MIAMI, Dec. 18 /PRNewswire-FirstCall/ -- Carnival Corporation &
plc (NYSE/LSE: CCL; NYSE: CUK) reported net income of $193 million,
or $0.24 diluted EPS, on revenues of $3.2 billion for its fourth
quarter ended November 30, 2009. Net income for the fourth quarter
of 2008 was $371 million, or $0.47 diluted EPS, on revenues of $3.3
billion. Operating results in the fourth quarter were better than
the company's September guidance driven by stronger than expected
revenue yields, primarily onboard, as well as lower operating
costs. The company reported net income for the full year ended
November 30, 2009 of $1.8 billion, or $2.24 diluted EPS, compared
to net income of $2.3 billion, or $2.90 diluted EPS, for the prior
year. Revenues for the full year 2009 were $13.2 billion compared
to $14.6 billion for the prior year. Micky Arison, Carnival
Corporation & plc Chairman and CEO, commenting on full year
results said, "We weathered the most challenging economic
environment in the company's history exceptionally well. In 2009,
Carnival was the most profitable leisure travel company, which is
testament to the strength and quality of our global portfolio of
highly recognized brands and their management teams. On
significantly reduced global travel demand, net revenue yields for
our North American brands fell 13 percent while our European
brands' yields fell a more modest 6 percent (in constant dollars).
Despite an 8 percent capacity increase, the stronger performance of
our European brands in this economic environment reinforces our
strategy to expand our European presence, which will continue in
2010 with four of six newbuilds scheduled for our European brands.
In addition, through effective global cost containment initiatives
we achieved $170 million of savings since the start of the year,
which partially offset the pressure on net revenue yields." Key
metrics for the fourth quarter of 2009 compared to the prior year
were as follows: -- On a constant dollar basis net revenue yields
(net revenue per available lower berth day) decreased 10.4 percent
for Q4 2009 which was better than our September guidance of down 11
to 13 percent. Net revenue yields in current dollars decreased 8.6
percent due to favorable currency exchange rates. Gross revenue
yields in current dollars decreased 9.6 percent. -- Excluding fuel,
net cruise costs per available lower berth day ("ALBD") for Q4 2009
were 2.0 percent lower on a constant dollar basis. -- Including
fuel, net cruise costs per ALBD for Q4 2009 decreased 5.6 percent
on a constant dollar basis (decreased 3.5 percent in current
dollars). Gross cruise costs per ALBD in current dollars decreased
6.1 percent. -- Fuel price decreased 15 percent to $458 per metric
ton for Q4 2009 from $538 per metric ton in Q4 2008 and was in line
with the September guidance of $465 per metric ton. Arison added,
"During the fourth quarter, we placed our first new ship order in
two years which demonstrates our continued confidence in the future
of our industry." The new 3,690-passenger ship for Carnival Cruise
Lines will be the third ship in the Dream-class and is set to enter
service in June 2012. Earlier this month, the company furthered its
strategy to expand its European presence when it announced that
Princess Cruises' 710-passenger Royal Princess will transfer to
P&O Cruises (UK) in the spring of 2011 and will be renamed
Adonia. And just last week, P&O Cruises Australia completed the
inaugural celebration of Pacific Jewel in Sydney harbor, which was
one of Australia's most highly publicized cruise events. Outlook
Booking volumes continue to be strong and occupancy levels for 2010
are currently in line with 2009. On a cumulative basis, 2010
pricing is slightly behind last year at this time. However, since
September, pricing is running well ahead of last year's lower
levels, as a result the company expects to show yield improvement
in the second half of 2010. Looking forward, Arison noted, "We are
optimistic that the attractive pricing we have in the marketplace
and pent-up demand for vacation travel will continue to stimulate
strong booking volumes and lead to a solid wave season. We remain
focused on cost controls and expect to reduce non-fuel costs on a
per unit basis in 2010 (in constant dollars). Our lean and
