard and other (97) (61)
(44)
Net cruise revenues $1,747 $1,262
$1,057

ALBDs 11,120,445 9,092,025
7,660,571

Gross revenue yields (b) $199.62 $176.30
$171.42

Net revenue yields (b) $157.06 $138.78
$137.97


Six Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and
yields)

Cruise revenues
Passenger tickets $3,218 $2,501
$1,808
Onboard and other 976 716
536
Gross cruise revenues 4,194 3,217
2,344
Less cruise costs
Commissions, transportation
and other (760) (592)
(386)
Onboard and other (178) (123)
(72)
Net cruise revenues $3,256 $2,502
$1,886

ALBDs 21,183,100 17,710,254
13,465,330

Gross revenue yields (b) $198.02 $181.66
$174.11

Net revenue yields (b) $153.74 $141.30
$140.08


We use net cruise costs per ALBD to monitor our ability to control our
cruise segment costs. Gross and net cruise costs per ALBD were
computed by dividing the gross or net cruise costs, without rounding,
by ALBDs as follows:

Three Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and costs per
ALBD)

Cruise operating expenses $1,296 $1,004
$799
Cruise selling and
administrative expenses 308 264
203
Gross cruise costs 1,604 1,268
1,002
Less cruise costs included
in net cruise revenues
Commissions, transportation
and other (376) (280)
(212)
Onboard and other (97) (61)
(44)
Net cruise costs $1,131 $927
$746

ALBDs 11,120,445 9,092,025
7,660,571

Gross cruise costs per
ALBD (b) $144.28 $139.49
$130.98

Net cruise costs per
ALBD (b) $101.72 $101.97
$97.53

Six Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and costs per
ALBD)

Cruise operating expenses $2,505 $2,011
$1,414
Cruise selling and
administrative expenses 610 533
373
Gross cruise costs 3,115 2,544
1,787
Less cruise costs included
in net cruise revenues
Commissions, transportation
and other (760) (592)
(386)
Onboard and other (178) (123)
(72)
Net cruise costs $2,177 $1,829
$1,329

ALBDs 21,183,100 17,710,254
13,465,330

Gross cruise costs per ALBD (b) $147.06 $143.57
$132.64

Net cruise costs per ALBD (b) $102.78 $103.20
$98.61


NOTES TO HISTORICAL AND PRO FORMA GAAP RECONCILING INFORMATION


(a) The pro forma information gives pro forma effect to the DLC
transaction between Carnival Corporation and Carnival plc, which was
completed on April 17, 2003, as if the DLC transaction had occurred on
December 1, 2002. Management has prepared the pro forma information
based upon the companies' reported financial information and,
accordingly, the above information should be read in conjunction with
the companies' financial statements, as well as pro forma information
included in the companies' joint Current Report on Form 8-K filed on
March 5, 2004.
The DLC transaction has been accounted for as an acquisition of
Carnival plc by Carnival Corporation, using the purchase method of
accounting. The Carnival plc accounting policies have been conformed
to Carnival Corporation's policies. Carnival plc's reporting period
has been changed to the Carnival Corporation reporting period and the
pro forma information covers the same periods of time for both
companies.

The pro forma information has not been adjusted to reflect any net
transaction benefits from the DLC transaction. In addition, it
excludes $27 million and $51 million for the three and six months
ended May 31, 2003, respectively, of nonrecurring DLC transaction
costs which were expensed by Carnival plc prior to April 17, 2003. The
exclusion of these nonrecurring costs is consistent with the
requirements of Article 11 of Regulation S-X. The 2003 pro forma
information was computed by adding Carnival plc's 2003 results,
adjusted for acquisition adjustments (reductions of $4 million and $8
million of depreciation expense and $2 million and $3 million of
interest expense for the three and six months ended May 31, 2003,
respectively,) to the 2003 Carnival Corporation reported results.
Finally, the pro forma information does not purport to represent what
the results of operations actually could have been if the DLC
transaction had occurred on December 1, 2002 or what those results
will be for any future periods.

