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Airtours Plc News

21 Mar 2002

Carnival Reports First Quarter Earnings

Carnival Corporation reported net income of $129.6 million on revenues of $905.8 million for its first quarter ended February 28, 2002, compared to net income of $128.0 million ($0.22 EPS) on revenues of $1.0 billion for the same quarter in 2001. Commenting on first quarter results, Carnival Chairman and CEO Micky Arison said he was particularly pleased with the company's first quarter earnings performance, despite the adverse impact on business from the tragic events of September 11. "In the two months following September 11, our advance bookings for 2002 cruises dropped dramatically because of the significant slowdown in travel. The subsequent recovery in our booking levels has greatly exceeded earlier expectations and demonstrates the resiliency of the cruise vacation business…

29 Aug 2000

Carnival To Buy Remainder Of Costa Crociere

Carnival Corp., the world's biggest cruise operator, will buy the remaining half of Italian cruise operator Costa Crociere which it does not already own from British travel company Airtours Plc. Carnival said it expected to pay about $525 million in cash for Airtours' stake in Costa, which is headquartered in Genoa. Carnival would own all of Costa and keep a 26 percent "strategic interest" in Airtours, which it acquired in 1996. "The purchase of Airtours' 50 percent interest in Costa is a very important strategic move in the continued development of Carnival Corporation's European business," Micky Arison, Carnival chairman and CEO, said.

28 Feb 2001

Moody's Rates Proposed Costa Notes

S.A. that are unconditionally guaranteed by Carnival Corporation. Moody's also confirmed Carnival's A2 and Prime-1 ratings. The rating confirmation reflects Carnival's industry leading market share and margins, the strength of its brands, as well as the risks associated with its shipbuilding program and weakening global economic fundamentals. The rating outlook is stable. Carnival will use the proceeds of this offering to repay bridge financing put in place to consummate the acquisition of the remaining 50 percent interest in Costa Crociere from Airtours plc for $510 million and for working capital purposes. The cruise industry is expected to increase gross capacity by between 12-14 percent per annum through 2004.

20 Jun 2002

Carnival Reports 2Q Results

Carnival Corporation reported net income of $194.2 million on revenues of $989.2 million for its second quarter ended May 31, 2002, compared to net income of $187 million on revenues of $1.08 billion for the same quarter in 2001. Net income for the six months ended May 31, 2002 was $323.8 million on revenues of $1.89 billion, compared to net income of $314.9 million on revenues of $2.09 billion for the same period in 2001. Earnings for the second quarter of 2002 were reduced by a $9 million loss, including related expenses, on the sale of Holland America Line's Nieuw Amsterdam and by $12 million from cancelled cruises. number of guests purchasing air transportation from the company. partially offset by an increase in cruise capacity of 2.1 percent.

30 May 2001

Manpower Software Lands Myriad of Cruise Contracts

Manpower Software plc (MSW) today announces the award of two contracts for the sale of its Maritime Crew Administration product to Royal Caribbean Cruises Limited (RCCL) and Sun Cruises Limited (SCL), the subsidiary of Airtours plc. These contract awards follow on from the recent sales of MSW's Crew Task Scheduling product to RCCL and the Access Control product, "Souls on Board," to SCL. MSW was also granted two contracts for the sale of its Workforce Planning product to Guinness UDV Limited (part of the Diageo group of companies) and BP Shipping Limited (a division of BP plc). The initial value of the four contracts is in excess of $2.2 million. RCCL has purchased MSW's Maritime Crew Administration product as part of an enterprise-wide program of improvement.

11 Feb 2000

Carnival, Wärtsilä Clearing The Air

As the world's cruise lines grow exponentially larger and are increasingly falling under the gaze of environmental and regulatory bodies, the push to ensure that ships are run safely, efficiently and environmentally sound gains new importance each day. The world's largest cruise ship company - Carnival Corporation (CCL) - has hooked up with one of the premier builders of marine diesel engines - Wärtsilä NSD - to develop a smokeless diesel-electric propulsion system for cruise ships. Code-named "project enviroengine," prototypes of the new engine are expected to be available later this year for laboratory testing and are expected to be available commercially in 2001. Following successful completion of testing, Carnival plans to utilize those engines on its future newbuilds.

21 May 2001

Carnival To Sell Airtours Stake

Shares in Britain's largest package tour operator Airtours Plc fell by as much as eight percent on Monday after Carnival Corp said it would sell its 25 percent stake in the company. The stake was worth around 358 million pounds ($514.8 million) at Friday's closing price of 292 pence. Carnival said the strategic reasons for its minority stake in Airtours were "no longer compelling". Airtours said it had agreed to release Carnival from the share lock-up agreement between them. "On the basis that they wanted to pursue their strategy in cruising, we were happy to release them," group chief executive Tim Byrne said. Up to 123.3 million shares will be placed with international institutional investors, with the book expected to close on Thursday.

29 May 2001

Analysts Speculate Possible Carnival / Hapag-Lloyd Deal

Carnival Corp said on Tuesday its growing cash holdings were spurring market speculation that the world's largest cruise group was on the acquisitions trail. A spokesman for the Miami-based operator of 45 cruise ships, declined to speak directly to reports that Carnival may be working on a bid for Hapag-Lloyd cruises. "It is our policy not to comment on market rumors," he said. Hapag-Lloyd, a unit of the world's largest travel group Preussag AG, operates five ships in German-speaking countries. A spokesman for Hapag-Lloyd said on Monday he knew of no bid for the company. With pricing pressure in its core North American markets, Carnival has been looking to Europe for growth.

21 Jun 2001

Carnival's 2Q Earnings Drop Eight Percent

Carnival Corp. on Thursday said fiscal second-quarter profits dropped 8 percent, in line with expectations, as prices for sea vacations remained tepid. $0.34 per share, a year earlier. Industry analysts had forecast that Carnival, whose 45 ships dominate the $12 billion global cruise market, would earn between $0.28 and $0.33, according to a survey of 19 analysts by Thomson Financial/First Call. The analysts' median estimate was $0.30. Revenues were $1.08 billion, up from $875.1 million a year earlier, as Carnival added ships in a massive, sectorwide fleet expansion analysts partly blame for weak cruise ticket pricing. The slowdown in the U.S. economy is also dragging demand for cruises.

08 Feb 2000

Carnival, Wärtsilä Clearing The Air

As the world’s cruise lines grow exponentially larger and are increasingly falling under the gaze of environmental and regulatory bodies, the push to ensure that ships are run safely, efficiently and environmentally sound gains new importance each day. The world’s largest cruise ship company -- Carnival Corporation (CCL) -- has hooked up with one of the premier builders of marine diesel engines -- Wärtsilä NSD -- to develop a smokeless diesel-electric propulsion system for cruise ships. Code-named "project enviroengine," prototypes of the new engine are expected to be available later this year for laboratory testing and are expected to be available commercially in 2001. Following successful completion of testing, Carnival plans to utilize those engines on its future newbuilds.