efficient operating structure leaves us well positioned as the
global economy recovers." The company forecasts a 2 to 3 percent
increase in net revenue yields on a current dollar basis for the
full year 2010 as a result of favorable movements in currency
exchange rates. On a constant dollar basis, the company expects
full year net revenue yields to be flat to up slightly. The company
expects net cruise costs excluding fuel for the full year 2010 to
be down approximately 1 to 2 percent compared to the prior year on
a constant dollar basis due primarily to lower dry-dock costs and
tight cost controls. Based on current spot prices for fuel,
forecasted fuel costs for the full year are expected to increase
$368 million compared to 2009, costing $0.46 per share. This is
forecasted to be partially offset by favorable movements in
currency exchange rates worth $0.08 per share. Taking all the above
factors into consideration, the company forecasts full year 2010
earnings per share to be in the range of $2.10 to $2.30 fully
diluted, compared to $2.24 for 2009. First Quarter 2010 First
quarter constant dollar net revenue yields are expected to decline
in the 3 to 4 percent range (flat to up slightly on a current
dollar basis), compared to the prior year. The company expects
sequential improvement in net revenue yields as the year
progresses. Net cruise costs excluding fuel, for the first quarter
are expected to be down 2 to 3 percent compared to the prior year
on a constant dollar basis. However, forecasted fuel costs for the
first quarter are expected to increase $160 million compared to the
prior year, costing $0.20 per share. Based on current fuel prices
and currency exchange rates, the company expects earnings for the
first quarter of 2010 to be in the range of $0.08 to $0.12 per
share, down from $0.33 per share in 2009 which included $0.04 of
nonrecurring gains. In the first quarter, the company will continue
its European expansion when it takes delivery of two new ships,
AIDA Cruises' 2,192-passenger AIDAblu which is set to debut in
Europe, and Costa Cruises' 2,260-passenger Costa Deliziosa which
will be the first cruise ship to be inaugurated in Dubai. Selected
Key Forecast Metrics ----------------------------- Full Year 2010
First Quarter 2010 Current Constant Current Constant Dollars
Dollars Dollars Dollars Change in: Net revenue yields 2 to 3 % 0 to
1 % 0 to 1 % (3) to (4) % Net cruise cost per ALBD 4 to 6 % 2 to 4
% 9 to 11 % 5 to 7 % Full Year 2010 First Quarter 2010 Fuel price
per metric ton $472 $474 Fuel consumption (metric tons in
thousands) 3,380 810 Currency Euro $1.45 to (euro) 1 $1.45 to
(euro) 1 Sterling $1.63 to (pound) 1 $1.63 to (pound) 1 The company
has scheduled a conference call with analysts at 10:00 a.m. EST
(3:00 p.m. GMT) today to discuss its 2009 fourth quarter and full
year earnings. This call can be listened to live, and additional
information can be obtained, via Carnival Corporation & plc's
Web site 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
cruise brands in North America, Europe and Australia, comprised of
Carnival Cruise Lines, Holland America Line, Princess Cruises, The
Yachts of Seabourn, AIDA Cruises, Costa Cruises, Cunard Line, Ibero
Cruises, Ocean Village, P&O Cruises and P&O Cruises
Australia. Together, these brands operate 93 ships totaling more
than 180,000 lower berths with 13 new ships scheduled to be
delivered between January 2010 and May 2012. Carnival Corporation
& plc also operates Holland America Princess Alaska Tours, the
leading tour company in Alaska and the Canadian Yukon. 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,
estimates or projections 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, outlooks,
plans, goals and other events which have not yet occurred. These
statements are intended to qualify for the safe harbors from
liability provided by Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. We have tried,
whenever possible, to identify these statements by using words like
"will," "may," "could," "should," "would," "believe," "expect,"
"anticipate," "forecast," "future," "intend," "plan," "estimate"
and similar expressions of future intent or the negative of such
terms. 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, among other things, the forecasting of
