APOL pops on good earnings, TOK, breakout this morning (TOK reports on July 9 and will be on the Earnings Plays list), BBY may coming back after correcting. ELNK,MSPG continuing its strong upward trend. CCL beat estimates..
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Carnival Corporation Reports Record Second Quarter Earnings<CCL.N>
Carnival Corporation Reports Record Second Quarter Earnings
MIAMI, June 22 /PRNewswire/ -- Carnival Corporation (NYSE: CCL) reported
net income of $160.6 million ($0.27 Diluted EPS) on revenues of $661.4 million
for the second quarter ended May 31, 1998 compared to net income of $127.4
million ($0.21 Diluted EPS) on revenues of $596.6 million for the same
quarter in 1997. Revenues and net income for the second quarter increased 11
percent and 26 percent, respectively, over the comparable quarter in 1997.
The second quarter of 1998 marked the 28th consecutive quarter in which
Carnival reported year-over-year earnings improvement.
All per share data has been adjusted to reflect a two-for-one stock split
effective June 12, 1998.
Net income for the six months ended May 31, 1998 was $270.5 million ($0.45
Diluted EPS) on revenues of $1.219 billion, compared to net income of $212.8
million ($0.36 Diluted EPS) on revenues of $1.118 billion for the same period
in 1997. For the first six months of 1998, net income increased 27 percent
over the first six months of 1997.
Carnival Corporation Chairman Micky Arison said that earnings and revenue
growth during the second quarter were driven primarily by higher revenue
yields. "While we did experience a minor capacity increase of 4 percent in the
second quarter, our improved profitability resulted primarily from revenue
yield increases across all of our major cruise brands," Arison said.
The company also benefited from increased consumer demand resulting from
the introduction in April of Carnival Cruise Lines' new MS Elation which
became the first new cruise ship positioned year-round at Los Angeles
operating weekly cruises to Mexico.
Arison indicated that the closing at the end of May of Carnival
Corporation's acquisition of a majority interest in Cunard Line and the merger
of Cunard with Seabourn Cruise Line positions the company to move forward on
further development of its presence in the luxury cruise sector. "We are
quickly proceeding with plans for growing our luxury operations as indicated
by the Cunard announcement earlier this month of 'Project Queen Mary' which
involves the design and development of a new class of luxury liner for the
Cunard brand," he said.
For the three months ended May 31, 1998, the company achieved an average
occupancy level of 105.4 percent carrying 497,000 passengers. This compares
to an average occupancy of 108.0 percent and 495,000 passengers carried in the
second quarter of 1997. The company achieved a fleetwide occupancy level of
105.6 percent for the first six months of 1998 versus 107.2 percent for the
same period in 1997. Passengers carried for the six months were 923,000
compared to 950,000 passengers carried during the first half of 1997.
Looking forward, Arison indicated that the outlook for the remainder of
the year is very positive. "We expect the trend toward higher pricing and
yield improvement to continue throughout the remainder of 1998," he said.
Also, the company expects to further benefit in the latter half of 1998 from
year-over-year capacity increases, which will grow to 12 percent in the fourth
quarter.
Carnival Corporation is comprised of Carnival Cruise Lines, the world's
largest cruise line based on passengers carried, Holland America Line,
Windstar Cruises, a majority interest in Cunard Line Limited, which operates
the Cunard and Seabourn cruise brands, and equity interests in Costa Cruises
and Airtours plc. Combined, Carnival Corporation's various brands operate 42
ships in the Caribbean, Alaska, Europe and other worldwide destinations.
Collectively, Carnival Cruise Lines, Holland America Line and Costa Cruises
have eight new ships slated for delivery over the next three years.
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Apollo Group Inc. Reports Revenues andEarnings for Third Quarter and <APOL.O>
Apollo Group Inc. Reports Revenues and
Earnings for Third Quarter and Nine Months Ended May 31, 1998
PHOENIX--(BUSINESS WIRE)--June 22, 1998--Apollo Group Inc.
(NASDAQ:APOL) Monday reported financial results for the third quarter
of fiscal 1998.
Total revenues for the third quarter of fiscal 1998 increased by
37.2% to $106.8 million, compared with $77.8 million in the third
quarter of fiscal 1997. Net income for the three months increased by
34.3% to $15.5 million, or $.20 per share, as compared to $11.6
million, or $.15 per share, for the same period last year.
Total revenues for the nine months ended May 31, 1998 increased
by 36.8% to $282.4 million, compared with $206.5 million for the same
period last year. Net income for the nine months increased by 41.5% to
$33.9 million, or $.43 per share, as compared to $23.9 million, or
$.31 per share, for the same period last year.
Revenue growth in the third quarter resulted primarily from
increases in average degree enrollments for the University of Phoenix
(UOP) of 31.0%, the Institute for Professional Development (IPD) of
15.4%, and Western International University (WIU) of 15.1% and net
revenue from the newly acquired College for Financial Planning.
Consolidated ending degree enrollments increased by 29.2% to 66,800
students at May 31, 1998 from 51,700 students at May 31, 1997.
Dr. John G. Sperling, chairman and chief executive officer, said,
"We continue to be pleased with the company's growth and success.
During the third quarter of 1998, the company opened a new UOP campus
in Jacksonville, Florida and received NCA approval to open new
locations in British Columbia and Oklahoma. UOP also received approval
for three new degree programs that will be offered as early as this
summer.
"IPD opened a new learning center in Merrillville, Indiana and
extended its contracts with William Penn College and Albertus Magnus
College. Student enrollments were up compared to last year at every
UOP campus, at WIU and at most IPD campuses. UOP's Online Campus
enrollment increased 60.0% to 4,360 students."
Historically, the third quarter of each fiscal year is the
highest in terms of operating profits and net income. The company has
experienced a seasonal increase in new enrollments in August of each
year.
Instructional costs and services and selling and promotional
costs in the fourth quarter of each year have also increased as a
percentage of net revenues due to increased costs in preparation for
the August peak enrollments. The company expects these seasonal trends
to continue.
Apollo Group Inc., through its subsidiaries the University of
Phoenix Inc., the Institute for Professional Development, the College
for Financial Planning and Western International University Inc., is
one of the largest providers of higher education programs for working
adults in the United States, with total degree-seeking enrollment of
approximately 66,800 students.
Educational programs and services are currently offered at 112
campuses and learning centers in 32 states, Puerto Rico and London.
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