(b) In the cruise industry, most companies, including Carnival
Corporation & plc, generally consider net cruise revenues, which is
used in the computation of net revenue yields, to be a commonly used
indicator of revenue performance rather than gross cruise revenues,
and net cruise costs, which is used in the computation of net cruise
costs per ALBD, to be the most significant measure used to monitor our
ability to control costs rather than gross cruise costs.
We have not provided estimates of future gross revenue yields or
future gross cruise costs per ALBD because the reconciliations of
forecasted net cruise revenues to forecasted gross cruise revenues or
forecasted net cruise costs to forecasted cruise operating expenses
would require us to forecast, with reasonable accuracy, the amount of
air and other transportation costs that our forecasted cruise
passengers would elect to purchase from us (the "air/sea mix"). Since
the forecasting of future air/sea mix involves several significant
variables that are relatively difficult to forecast and the revenues
from the sale of air and other transportation approximate the costs of
providing that transportation, management focuses primarily on
forecasts of net cruise revenues and costs rather than gross cruise
revenues and costs. This does not impact, in any material respect, our
ability to forecast our future results, as any variation in the
air/sea mix has no material impact on our forecasted net cruise
revenues or forecasted net cruise costs. As such, management does not
believe that this reconciling information would be meaningful.




  #2  
Old June 17th, 2004, 06:45 PM
Dick Goldhaber
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

And the following is available from thestreet.com

http://www.thestreet.com/_yahoo/stoc....html?cm_ven=Y
AHOO&cm_cat=FREE&cm_ite=NA
--
DG in Cherry Hill, NJ



"Ray Goldenberg" wrote in message
...
Hi Everyone,

I received this press release from the Carnival Corporation and
thought it would be of interest. If you have missed any of my news'
postings, they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Carnival Corporation & plc Reports Record Second Quarter and Six
Months Earnings

MIAMI, June 17
Carnival Corporation & plc (NYSE: CCL; LSE) (NYSE: CUK) reported
record net income of $332 million, or $0.41 diluted EPS, on revenues
of $2.3 billion for its second quarter ended May 31, 2004 compared to
pro forma net income of $124 million, or $0.16 diluted EPS, on pro
forma revenues of $1.6 billion for the same quarter in 2003. Reported
diluted earnings per share for the second quarter of 2003 were $0.19.
Both the pro forma and reported 2003 earnings per share were reduced
by $0.02 due to litigation and other charges associated with the dual
listed company ("DLC") transaction.

Net income for the six months ended May 31, 2004 was $535 million, or
$0.66 diluted EPS, on revenues of $4.2 billion, compared to pro forma
net income of $272 million, or $0.34 diluted EPS, on pro forma
revenues of $3.3 billion for the same period in 2003. Reported diluted
earnings per share for the six months ended May 31, 2003 were $0.40.

Carnival Corporation and P&O Princess plc entered into a DLC structure
on April 17, 2003, which effectively made Carnival Corporation and P&O
Princess plc a single economic entity ("Carnival Corporation & plc" or
the "company"). Also on that date, P&O Princess plc changed its name
to Carnival plc. For reporting purposes, Carnival Corporation has
accounted for the DLC transaction as an acquisition of Carnival plc as
of April 17, 2003.

The company's reported results for the second quarter of 2003 include
only six weeks of the results of Carnival plc. Consequently, the
company believes that the most meaningful comparison of financial
results and revenue and cost metrics is to the comparable 2003 pro
forma results and metrics, which reflect the operations of both
Carnival Corporation and Carnival plc as if the companies had been
consolidated throughout 2003. The company has also presented these
metrics on a gross and as reported basis.

Pro Forma Comparisons

Net revenue yields (net revenue per available lower berth day) for the
second quarter of 2004 increased 13.2 percent compared to pro forma
net revenue yields in the prior year, primarily due to higher net
revenue per diems and occupancy levels and, to a lesser extent, the
weak U.S. dollar relative to the euro and sterling. Net revenue yields
as measured on a local currency basis ("constant dollar basis")
increased 10.6 percent over the same period last year. Gross revenue
yields increased 13.2 percent.

Net cruise costs per available lower berth day ("ALBD") for the second
quarter of 2004 were flat compared to pro forma costs for the same
period last year. This result was achieved despite the impact of the
weak dollar, which has the effect of increasing cruise costs per ALBD.
On a constant dollar basis, net cruise costs per ALBD declined 2.7
percent from the same period last year due to economies of scale from
our 22 percent capacity increase and synergies from the DLC
transaction. Gross cruise costs per ALBD increased 3.4 percent
compared to the prior year.

Reported Comparisons

Net revenue yields increased 13.8 percent (16.5 percent gross) for the
second quarter of 2004 compared to the same quarter of 2003 primarily
due to the same reasons as the pro forma comparisons. Net cruise costs
per ALBD increased 4.3 percent (10.2 percent gross) compared to the
second quarter of 2003 primarily because of the impact of the weak
U.S. dollar and higher operating costs of the Carnival plc brands.