Carnival Corporation and plc's earnings per share, net revenue
yields, booking levels, pricing, occupancy, operating, financing
and/or tax costs, fuel expenses, costs per available lower berth
day, estimates of ship depreciable lives and residual values,
liquidity, goodwill and trademark fair values, outlook or business
prospects. These factors include, but are not limited to, the
following: general economic and business conditions, including fuel
price increases, high unemployment rates, and declines in the
securities, real estate and other markets, and perceptions of these
conditions, may adversely impact the levels of Carnival Corporation
& plc's potential vacationers' discretionary income and net
worth and this group's confidence in their country's economy;
fluctuations in foreign currency exchange rates, particularly the
movement of the U.S. dollar against the euro and sterling; the
international political climate, armed conflicts, terrorist and
pirate attacks and threats thereof, and other world events
affecting the safety and security of travel; competition from and
over capacity offered by cruise ship operators and providers of
other vacation alternatives; lack of acceptance of new itineraries,
products and services by Carnival Corporation & plc's guests;
changing consumer preferences; Carnival Corporation & plc's
ability to attract and retain qualified shipboard crew and maintain
good relations with employee unions; accidents, the spread of
contagious diseases and the threats thereof, adverse weather
conditions or natural disasters, such as hurricanes and
earthquakes, and other incidents (including, but not limited to,
ship fires and machinery and equipment failures or improper
operation thereof), which could cause, among other things,
individual or multiple port closures, injury, death, alteration of
cruise itineraries or cancellation of a cruise or series of cruises
or tours; adverse publicity concerning the cruise industry in
general, or Carnival Corporation & plc in particular, including
any adverse impact that cruising may have on the marine
environment; changes in and compliance with laws and regulations
relating to protection of disabled persons, employment,
environmental, health, safety, security, tax and other regulatory
regimes under which Carnival Corporation & plc operate;
increases in global fuel demand and pricing, fuel supply
disruptions and/or other events on Carnival Corporation & plc
fuel and other expenses, liquidity and credit ratings; increases in
Carnival Corporation plc's future fuel expenses from implementing
approved International Maritime Organization regulations, which
require the use of higher priced low sulfur fuels in certain
cruising areas, including the proposed establishment of a
U.S./Canadian Emissions Control Area ("ECA"), which may, if
established, significantly affect the quality and price of fuel
that ships will be required to burn within this ECA; changes in
financing and operating costs, including changes in interest rates
and food, insurance, payroll and security costs; the ability of
Carnival Corporation & plc to implement its shipbuilding
programs and ship maintenance, repairs and refurbishments,
including ordering additional ships for its cruise brands from
shipyards, on terms that are favorable or consistent with Carnival
Corporation & plc's expectations; Carnival Corporation &
plc's counterparties ability to perform; Carnival Corporation &
plc's ability to implement its brand strategies and to continue to
operate and expand its business globally; whether Carnival
Corporation & plc's future operating cash flow will be
sufficient to fund future obligations and whether it will be able
to obtain financing, if necessary, in sufficient amounts and on
terms that are favorable or consistent with its expectations;
continuing financial viability of Carnival Corporation & plc's
travel agent distribution system, air service providers and other
key vendors and the availability of and increases in pricing for
the services and products provided by these vendors; Carnival
Corporation & plc's decisions to self-insure against various
risks or its inability to obtain insurance for certain risks at
reasonable rates; disruptions and other damages to Carnival
