![]() ![]() The company lists its largest purchases for airfare, advertising, bunker and diesel fuel, food and related items, hotel supplies and products related to passenger accommodations. Advertising costs have reportedly increased drastically from $15 million in 1984 to $25 million in 1986. Expressed as percentage of total revenues, selling and administrative costs remained 18 percent in 1984 19 percent in 1985 and 17 percent in 1986. Selling and administrative costs have increased from $27.4 million in 1982 to $70.5 million in 1986. As a Panamanian corporation, Carnival also operates virtually tax free. In 1985, net earnings were $55.6 million on sales of $313.5 million. It is expected that Norwegian Caribbean Lines will make a public offering this fall, and Sea Venture has announced intentions of going public some time in the future.Īccording to the Carnival prospectus net revenues for the fiscal year ending November 1986 were $97.7 million on total revenues of $420.8 million. ![]() Venus Cruise Line made a public offering in 1985, but plans were later aborted. (Source: Standard & Poor’s Corp.) It’s shares are currently trading for $4.12.īermuda Star Line went public last March, offering shares for $6, which are currently trading for $3.75. It’s shares are currently trading for about $2.70, with a P/E of 5 – 6.Īmerican Cruise Lines went public in September 1986, offering shares at approx. It offered a unit, consisting of a common share and a warrant, for $1. ![]() Regency Cruises was the first cruise line to go public in mid-1985. Spokespeople for other publicly traded lines, expects Carnival to make a better market for their shares and establish a P/E for the industry. Of the proceeds, $211 million will be used to repay virtually the company’s entire debt, incurred primarily in the construction of the Jubilee and Celebration $100 million will be used to finance the ongoing construction of Carnival’s hotel complex in the Bahamas $81 million will be declared as a special dividend to Ted Arison and the rest will be used for general corporate purposes. For that reason, these shares would be most attractive at or below the lower end of the indicated offering price.” Carnival is feasting right now, but any aspects of tourism is subject to consumer fads. Proposed listing will be on the American Stock Exchange under the symbol CCL.Īccording to the New Issues newsletter, “anything having to do with ships, from oil tankers to cruise ship, seems to be a feast or famine business. Latest 12-month earnings equal $.78 per share for a P/E of 18-22. After the offering, approximately 135 million shares will be outstanding and book value will equal $4.11 per share. Managing underwriters are Salomon Brothers, Bear, Searns E.F. The line expects to offer 18 percent of the company or 23.6 million shares between $14 and $17. Carnival Cruise Lines is planning a public offering in late July. ![]()
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