"This has been a remarkable quarter," said Micky Arison, Carnival
Corporation & plc Chairman and CEO. "Even with a 22 percent capacity
growth, we achieved a 13 percent improvement in revenue yields. This,
along with the synergies we realized from the P&O Princess
combination, contributed to earnings more than doubling during the
second quarter compared to last year's comparable quarter," he added.

"This quarter also marks the first anniversary of the merger with P&O
Princess and we're very pleased with the progress and performance thus
far," Arison said. "In addition to a record breaking quarter, we also
introduced seven new ships in just seven months. Despite the ambitious
newbuild delivery schedule, each introduction has been extremely
smooth, with all of these ships enjoying great success in their
respective markets."

Three new ships joined the fleet during the second quarter of 2004.
Holland America Line's new 1,848-passenger Westerdam was delivered in
April and launched a series of European cruises. Princess Cruises'
3,114-passenger Caribbean Princess was also delivered in April and
began year-round Caribbean cruises from Fort Lauderdale, Fla. In
addition, the 2,674-passenger Sapphire Princess was delivered in late
May and just entered service last week with an Alaskan summer program,
followed by a series of Pacific cruises beginning in September.

These vessels joined the four other ships that were introduced in the
last seven months, including the Costa Fortuna in November 2003, Queen
Mary 2 in January 2004, and the Carnival Miracle and Diamond Princess
in February 2004.

Comments on Outlook for Remainder of 2004

Looking forward, Arison indicated that he was extremely pleased with
the outlook for the remainder of 2004. Advance booking levels for the
second half of 2004 are significantly ahead of last year's levels at
this time on a capacity adjusted basis, with pricing showing
continuing strength. "Cruising is an increasingly popular vacation
choice. More customers are booking further in advance resulting in a
notable expansion in the booking curve for the second half of the
year, which is also extending into 2005," Arison explained.

For the full year of 2004, the company currently expects net revenue
yields to increase approximately 6 to 8 percent (4 to 6 percent on a
constant dollar basis), compared to pro forma 2003. Net cruise costs
per ALBD for full year 2004 are expected to be flat to up 2 percent
(flat to down 2 percent on a constant dollar basis), compared to pro
forma 2003. Based on these estimates, and including better than
expected second quarter results, and assuming no major geopolitical
events adversely impacting its business, the company expects full year
2004 earnings per share to be in the range of $2.10 to $2.20 per
share, versus previous guidance of $2.05 to $2.15 per share. The
company's current guidance is based on an exchange rate of $1.19 to
the euro and $1.77 to sterling.

The company expects that net revenue yields for the third quarter of
2004 will increase approximately 6 to 8 percent (4 to 6 percent on a
constant dollar basis), compared to last year's third quarter. Net
cruise costs per ALBD in the third quarter of 2004 are expected to be
up 1 to 3 percent (down 1 to up 1 percent on a constant dollar basis),
compared to 2003. Based on these estimates, the company expects
earnings per share for the third quarter of 2004 to be in the range of
$1.16 to $1.20.

The company has scheduled a conference call with analysts at 10 a.m.
EST (15.00 London time) today to discuss its 2004 second quarter
earnings. This call can be listened to live and additional information
can be obtained via Carnival Corporation & plc's Web sites at
http://www.carnivalcorp.com and http://www.carnivalplc.com.

Carnival Corporation & plc is the largest cruise vacation group in the
world, with a portfolio of 12 cruise brands in North America, Europe
and Australia, comprised of Carnival Cruise Lines, Holland America
Line, Princess Cruises, Seabourn Cruise Line, Windstar Cruises, AIDA,
Costa Cruises, Cunard Line, Ocean Village, P&O Cruises, Swan Hellenic,
and P&O Cruises Australia. Together, these brands operate 77 ships
totaling more than 128,000 lower berths with eight new ships scheduled
for delivery between November 2004 and December 2006. Carnival
Corporation & plc also operates the leading tour companies in Alaska
and the Canadian Yukon, Holland America Tours and Princess Tours.
Traded on both the New York and London Stock Exchanges, Carnival
Corporation & plc is the only group in the world to be included in
both the S&P 500 and the FTSE 100 indices.