Corporation & plc's information technology networks and
operations; lack of continuing availability of attractive,
convenient and safe port destinations; and risks associated with
the dual listed company structure. 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
disclaim 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 Twelve Months Ended November 30,
November 30, ------------------ ------------------- 2009 2008 2009
2008 ---- ---- ---- ---- (in millions, except per share data)
Revenues Cruise Passenger tickets $2,419 $2,526 $9,985 $11,210
Onboard and other 753 735 2,885 3,044 Other 34 41 287 392 --- ---
--- --- 3,206 3,302 13,157 14,646 ----- ----- ------ ------ Costs
and Expenses Operating Cruise Commissions, transportation and other
448 489 1,917 2,232 Onboard and other 116 121 461 501 Payroll and
related 393 364 1,498 1,470 Fuel 378 428 1,156 1,774 Food 215 208
839 856 Other ship operating 553 485(a) 1,997 1,913 Other 40 37 236
293 --- --- --- --- Total 2,143 2,132 8,104 9,039 Selling and
administrative 424 407 1,590 1,629 Depreciation and amortization
345 313 1,309 1,249 --- --- ----- ----- 2,912 2,852 11,003 11,917
----- ----- ------ ------ Operating Income 294 450 2,154 2,729 ---
--- ----- ----- Nonoperating (Expense) Income Interest income 4 5
14 35 Interest expense, net of capitalized interest (99) (106)
(380) (414) Other income, net 2 21 18 27 --- --- --- --- (93) (80)
(348) (352) --- --- ---- ---- Income Before Income Taxes 201 370
1,806 2,377 Income Tax (Expense) Benefit, Net (8) 1 (16) (47) ---
--- --- --- Net Income $193 $371 $1,790 $2,330 ==== ==== ======
====== Earnings Per Share Basic $0.25 $0.47 $2.27 $2.96 ===== =====
===== ===== Diluted $0.24 $0.47 $2.24 $2.90 ===== ===== ===== =====
Dividends Declared Per Share $0.40 $1.60 ===== =====
Weighted-Average Shares Outstanding - Basic 787 787 787 786 === ===
=== === Weighted-Average Shares Outstanding - Diluted 804 806 804
816 === === === === (a) Includes a $31 million gain from the sale
of Cunard Line's QE2. Also includes $18 million of expenses for
supplemental premium assessments from the company's three P&I
insurance clubs covering their 2006 to 2008 policy years. CARNIVAL
CORPORATION & PLC CONSOLIDATED BALANCE SHEETS November 30,
----------------------- 2009 2008 ---- ---- (in millions, except
par values) ASSETS Current Assets Cash and cash equivalents $538
$650 Trade and other receivables, net 362 418 Inventories 320 315
Prepaid expenses and other 298 267 --- --- Total current assets
1,518 1,650 ----- ----- Property and Equipment, Net 29,870 26,457
Goodwill 3,451 3,266 Trademarks 1,346 1,294 Other Assets 650 733
--- --- $36,835 $33,400 ======= ======= LIABILITIES AND
SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $135
$256 Current portion of long-term debt 815 1,081 Convertible debt
subject to current put option 271 Accounts payable 568 512 Accrued
liabilities and other 874 1,142 Customer deposits 2,575 2,519 -----
----- Total current liabilities 4,967 5,781 ----- ----- Long-Term
Debt 9,097 7,735 Other Long-Term Liabilities and Deferred Income
736 786 Shareholders' Equity Common stock of Carnival Corporation;
$0.01 par value; 1,960 shares authorized; 644 shares at 2009 and
643 shares at 2008 issued 6 6 Ordinary shares of Carnival plc;
$1.66 par value; 226 shares authorized; 213 shares at 2009 and 2008
issued 354 354 Additional paid-in capital 7,707 7,677 Retained
earnings 15,770 13,980 Accumulated other comprehensive income
(loss) 462 (623) Treasury stock; 24 shares at 2009 and 19 shares at
2008 of Carnival Corporation and 46 shares at 2009 and 52 shares at
November 2008 of Carnival plc, at cost (2,264) (2,296) ------
------ Total shareholders' equity 22,035 19,098 ------ ------
$36,835 $33,400 ======= ======= CARNIVAL CORPORATION & PLC
SELECTED INFORMATION Three Months Ended Twelve Months Ended
November 30, November 30, ------------------ -------------------
2009 2008 2009 2008 ---- ---- ---- ---- (in millions, except
statistical information) STATISTICAL INFORMATION Passengers carried
(in thousands) 2,136 1,966 8,519 8,183 Occupancy percentage 103.2%
102.6% 105.5% 105.7% Fuel consumption 826 795 3,184 3,179 (metric
tons in thousands) Fuel cost per metric ton (a) $458 $538 $363 $558
Currency U.S. dollar to (euro) 1 $1.47 $1.36 $1.39 $1.49 U.S.
