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                        CARNIVAL CORPORATION & PLC
                  CONSOLIDATED STATEMENTS OF OPERATIONS

                             THREE MONTHS ENDED         SIX MONTHS ENDED
                                   MAY 31,                   MAY 31,
                              2003         2002         2003         2002
                               (in thousands, except earnings per share)

  Revenues                $1,334,616    $ 989,899   $2,365,721   $1,896,430
  Costs and Expenses
     Operating               819,981      534,777    1,435,175    1,054,340
     Selling and
      administrative         212,068      142,122      389,186      293,524
     Depreciation and
      amortization           134,725       92,589      241,208      182,343
                           1,166,774      769,488    2,065,569    1,530,207
  Operating Income           167,842      220,411      300,152      366,223

  Nonoperating (Expense) Income
     Interest income           9,096        7,752       13,325       14,415
     Interest expense,
      net of capitalized
      interest               (41,514)     (28,011)     (70,906)     (57,467)
     Other (expense)
      income, net            (11,156)(1)  (12,087)(2)    3,572       (7,129)
                             (43,574)     (32,346)     (54,009)     (50,181)

  Income Before Income Taxes 124,268      188,065      246,143      316,042

  Income Tax Benefit           3,527        6,136        8,531        7,799

  Net Income                $127,795     $194,201     $254,674     $323,841

  Earnings Per Share
     Basic                     $0.19        $0.33        $0.40        $0.55
     Diluted                   $0.19        $0.33        $0.40        $0.55

  Weighted Average Shares
   Outstanding - Basic       688,937      586,520      637,916      586,395
  Weighted Average Shares
   Outstanding - Diluted     690,118      588,779      638,949      588,194

  (1) Includes $16 million of expenses related to litigation and other
      charges associated with the DLC transaction with P&O Princess.

  (2) Includes $9 million of losses, including related expenses, resulting
      from the sale of Holland America's former Nieuw Amsterdam, and
      $4 million of direct costs associated with cancelled cruises.

  Note: Commencing on April 17, 2003, the company's statements of operations
        include the consolidation of Carnival plc's results of operations.


                        CARNIVAL CORPORATION & PLC
               SELECTED STATISTICAL AND SEGMENT INFORMATION

                                THREE MONTHS ENDED        SIX MONTHS ENDED
                                       MAY 31,                 MAY 31,
                                  2003        2002        2003        2002
                                    (in thousands)         (in thousands)
  STATISTICAL INFORMATION
     Passengers carried           1,218         831       2,140       1,603
     Available lower berth days   7,661       5,258      13,465      10,319
     Occupancy percentage          98.5%      101.9%      100.3%      102.3%

  SEGMENT INFORMATION
     Revenues
        Cruise               $1,309,057   $ 968,096  $2,336,532  $1,869,358
        All other (1)            36,464      27,788      41,983      33,495
        Intersegment revenues   (10,905)     (5,985)    (12,794)     (6,423)
                             $1,334,616    $989,899  $2,365,721  $1,896,430

     Operating expenses
        Cruise                 $795,848    $513,079  $1,405,258  $1,025,315
        All other (1)            35,038      27,683      42,711      35,448
        Intersegment expenses   (10,905)     (5,985)    (12,794)     (6,423)
                               $819,981    $534,777  $1,435,175  $1,054,340

     Selling and administrative expenses
        Cruise                 $203,872    $135,077    $373,372    $278,853
        All other (1)             8,196       7,045      15,814      14,671
                               $212,068    $142,122    $389,186    $293,524
     Operating income (loss)
        Cruise                 $177,832    $229,619    $321,389    $386,602
        All other                (9,990)     (9,208)    (21,237)    (20,379)
                               $167,842    $220,411    $300,152    $366,223

  (1) All other includes the company's tour operations (Holland America
      Tours and Princess Tours) and its business travel agency (P&O
      Travel Ltd.).

  Note: Commencing on April 17, 2003, the company's statistical and segment
        information include Carnival plc's data.