Cautionary note concerning factors that may affect future results

Some of the statements contained in this earnings release are
"forward- looking statements" that involve risks, uncertainties and
assumptions with respect to Carnival Corporation & plc, including some
statements concerning future results, plans, outlook, goals and other
events which have not yet occurred. You can find many, but not all, of
these statements by looking for words like "will," "may," "believes,"
"expects," "anticipates," "forecast," "future," "intends," "plans,"
and "estimates" and for similar expressions. Because forward-looking
statements involve risks and uncertainties, there are many factors
that could cause Carnival Corporation & plc's actual results,
performance or achievements to differ materially from those expressed
or implied in this earnings release. Forward-looking statements
include those statements which may impact the forecasting of earnings
per share, net revenue yields, booking levels, pricing, occupancy,
operating, financing and tax costs, costs per available lower berth
day, estimates of ship depreciable lives and residual values, outlook
or business prospects. These factors include, but are not limited to,
the following: achievement of expected benefits from the DLC
transaction; risks associated with the DLC structure; risks associated
with the uncertainty of the tax status of the DLC structure; general
economic and business conditions, which may impact levels of
disposable income of consumers and the net revenue yields for cruise
brands of Carnival Corporation & plc; conditions in the cruise and
land-based vacation industries, including competition from other
cruise ship operators and providers of other vacation alternatives and
increases in capacity offered by cruise ship and land-based vacation
alternatives; risks associated with operating internationally; the
international political and economic climate, armed conflicts,
terrorist attacks and threats thereof, including the risk of attack at
the 2004 Summer Olympics in Athens, Greece, for which Carnival
Corporation & plc has chartered four of its ships to third parties,
availability of air service, other world events and adverse publicity,
and their impact on the demand for cruises; accidents and other
incidents affecting the health, safety, security and vacation
satisfaction of passengers; the ability of Carnival Corporation & plc
to implement its shipbuilding programs and brand strategies and to
continue to expand its business worldwide; the ability of Carnival
Corporation & plc to attract and retain qualified shipboard crew and
maintain good relations with employee unions; the ability to obtain
financing on terms that are favorable or consistent with Carnival
Corporation & plc's expectations; the impact of changes in operating
and financing costs, including changes in foreign currency and
interest rates and fuel, food, insurance and security costs; changes
in the tax, environmental, health, safety, security and other
regulatory regimes under which Carnival Corporation & plc operates;
continued availability of attractive port destinations; the ability to
successfully implement cost improvement plans and to integrate
business acquisitions; continuing financial viability of Carnival
Corporation & plc's travel agent distribution system; and weather
patterns or natural disasters.

Forward-looking statements should not be relied upon as a prediction
of actual results. Subject to any continuing obligations under
applicable law or any relevant listing rules, Carnival Corporation &
plc expressly disclaims any obligation to disseminate, after the date
of this release, any updates or revisions to any such forward-looking
statements to reflect any change in expectations or events, conditions
or circumstances on which any such statements are based.

Carnival Corporation & plc
Consolidated Statements Of Operations

Three Months Ended May 31,
Reported(1) Pro Forma(2)(3)
Reported(1)(3)
2004 2003 2003
(in millions, except per share data)

Revenues
Cruise
Passenger tickets $1,691 $1,239 $1,008
Onboard and other 529 364 305
Other 36 31 29
2,256 1,634 1,342
Costs and Expenses
Operating
Cruise
Commissions,
transportation
and other 376 280 212
Onboard and
other 97 61 44
Payroll and
related 249 207 172
Food 137 105 88
Other ship
operating 437 351 283
Other 33 31 28
Total 1,329 1,035 827
Selling and
administrative 322 276 212
Depreciation and
amortization 200 156 135
1,851 1,467 1,174
Operating Income 405 167 168

Nonoperating (Expense) Income
Interest income 4 10 9
Interest expense,
net of capitalized
interest (70) (48) (42)
Other (expense)
income, net (7) (11)(4) (11)(4)
(73) (49) (44)
Income Before Income
Taxes 332 118 124

Income Tax Benefit,
Net 6 4

Net Income $332 $124 $128

Earnings Per Share
Basic $0.41 $0.16 $0.19
Diluted $0.41 $0.16 $0.19

Dividends Per
Share $0.125 $0.105 $0.105

Weighted-Average
Shares Outstanding -
Basic 803 796 689
Weighted-Average
Shares Outstanding -
Diluted 839 799 690

Six Months Ended May 31,
Reported(1) Pro Forma(2)(3)
Reported(1)(3)
2004 2003 2003
(in millions, except per share data)

Revenues
Cruise
Passenger tickets $3,218 $2,501 $1,808
Onboard and other 976 716 536
Other 45 39 33
4,239 3,256 2,377
Costs and Expenses
Operating
Cruise
Commissions,
transportation
and other 760 592 386
Onboard and
other 178 123 72
Payroll and
related 486 398 302
Food 264 211 158
Other ship
operating 817 687 496
Other 43 41 33
Total 2,548 2,052 1,447
Selling and
administrative 638 558 389
Depreciation and
amortization 388 307 241
3,574 2,917 2,077
Operating Income 665 339 300