dollar to (pound) 1 $1.63 $1.70 $1.56 $1.90 CASH FLOW INFORMATION
Cash from operations $712 $512 $3,342 $3,391 Capital expenditures
$978 $630 $3,380 $3,353 Dividends paid $316 $314 $1,261 SEGMENT
INFORMATION Revenues Cruise $3,172 $3,261 $12,870 $14,254 Other 54
83 427 561 Intersegment elimination (20) (42) (140) (169) --- ---
---- ---- $3,206 $3,302 $13,157 $14,646 ====== ====== =======
======= Operating expenses Cruise $2,103 $2,095 $7,868 $8,746 Other
60 79 376 462 Intersegment elimination (20) (42) (140) (169) ---
--- ---- ---- $2,143 $2,132 $8,104 $9,039 ====== ====== ======
====== Selling and administrative expenses Cruise $416 $397 $1,558
$1,594 Other 8 10 32 35 --- --- --- --- $424 $407 $1,590 $1,629
==== ==== ====== ====== Depreciation and amortization Cruise $337
$304 $1,274 $1,213 Other 8 9 35 36 --- --- --- --- $345 $313 $1,309
$1,249 ==== ==== ====== ====== Operating income Cruise $316 $465
$2,170 $2,701 Other (22) (15) (16) 28 --- --- --- --- $294 $450
$2,154 $2,729 ==== ==== ====== ====== (a) Fuel cost per metric ton
is calculated by dividing the cost of fuel by the number of metric
tons consumed. CARNIVAL CORPORATION & PLC NON-GAAP FINANCIAL
MEASURES Gross and net revenue yields were computed by dividing the
gross or net revenues, without rounding, by ALBDs as follows: Three
Months Ended Twelve Months Ended November 30, November 30,
------------------ ------------------- 2009 2008 2009 2008 ----
---- ---- ---- (in millions, except ALBDs and yields) Cruise
revenues Passenger tickets $2,419 $2,526 $9,985 $11,210 Onboard and
other 753 735 2,885 3,044 --- --- ----- ----- Gross cruise revenues
3,172 3,261 12,870 14,254 Less cruise costs Commissions,
transportation and other (448) (489) (1,917) (2,232) Onboard and
other (116) (121) (461) (501) ---- ---- ---- ---- Net cruise
revenues (a) $2,608 $2,651 $10,492 $11,521 ====== ====== =======
======= ALBDs (b) 16,042,056 14,908,624 62,105,916 58,942,864
========== ========== ========== ========== Gross revenue yields
(a) $197.69 $218.72 $207.22 $241.83 ======= ======= ======= =======
Net revenue yields (a) $162.57 $177.78 $168.94 $195.46 =======
======= ======= ======= 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 Twelve Months
Ended November 30, November 30, ------------------
------------------- 2009 2008 2009 2008 ---- ---- ---- ---- (in
millions, except ALBDs and costs per ALBD) Cruise operating
expenses $2,103 $2,095 $7,868 $8,746 Cruise selling and
administrative expenses 416 397 1,558 1,594 --- --- ----- -----
Gross cruise costs 2,519 2,492 9,426 10,340 Less cruise costs
included in net cruise revenues Commissions, transportation and
other (448) (489) (1,917) (2,232) Onboard and other (116) (121)
(461) (501) ---- ---- ---- ---- Net cruise costs (a) $1,955 $1,882
$7,048 $7,607 ====== ====== ====== ====== ALBDs (b) 16,042,056
14,908,624 62,105,916 58,942,864 ========== ========== ==========
========== Gross cruise costs per ALBD (a) $156.93 $167.14 $151.76
$175.43 ======= ======= ======= ======= Net cruise costs per ALBD
(a) $121.82 $126.20 $113.48 $129.06 ======= ======= ======= =======
NOTES TO NON-GAAP FINANCIAL MEASURES (a) We use net cruise revenues
per ALBD ("net revenue yields") and net cruise costs per ALBD as
significant non-GAAP financial measures of our cruise segment
financial performance. These measures enable us to separate the
impact of predictable capacity changes from the more unpredictable
rate changes that affect our business. We believe these non-GAAP
measures provide a better gauge to measure our revenue and cost
performance instead of the standard U.S. GAAP-based financial
measures. There are no specific rules for determining our non-GAAP
financial measures and, accordingly, it is possible that they may
