Carnival Corporation has reported a GAAP net loss of $781 million, or $1.14 per share, on revenues of $4.8 billion, for its first quarter ended Feb. 29, compared to net income of $336 million, or $0.48 per share, on revenues of $4.7 billion for the same quarter last year.

The adjusted net income for the first quarter was $150 million, or $0.22 per share, compared to adjusted net income of $338 million, or $0.49 per share, for the first quarter of 2019.

According to Carnival’s 8-K filing, the impact of COVID-19 on the first quarter 2020 results was approximately $0.23 per share, which includes cancelled voyages and voyage disruptions.

Carnival also stated that for the first half of 2021, booking volumes since its last conference call in mid-December through March 1, 2020, have been running slightly higher than the prior year.

Also for the first half of 2021 and during the two weeks ended March 15, 2020, the company’s brands booked 546,000 lower berth days, which was considerably behind the prior year’s pace. As of March 15, 2020, cumulative advanced bookings for the first half of 2021 were slightly lower than the prior year.

Wave season started strong, according to the 8-K filing, with booking volumes for the three weeks ending Jan. 26, 2020, running higher than the prior year for the remaining three quarters of the year on a comparable basis. However, for the seven week period beginning Jan. 26, 2020 and ending March 15, 2020, booking volumes for the remainder of the year were meaningfully behind the prior year on a comparable basis as a result of the effects of COVID-19.

As of March 15, 2020, cumulative advanced bookings for the remainder of 2020 were meaningfully lower than the prior year at prices that were considerably lower than the prior year on a comparable basis, reflecting the impact of COVID-19, according to Carnival.

The company also stated that it believes the ongoing effects of COVID-19 on its operations and global bookings will have a material negative impact on its financial results and liquidity. It also believes the effects of COVID-19 on the shipyards where its ships are under construction, will result in a delay in ship deliveries.

Carnival said it is taking additional actions to improve its liquidity, including capital expenditure and expense reductions, and pursuing additional financing. Given the uncertainty of the situation, Carnival stated, it is currently unable to provide an earnings forecast, however it expects a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending Nov. 30, 2020.

As of February 29, 2020, Carnival stated it had a total of $11.7 billion of liquidity. This included $3.0 billion of immediate liquidity plus $2.8 billion from four committed export credit facilities that are available to fund the originally planned ship deliveries for the remainder of this year and $5.9 billion from committed export credit facilities that are available to fund ship deliveries originally planned in 2021 and beyond. On March 13, 2020, Carnival said it fully drew down its $3.0 billion multi-currency revolving credit agreement in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 outbreak.

Carnival also stated that substantially all of its corporate assets, with the exception of certain ships with a net book value of approximately $6 billion as of February 29, 2020, are currently available to be pledged as collateral.