Nonoperating (Expense) Income
Interest income 9 15 13
Interest expense,
net of capitalized
interest (136) (101) (71)
Other (expense)
income, net (7) 7(4)(5)
4(4)(5)
(134) (79) (54)
Income Before Income
Taxes 531 260 246

Income Tax Benefit,
Net 4 12 9

Net Income $535 $272 $255

Earnings Per Share
Basic $0.67 $0.34 $0.40
Diluted $0.66 $0.34 $0.40

Dividends Per
Share $0.25 $0.21 $0.21

Weighted-Average
Shares Outstanding -
Basic 801 795 638
Weighted-Average
Shares Outstanding -
Diluted 830 799 639


(1) The reported results for 2004 included Carnival Corporation
and
Carnival plc and the 2003 reported results only included
Carnival plc
since April 17, 2003, when the DLC transaction was completed.
(2) See note (a) to the Carnival Corporation & plc "Reported and
Pro Forma
GAAP Reconciling Information."
(3) Reclassifications have been made to certain 2003 amounts to
conform to
the current period presentation.
(4) Included $16 million of expenses recorded in the three months
ended
May 31, 2003 related to litigation and other charges
associated with
the DLC transaction with P&O Princess plc.
(5) Included $19 million of income from net insurance proceeds,
less
certain other nonoperating expenses, recorded in the three
months
ended February 28, 2003.

CARNIVAL CORPORATION & PLC
SELECTED STATISTICAL AND SEGMENT INFORMATION

Three Months Ended May 31,
Reported Pro Forma
Reported
2004 (1) 2003 (2)(3) 2003
(1)(3)
(in millions, except statistical
information)

STATISTICAL INFORMATION
Passengers carried 1,567,423 1,254,259
1,153,003
Available lower
berth days(4) 11,120,445 9,092,025
7,660,571
Occupancy percentage 102.8% 98.2%
98.5%

SEGMENT INFORMATION
Revenues
Cruise $2,220 $1,603
$1,313
Other 43 42
40
Intersegment elimination (7) (11)
(11)
$2,256 $1,634
$1,342
Operating expenses
Cruise $1,296 $1,004
$799
Other 40 42
39
Intersegment elimination (7) (11)
(11)
$1,329 $1,035
$827

Selling and administrative
expenses
Cruise $308 $264
$203
Other 14 12
9
$322 $276
$212

Operating income (loss)
Cruise $421 $183
$178
Other (16) (16)
(10)
$405 $167
$168


Six Months Ended May 31,
Reported Pro Forma
Reported
2004 (1) 2003 (2)(3) 2003
(1)(3)

STATISTICAL INFORMATION
Passengers carried 2,929,009 2,460,689
2,075,786
Available lower
berth days(4) 21,183,100 17,710,254
13,465,330
Occupancy percentage 102.4% 99.3%
100.3%

SEGMENT INFORMATION
Revenues
Cruise $4,194 $3,217
$2,344
Other 54 51
46
Intersegment elimination (9) (12)
(13)
$4,239 $3,256
$2,377
Operating expenses
Cruise $2,505 $2,011
$1,414
Other 52 54
46
Intersegment elimination (9) (13)
(13)
$2,548 $2,052
$1,447

Selling and administrative
expenses
Cruise $610 $533
$373
Other 28 25
16
$638 $558
$389

Operating income (loss)
Cruise $702 $375
$322
Other (37) (36)
(22)
$665 $339
$300

(1) The reported information for 2004 included Carnival
Corporation and
Carnival plc and the 2003 reported results only included
Carnival plc
since April 17, 2003.
(2) See note (a) to the Carnival Corporation & plc "Reported and
Pro Forma
GAAP Reconciling Information."
(3) Reclassifications have been made to certain 2003 amounts to
conform to
the current period presentation.
(4) Available lower berth days ("ALBDs") is the total passenger
capacity
for the period, assuming two passengers per cabin, that we
offer for
sale, which is computed by multiplying passenger capacity by
revenue-
producing ship operating days in the period.