not be exactly comparable to the like-kind information presented by
other cruise companies, which is a potential risk associated with
using them to compare us to other cruise companies. Net revenue
yields are commonly used in the cruise industry to measure a
company's cruise segment revenue performance and for revenue
management purposes. We use "net cruise revenues" rather than
"gross cruise revenues" to calculate net revenue yields. We believe
that net cruise revenues is a more meaningful measure in
determining revenue yield than gross cruise revenues because it
reflects the cruise revenues earned net of our most significant
variable costs, which are travel agent commissions, cost of air
transportation and certain other variable direct costs associated
with onboard and other revenues. Substantially all of our remaining
cruise costs are largely fixed, except for the impact of changing
prices, once our ship capacity levels have been determined. Net
cruise costs per ALBD is the most significant measure we use to
monitor our ability to control our cruise segment costs rather than
gross cruise costs per ALBD. We exclude the same variable costs
that are included in the calculation of net cruise revenues to
calculate net cruise costs to avoid duplicating these variable
costs in these two non-GAAP financial measures. 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. In addition, because a significant
portion of Carnival Corporation & plc's operations utilize the
euro or sterling to measure their results and financial condition,
the translation of those operations to our U.S. dollar reporting
currency results in decreases in reported U.S. dollar revenues and
expenses if the U.S. dollar strengthens against these foreign
currencies, and increases in reported U.S. dollar revenues and
expenses if the U.S. dollar weakens against these foreign
currencies. Accordingly, we also monitor and report our two
non-GAAP financial measures assuming the current period currency
exchange rates have remained constant with the prior year's
comparable period rates, or on a "constant dollar basis," in order
to remove the impact of changes in exchange rates on our non-U.S.
dollar cruise operations. We believe that this is a useful measure
since it facilitates a comparative view of the growth of our
business in a fluctuating currency exchange rate environment. On a
constant dollar basis, net cruise revenues and net cruise costs
would be $2.6 billion and $1.9 billion for the three months ended
November 30, 2009 and $11.0 billion and $7.3 billion for the twelve
months ended November 30, 2009, respectively. On a constant dollar
basis, gross cruise revenues and gross cruise costs would be $3.1
billion and $2.5 billion for the three months ended November 30,
2009 and $13.5 billion and $9.8 billion for the twelve months ended
November 30, 2009, respectively. In addition, our non-U.S. dollar
cruise operations' depreciation and net interest expense were
impacted by the changes in exchange rates for the three and twelve
months ended November 30, 2009, compared to the prior year's
comparable periods. (b) ALBDs is a standard measure of passenger
capacity for the period, which we use to perform rate and capacity
variance analyses to determine the main non-capacity driven factors
that cause our cruise revenues and expenses to vary. ALBDs assume
that each cabin we offer for sale accommodates two passengers and
is computed by multiplying passenger capacity by revenue-producing
ship operating days in the period. DATASOURCE: Carnival Corporation
CONTACT: MEDIA: Carnival Corporation & plc, Tim Gallagher.
+1-305-599-2600, ext. 16000, or INVESTOR RELATIONS: Carnival
Corporation & plc, Beth Roberts, +1-305-406-4832 Web Site:
http://www.carnivalcorp.com/
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