Carnival Corporation has reported net income of $67.6 million or $0.24 per share on revenues of $419.8 million for the first quarter ended February 28, 1995 compared to net income of $65.1 million or $0.23 per share on revenues of $385.3 million for the same quarter in 1994.
The increases were primarily attributed to the additional capacity provided by Holland America Line's Ryndam and Carnival Cruise Lines' Fascination.
"Despite the expected difficult Caribbean season for Holland America Line and a 23 percent increase in corporate-wide advertising expenditures, we were still able to achieve an increase in our earnings," said Micky Arison, Chairman of Carnival Corp. in a prepared statement.
The Carnival Corp. fleet achieved an average occupancy level of 99.9 percent for its first quarter of this year, carrying 343,143 passengers, compared to an occupancy level of 100.2 percent and 314,839 passengers for the first quarter last year.
According to Carnival, the slight decline in average occupancy reflects higher occupancy for Carnival Cruise Lines offset by lower occupancy levels at Holland America Line in its Caribbean sailings.
While the company increased sales and marketing expenses, it was able to reduce its operating expense margin even more. On a per passenger day basis, actual operating expenses fell to an estimated $117 in the first quarter of this fiscal year compared to $120 in 1994 and $123 in 1993.
Thus, operating income on a per passenger basis was $36.50 this year compared to $29.49 in 1994 and $31.36 in 1993.
Revenue and net income on a per passenger basis, however, was down in the ftrst quarter of 1995 compared to the same period in 1994.
Increased volume and reduced operating expenses kept Carnival on its profitable course.