CARNIVAL CORPORATION & PLC
REPORTED AND PRO FORMA GAAP RECONCILING INFORMATION


We use net revenue yields to measure our cruise segment revenue
performance. Gross and net revenue yields were computed by dividing
the gross or net revenues, without rounding, by ALBDs as follows:

Three Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and
yields)

Cruise revenues
Passenger tickets $1,691 $1,239
$1,008
Onboard and other 529 364
305
Gross cruise revenues 2,220 1,603
1,313
Less cruise costs
Commissions, transportation
and other (376) (280)
(212)
Onboard and other (97) (61)
(44)
Net cruise revenues $1,747 $1,262
$1,057

ALBDs 11,120,445 9,092,025
7,660,571

Gross revenue yields (b) $199.62 $176.30
$171.42

Net revenue yields (b) $157.06 $138.78
$137.97


Six Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and
yields)

Cruise revenues
Passenger tickets $3,218 $2,501
$1,808
Onboard and other 976 716
536
Gross cruise revenues 4,194 3,217
2,344
Less cruise costs
Commissions, transportation
and other (760) (592)
(386)
Onboard and other (178) (123)
(72)
Net cruise revenues $3,256 $2,502
$1,886

ALBDs 21,183,100 17,710,254
13,465,330

Gross revenue yields (b) $198.02 $181.66
$174.11

Net revenue yields (b) $153.74 $141.30
$140.08


We use net cruise costs per ALBD to monitor our ability to control our
cruise segment costs. Gross and net cruise costs per ALBD were
computed by dividing the gross or net cruise costs, without rounding,
by ALBDs as follows:

Three Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and costs per
ALBD)

Cruise operating expenses $1,296 $1,004
$799
Cruise selling and
administrative expenses 308 264
203
Gross cruise costs 1,604 1,268
1,002
Less cruise costs included
in net cruise revenues
Commissions, transportation
and other (376) (280)
(212)
Onboard and other (97) (61)
(44)
Net cruise costs $1,131 $927
$746

ALBDs 11,120,445 9,092,025
7,660,571

Gross cruise costs per
ALBD (b) $144.28 $139.49
$130.98

Net cruise costs per
ALBD (b) $101.72 $101.97
$97.53

Six Months Ended May 31,
Reported Pro Forma
Reported
2004 2003 (a)
2003
(in millions, except ALBDs and costs per
ALBD)

Cruise operating expenses $2,505 $2,011
$1,414
Cruise selling and
administrative expenses 610 533
373
Gross cruise costs 3,115 2,544
1,787
Less cruise costs included
in net cruise revenues
Commissions, transportation
and other (760) (592)
(386)
Onboard and other (178) (123)
(72)
Net cruise costs $2,177 $1,829
$1,329

ALBDs 21,183,100 17,710,254
13,465,330

Gross cruise costs per ALBD (b) $147.06 $143.57
$132.64

Net cruise costs per ALBD (b) $102.78 $103.20
$98.61


NOTES TO HISTORICAL AND PRO FORMA GAAP RECONCILING INFORMATION


(a) The pro forma information gives pro forma effect to the DLC
transaction between Carnival Corporation and Carnival plc, which was
completed on April 17, 2003, as if the DLC transaction had occurred on
December 1, 2002. Management has prepared the pro forma information
based upon the companies' reported financial information and,
accordingly, the above information should be read in conjunction with
the companies' financial statements, as well as pro forma information
included in the companies' joint Current Report on Form 8-K filed on
March 5, 2004.
The DLC transaction has been accounted for as an acquisition of
Carnival plc by Carnival Corporation, using the purchase method of
accounting. The Carnival plc accounting policies have been conformed
to Carnival Corporation's policies. Carnival plc's reporting period
has been changed to the Carnival Corporation reporting period and the
pro forma information covers the same periods of time for both
companies.

The pro forma information has not been adjusted to reflect any net
transaction benefits from the DLC transaction. In addition, it
excludes $27 million and $51 million for the three and six months
ended May 31, 2003, respectively, of nonrecurring DLC transaction
costs which were expensed by Carnival plc prior to April 17, 2003. The
exclusion of these nonrecurring costs is consistent with the
requirements of Article 11 of Regulation S-X. The 2003 pro forma
information was computed by adding Carnival plc's 2003 results,
adjusted for acquisition adjustments (reductions of $4 million and $8
million of depreciation expense and $2 million and $3 million of
interest expense for the three and six months ended May 31, 2003,
respectively,) to the 2003 Carnival Corporation reported results.
Finally, the pro forma information does not purport to represent what
the results of operations actually could have been if the DLC
transaction had occurred on December 1, 2002 or what those results
will be for any future periods.

