Lindblad Post Q2 Loss

Lindblad Expeditions reported a net loss of $4.3 million, or $0.10 per share, on revenues of $53.9 million for its second quarter ended June 30, 2016, compared to net income of $8.8 million, or $0.20 per share, on revenues of $49.5 million for the same quarter last year.

According to Lindblad, the revenue increase came from the May acquisition of Natural Habitat.

The net loss was attributed mainly to two of the ships being out service for a period of time due to drydockings, compared to one ship being out for a short period in wetdock last year. The results were impacted by increased drydock costs combined with the loss of revenue days.

Sven-Olof Lindblad, president and CEO, said on the company’s earnings call that its European program was also impacted by terrorism and concerns about the refuge situation in Greece. That has in turn led to increased sales and marketing costs.

Lindblad also said that the company was at 94 percent of its projected ticket revenues for the year, compared to 103 percent at the same time last year. The reduction is primarily for Q4 voyages and a variety of tactical marketing opportunities are being put in place to counteract this.

According to the company, the slowdown can partially be attributed to concerns over the Zika virus and a slowdown in bookings for the National Geographic Endeavour while guests are waiting the introduction of the new Endeavour II for Galapagos.

Lindblad added that the company has proven over the years that it has the ability to adapt to changing circumstances.

Its newbuild program for two coastal vessels for 2017 and 2018 is on schedule, but Lindblad did provide any further details of its planned 2019 ocean-going vessel.

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