                        CARNIVAL CORPORATION & PLC
                   HISTORICAL REGULATION G INFORMATION



Gross and net revenue yields and gross and net revenue per diems were computed as follows (1):

                              Three Months Ended        Six Months Ended
                                   May 31,                   May 31,
                              2003         2002         2003         2002
                              (in thousands, except yields and per diems)

  Cruise revenues         $1,309,057    $ 968,096   $2,336,532   $1,869,358

  Less commissions,
   air transportation
   and other                (256,290)    (177,399)    (458,388)    (360,587)

  Net cruise revenues     $1,052,767    $ 790,697   $1,878,144   $1,508,771

  Available lower
   berth days ("ALBD's")       7,661        5,258       13,465       10,319

  Gross revenue yields (2)   $170.87      $184.12      $173.53      $181.16

  Net revenue yields (3)     $137.42      $150.38      $139.48      $146.21

  Passenger cruise
   days ("PCD's") (4)          7,544        5,359       13,512       10,559

  Gross revenue
   per diems (5)             $173.52      $180.65      $172.92      $177.04

  Net revenue per diems (6)  $139.55      $147.55      $139.00      $142.89


  Gross and net operating costs per ALBD were computed as follows (1):

                            Three Months Ended         Six Months Ended
                                   May 31,                 May 31,
                              2003       2002         2003           2002
                              (in thousands, except yields and per diems)
  Cruise operating
   expenses                 $795,848  $ 513,079   $1,405,258     $1,025,315

  Less commissions,
   air transportation
   and other                (256,290)    (177,399)    (458,388)    (360,587)

  Cruise selling and
   administrative expenses   203,872      135,077      373,372      278,853

  Net cruise costs          $743,430    $ 470,757   $1,320,242     $943,581

  ALBD's                       7,661        5,258       13,465       10,319

  Gross operating
   costs per ALBD (7)        $130.49      $123.27      $132.09      $126.39

  Net operating
   costs per ALBD (8)         $97.04       $89.53       $98.05       $91.44


                        CARNIVAL CORPORATION & PLC
                    PRO FORMA REGULATION G INFORMATION



Pro forma gross and net revenue yields and gross and net revenue per diems were computed as follows (1) (10):

                                                       Three Months Ended
                                                             May 31,
                                                        2003         2002
                                                    (in thousands, except
                                                      yields and per diems)

  Cruise revenues                                   $1,592,937   $1,473,071
  Less commissions, air transportation and other      (335,293)    (304,310)
  Net cruise revenues                               $1,257,644   $1,168,761

  ALBD's                                                 9,087        7,877

  Gross revenue yields (2)                             $175.30      $187.01

  Net revenue yields (3)                               $138.40      $148.38

  PCD's (4)                                              8,925        7,985

  Gross revenue per diems (5)                          $178.48      $184.48

  Net revenue per diems (6)                            $140.91      $146.37




Pro forma gross and net operating costs per ALBD were computed as follows (1) (10):

                                                       Three Months Ended
                                                             May 31,
                                                        2003         2002
                                                     (in thousands, except
                                                      yields and per diems)

  Cruise operating expenses                           $993,484     $824,350
  Less commissions, air transportation and other      (335,293)    (304,310)
  Cruise selling and administrative expenses           262,969      211,213
  Net cruise costs                                    $921,160     $731,253

  ALBD's                                                 9,087        7,877

  Gross operating costs per ALBD (7)                   $138.27      $131.47

  Net operating costs per ALBD (8)                     $101.37       $92.83


        NOTES TO HISTORICAL AND PRO FORMA REGULATION G INFORMATION

   (1) Carnival Corporation & plc uses net cruise revenue per available
       lower berth day ("net revenue yields"), net cruise revenue per
       passenger cruise day ("net revenue per diems") and net cruise costs
       per available lower berth day as significant financial measures of
       its cruise segment financial performance.  Carnival Corporation & plc
       believes that net revenue yields and net revenue per diems are
       commonly used in the cruise industry to measure a company's pricing
       performance. These measures are also used for revenue management
       purposes and to compare the operating performance of the company with
       its competitors.  In calculating net revenue yields and net revenue
       per diems, the company uses net cruise revenues rather than gross
       cruise revenues.  Carnival Corporation & plc believes that "net
       cruise revenues" is a more meaningful measure in determining revenue
       yield than gross cruise revenues because it reflects the cruise
       revenues received by the company net of its most significant variable
       costs (travel agent commissions, cost of air transportation and
       certain other variable direct costs associated with onboard
       revenues).  Substantially all of the remaining cruise costs are
       largely fixed once the company's ship capacity levels have been
       determined.