(b) In the cruise industry, most companies, including Carnival
Corporation & plc, generally consider net cruise revenues, which is
used in the computation of net revenue yields, to be a commonly used
indicator of revenue performance rather than gross cruise revenues,
and net cruise costs, which is used in the computation of net cruise
costs per ALBD, to be the most significant measure used to monitor our
ability to control costs rather than gross cruise costs.
We have not provided estimates of future gross revenue yields or
future gross cruise costs per ALBD because the reconciliations of
forecasted net cruise revenues to forecasted gross cruise revenues or
forecasted net cruise costs to forecasted cruise operating expenses
would require us to forecast, with reasonable accuracy, the amount of
air and other transportation costs that our forecasted cruise
passengers would elect to purchase from us (the "air/sea mix"). Since
the forecasting of future air/sea mix involves several significant
variables that are relatively difficult to forecast and the revenues
from the sale of air and other transportation approximate the costs of
providing that transportation, management focuses primarily on
forecasts of net cruise revenues and costs rather than gross cruise
revenues and costs. This does not impact, in any material respect, our
ability to forecast our future results, as any variation in the
air/sea mix has no material impact on our forecasted net cruise
revenues or forecasted net cruise costs. As such, management does not
believe that this reconciling information would be meaningful.






  #3  
Old June 18th, 2004, 03:33 PM
Richard Whitlock
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

Hi:

Hope this means my stock/dividend goes up too! Used to be you could buy
one share to get cabin credit on their cruises. Then they got wise and
raised it to 100. I bought my 100 shares and that (and RCI which I also
got for the same reason--to get cabin credit) are about the only things
in my portfolio (admittedly not vast) that has made money (lol). That is
not even counting the approximately $700 I have collected in cabin
credits over the past few years. With all the mergers, not many cruise
lines don't fall under RCI/Carnival to collect the credit.

Tucker in Texas

  #4  
Old June 18th, 2004, 09:11 PM
Dick Goldhaber
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

While after a long time in the red both RCL and CCL now sell for more than
they were when I first bought CCL. I have never owned RCL, and I am not
currently considering cruising with them.

CCL currently pays $0.50 a share a year, and RCL $0.52. That is a return of
slightly over 1%, but since my security deposit only gathers .06%, not bad.

Thus far we have scored $1125 in onboard credits, and we will gain an
additional $550 before the year is out. That represents over 50% of my
original purchase price of $29.60.
--
DG in Cherry Hill, NJ



"Richard Whitlock" wrote in message
...
Hi:

Hope this means my stock/dividend goes up too! Used to be you could buy
one share to get cabin credit on their cruises. Then they got wise and
raised it to 100. I bought my 100 shares and that (and RCI which I also
got for the same reason--to get cabin credit) are about the only things
in my portfolio (admittedly not vast) that has made money (lol). That is
not even counting the approximately $700 I have collected in cabin
credits over the past few years. With all the mergers, not many cruise
lines don't fall under RCI/Carnival to collect the credit.

Tucker in Texas



  #5  
Old June 19th, 2004, 04:31 PM
Scott
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

Thus far we have scored $1125 in onboard credits, and we will gain an
additional $550 before the year is out. That represents over 50% of my
original purchase price of $29.60.


Wow, I had no idea that you could get a shipboard credit like this.

I've since done some reading about it, but one thing is unclear to me:
how long do you have to have owned the stock before you're eligible
for the credit. I'm taking the Zuiderdam in August; if I buy now, am I
too late for the credit?

Of course, I'll doubtless buy some and take advantage of it on my next
cruise...

-sdo
  #6  
Old June 19th, 2004, 05:46 PM
Tobie Gerbrandt
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

I expect you have time to get under the wire. We bought 100 shares of RCL
stock in early Aug. 2003, got a copy of the stock purchase from our
financial agent, and were able to get our credit on our 5 September sailing
on the Legend of the Seas.

I expect the Carnival shareholder's credits could be done just as rapidly.
The credits are per cruise. The $1125 that Dick mentioned was for several
cruises. For a 7 day cruise the credit is $100 per cabin. Also, his
purchase price of $29.60 was no doubt per share, and you need a minimum of
100 shares. The price is somewhat higher today.

BTW, we also own shares in Carnival, but had a longer window till our first
cruise we used that on.

Good luck !

Tobieon an Island in the Pacific

"Scott" wrote in message
om...
Thus far we have scored $1125 in onboard credits, and we will gain an
additional $550 before the year is out. That represents over 50% of my
original purchase price of $29.60.


Wow, I had no idea that you could get a shipboard credit like this.

