Carnival Corporation has reported net income of $168.8 million or $1.19 per share on revenues of $600.8 million for its third quarter ended August 31, 1994, compared to net income of $152.2 million or $1.08 per share on revenues of $529.3 million for the same quarter in 1993.

Carnival attributed the increases primarily to the additional capacity provided by Carnival Cruise Lines' Sensation which entered service in November 1993, the Fascination, which started operations in late July 1994, and Holland America Line's Maasdam, which started operations in December 1993, along with continued improvement in passenger yields for the company's entire fleet. Carnival also had to absorb a $14.2 million impact on its financial results from the grounding of the Nieuw Amsterdam and the shutdown of the FiestaMarina division.

Micky Arison, Chairman and CEO of Carnival Corporation said in a prepared statement that the company "was very pleased with the results."

"Our third quarter operating results show continuation of pricing improvement and operating margins which we experienced during the first half of the year. Moreover, we continue to be encouraged by travel agent response to our new ships," Arison said.

The Carnival fleet carried 394,475 passengers for a total of 2,264,204 passenger days during its third quarter of this year compared to 338,594 passengers for 2,010,710 passenger days in the same period last year.

The load factor was 113.4 percent this year compared to 114.3 percent last year. The average per diem for the third quarter of this year was $265.35 compared to $263.24 for the same quarter last year.

According to this newsletter's calculations, the Carnival fleet saw a 16.5 percent capaciry increase in the third quarter year-over-year and also reported 16.5 percent more passengers this year compared to last year.

Third quarter revenues were up 13.5 percent year­ over-year and net income increased 10.9 percent. Costs and expenses were also up 10.9 percent year-over-year.

Nine Months

Carnival reported net income of $311.7 million or $2.21 per share on revenues of $1.4 billion for the nine­ month period ended August 31, 1994, compared to net income of $268 million or $1.90 per share on revenues of $1.2 billion for the same period last year.

The Carnival fleet carried 1,026,966 passengers during the nine-month period for 6,109,029 passenger days compared to 902,277 passengers for 5,419,232 passenger days in the same period last year.

The 1994 load factor was 105 percent compared to 106.7 percent last year.

The average per diem for the nine month period of this year was $228.43, compared to $227.20 for the same period last year.

Margins

For Carnival's third quarter ended August 31, 1994, net income was 28 percent of revenues compared to 28.8 percent for the third quarter last year.

Costs and expenses were 72 percent of revenues for this year's third quarter compared to 71.2 percent for the same quarter of 1993.

The nine-month net income margin was 22.3 percent compared to 21.8 percent last year. Costs and expenses were 77.7 percent this year compared to 78.2 percent last year.

Strongest Quarter

Its third quarter continues to be Carnival's strongest quarter with net income of $168.8 million on revenues of $600.8 million for the third quarter of this year, compared to net income of $77.9 million on revenues of $409.4 million for the second quarter, and net income of $65.1 million on revenues of $385.3 million for the first quarter.

The net margin for the third quarter was 28 percent compared to 19 percent for the second quarter and 17 percent for the first quarter.

The Carnival fleet carried 394,475 passengers in the third quarter compared to 317,652 for the second quarter, and 314,839 for the first quarter.

The third quarter load factor was 113.4 percent compared to 100.7 percent for the second quarter and 100.2 percent for the first quarter.

Third quarter average per diem rose to $265.35 compared to $212.20 for the second quarter, and $201.14 for the first quarter.

The increased average per diems also reflect higher air fare costs with HAL ships in Alaska and in Europe.

Last year the Carnival Corporation earned approximately 48 percent of its net income in the third quarter which also generated approximately 34 percent of the company's revenues and about 30 percent of its passengers.

Fourth Quarter

Arison said that "with the new capacity provided, we anticipate continuing improvement in operating results for the fourth quarter."

The fourth quarter will be impacted by the Fascination along with the Ryndam which enters service this fall.

The new tonnage will also impact the first and second quarters of next year.

In the meantime, there are industry reports that Carnival is close to ordering another new ship for the Carnival fleet, scheduled for delivery in 1997, for which Carnival does not have a new ship yet.

At press time, Carnival traded for $44 on the New York Stock Exchange compared to a 365-day high-low of $52 1/4 - $41 1/ 8.