       Net operating cost per available lower berth day is the most
       significant measure used by the company to monitor its ability to
       control costs.  In calculating this measure, the company deducts the
       same variable costs as described above, which are included in the
       calculation of net revenues.  This is done to avoid duplicating these
       variable costs in the non-GAAP financial measures described above
       because these variable costs are directly associated with the
       revenues earned by the company.

   (2) Represent gross cruise revenues divided by ALBD's.

   (3) Represent net cruise revenues divided by ALBD's.

   (4) PCD's represent the number of cruise passengers multiplied by the
       number of revenue-producing ship operating days.

   (5) Represent gross cruise revenues divided by PCD's.

   (6) Represent net cruise revenues divided by PCD's.

   (7) Represent gross operating expenses divided by ALBD's.

   (8) Represent net cruise costs divided by ALBD's.

   (9) In this earnings release, Carnival Corporation & plc has not provided
       future gross revenue yields or gross operating costs per available
       lower berth day because it is unable to provide reconciliations of
       forecasted net cruise revenues to forecasted gross cruise revenues or
       forecasted net cruise costs to forecasted cruise operating expenses
       without unreasonable effort.  The reconciliations would require
       Carnival Corporation & plc to forecast, with reasonable accuracy,
       the amount of air and other transportation costs that its forecasted
       cruise passengers would elect to purchase from the company (the
       "air/sea mix").  Since the forecasting of future air/sea mix involves
       several significant variables 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 respects, the company's
       ability to forecast its future results, as any variation in the
       air/sea mix has no material impact on the company's forecasted net
       cruise revenues or forecasted net cruise costs.

  (10) 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.  Management has prepared the pro forma
       information based upon the companies' historical financial
       information and, accordingly, the above information should be read in
       conjunction with the companies' historical financial statements, as
       well as pro forma information included in the companies' joint
       Current Reports on Form 8-K, dated May 29, 2003 and June 25, 2003.

       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
       information presented above covers the same periods of time for both
       companies.

       The Carnival plc pro forma results for the three months ended
       May 31, 2003 include a reduction of approximately $13 million due to
       the major promotion and other expenses incurred by P&O Cruises UK's
       introduction into service of four vessels: the Oceana, Minerva II,
       Ocean Village and Adonia.  Pursuant to Carnival plc's UK GAAP
       accounting policies, which were used prior to the completion of the
       DLC transaction, these expenses would have been initially deferred
       and then amortized to expense in future periods, instead of being
       expensed as incurred in order to conform the Carnival plc UK GAAP
       accounting policies to those U.S. GAAP accounting policies used by
       Carnival Corporation.

       In addition, Carnival plc is expected to receive insurance company
       and/or shipyard payments related to the Diamond Princess fire and the
       Island Princess delayed delivery.  The present value of these
       payments, which approximates $99 million, has been recorded on the
       balance sheet of Carnival Corporation & plc as a Carnival plc fair
       value acquisition adjustment.  Accordingly, the income originally
       expected to be recognized by Carnival plc of $6.8 million,
       $40.1 million, $30.6 million, $18.2 million and $3.2 million in the
       three months ended May 31, 2003, August 31, 2003, November 30, 2003,
       February 28, 2004 and May 31, 2004, respectively, will not be
       recognized in Carnival Corporation & plc's results, but will be
       accounted for as a collection of this receivable by the combined
       entity.

       The above pro forma information has been prepared as if the DLC
       transaction had occurred on December 1, 2001 and has not been
       adjusted to reflect any net transaction benefits.  In addition, it
       excludes the costs related to the terminated Royal Caribbean
       transaction and the completion of the DLC transaction with
       Carnival Corporation, which were expensed by Carnival plc prior to
       April 17, 2003.  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, 2001 or what those
       results will be for any future periods.
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