I've since done some reading about it, but one thing is unclear to me:
how long do you have to have owned the stock before you're eligible
for the credit. I'm taking the Zuiderdam in August; if I buy now, am I
too late for the credit?

Of course, I'll doubtless buy some and take advantage of it on my next
cruise...

-sdo



  #7  
Old June 20th, 2004, 01:59 AM
Dick Goldhaber
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

Thanks, Tobie, as a long time CCL holder I wasn't aware of the short term
timeframe.

Yes, I printed a copy of my monthend brokerage statement and e-mailed it to
my TA who forwarded it to HAL who confirmed the credit for later this year
for us.
--
DG in Cherry Hill, NJ



"Tobie Gerbrandt" wrote in message
news:V5_Ac.810237$oR5.661964@pd7tw3no...
I expect you have time to get under the wire. We bought 100 shares of RCL
stock in early Aug. 2003, got a copy of the stock purchase from our
financial agent, and were able to get our credit on our 5 September

sailing
on the Legend of the Seas.

I expect the Carnival shareholder's credits could be done just as rapidly.
The credits are per cruise. The $1125 that Dick mentioned was for several
cruises. For a 7 day cruise the credit is $100 per cabin. Also, his
purchase price of $29.60 was no doubt per share, and you need a minimum of
100 shares. The price is somewhat higher today.

BTW, we also own shares in Carnival, but had a longer window till our

first
cruise we used that on.

Good luck !

Tobieon an Island in the Pacific

"Scott" wrote in message
om...
Thus far we have scored $1125 in onboard credits, and we will gain an
additional $550 before the year is out. That represents over 50% of

my
original purchase price of $29.60.


Wow, I had no idea that you could get a shipboard credit like this.

I've since done some reading about it, but one thing is unclear to me:
how long do you have to have owned the stock before you're eligible
for the credit. I'm taking the Zuiderdam in August; if I buy now, am I
too late for the credit?

Of course, I'll doubtless buy some and take advantage of it on my next
cruise...

-sdo





  #8  
Old June 24th, 2004, 09:21 PM
Barbara
external usenet poster
 
Posts: n/a
Default Carnival Profits Up Sharply!

I too have been very happy with my Carnival stock - I hope they extend
the shipboard credit to Princess too. They didn't last year when we
sailed them.

Does RCI give a shipboard credit for Celebrity? We're sailing on them
in September and might just buy their stock.

How much is the credit and who do you call to get it?

Richard Whitlock wrote:
Hi:

Hope this means my stock/dividend goes up too! Used to be you could buy
one share to get cabin credit on their cruises. Then they got wise and
raised it to 100. I bought my 100 shares and that (and RCI which I also
got for the same reason--to get cabin credit) are about the only things
in my portfolio (admittedly not vast) that has made money (lol). That is
not even counting the approximately $700 I have collected in cabin
credits over the past few years. With all the mergers, not many cruise
lines don't fall under RCI/Carnival to collect the credit.

Tucker in Texas


  #9  
Old June 24th, 2004, 10:17 PM
Tobie Gerbrandt
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Default Carnival Profits Up Sharply!

Hi Barbara,

What time of year did you sail last year on Princess?

Shareholder information is on page #4 of the Carnival Corporation & PCL,
2003 Annual report. It includes the address to mail information for
Princess cruises.

We sailed on the Island Princess at Christmas last year, and we got our
credits.

I believe RCI Shareholder credits are also available on Celebrity, although
We haven't sailed Celebrity since we bought the shares, so I could not say
"first-hand". Their credit structure is pretty much identical to
Carnival's.

Tobieon an Island in the Pacific

"Barbara" wrote in message
...
I too have been very happy with my Carnival stock - I hope they extend
the shipboard credit to Princess too. They didn't last year when we
sailed them.

Does RCI give a shipboard credit for Celebrity? We're sailing on them
in September and might just buy their stock.

How much is the credit and who do you call to get it?




  #10  
Old June 24th, 2004, 10:20 PM
Ray Goldenberg
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Default Carnival Profits Up Sharply!

On Thu, 24 Jun 2004 15:21:45 -0500, Barbara
wrote:

I too have been very happy with my Carnival stock - I hope they extend
the shipboard credit to Princess too. They didn't last year when we
sailed them.


Hi Barbara,

Yes, Princess now gives the ship board credit.

Does RCI give a shipboard credit for Celebrity? We're sailing on them
in September and might just buy their stock.

Yes, Royal Caribbean and Celebrity have the program.

How much is the credit and who do you call to get it?

It varies by the length of the cruise. Your travel agent can give you
the details and take care of it for you.


Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com
 




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