P&O Princess Q1 Earnings

The quarterly results of P&O Princess Cruises (POC) – now known as Carnival PLC were reported for the final time as a result of U.S. debt reporting requirements. POC reported net income of $17.3 million, or $0.10 per ADS, on revenues of $639.0 million for the first quarter ended March 31, 2003, compared to net income of $25.7 million, or $0.15 per ADS, on revenues of $512.1 million for the first quarter of 2002.

Passenger cruise days increased 16.5 percent, from 2,499,000 in 2002 to 2,912,000 during the first quarter of 2003 – with capacity increases primarily in Europe and Australia. Total occupancy decreased from 98.8 percent in 2002 to 95.6 percent this year, with North American occupancy increasing from 100.5 percent to 101.0 percent, and Europe/Australian occupancy decreasing from 95.1 percent to 87.7 percent.

“In North America,” said the company, “passenger cruise days increased by 1.1 percent with the introduction of the Coral Princess and Tahitian Princess offsetting the effects of transferring Crown Princess to A’Rosa in the second quarter of last year and Ocean Princess to P&O Cruises during the fourth quarter.” The company said the occupancy decreases in the Europe/ Australian sector reflected “significantly lower occupancy levels in Germany.”

Direct operating costs increased by 29.2 percent, reflecting the increase in capacity, exchange rate movements, and higher fuel costs.

Earnings per share/ADS decreased 32.4 percent year-over-year. However, excluding costs related to the DLC transaction with Carnival Corporation, earnings per share/ ADS decreased 8.1 percent.

Carnival Corporation also released pro forma Q1 results for the combined company, reporting net income of $137.6 million, or $0.17 per share, on revenues of $1.67 billion.

According to that filing, Carnival expects to receive $99.3 million in “probable and estimable liquidated damages and/or business interruption insurance proceeds related to the delayed deliveries of the Diamond Princess and the Island Princess.”  

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