Lindblad Expedition Holdings has reported net income of $5.3 million, or $0.11 per share, on revenues of $87.2 million for the third quarter ended Sept. 30, 2018, compared to net income of $9.4 million, or $0.20 per share, on revenues of $84.6 million for the same period last year.
The Lindblad expedition brand generated revenues of $64.5 million and the Natural Habitat tour brand $22.7 million in the third quarter.
For the nine-month period net income is $16.1 million on revenues of $239.1 million this year, up from $7.5 million on revenues of $203.3 million last year.
Maintaining an occupancy rate of 92 percent for the Lindblad segment for the quarter, these include both repeat and new guests, according to Sven-Olof Lindblad, president and CEO. The nine-month occupancy rate is 91 percent this year, up from 88 percent last year.
For the cruise segment, Cruise Industry News estimated revenues per day per guest was approximately $1,265 for the third quarter of this year, compared to $1,319 last year. For the nine months, revenues per guest per day were estimated at $1,335 compared to $1,343 for the same period last year.
Lindblad also said in a prepared statement: “While our financial results in the current quarter reflect the impact of the timing of drydocks versus a year ago, our revenues are up 18 percent year to date and we are generating real operating leverage with adjusted EBITDA up 31 percent. Looking ahead, this strong growth is poised to continue as we further increase our fleet size and build upon the sustained booking strength we are generating today.
“Lindblad continues to generate strong operating momentum across our fleet with expanding capacity being met by the growing demand for high quality and authentic expedition travel. Bookings for future travel have been robust throughout 2018 and have accelerated over the past few months as we are generating strong demand for our existing inventory, as well as our three new builds.
“The National Geographic Quest just completed her first year of operations and we are excited to welcome guests on her sister ship, the National Geographic Venture, next month. At the same time, we are well underway on the construction of our state-of-the-art polar ice class vessel, the National Geographic Endurance, scheduled for delivery in 2020.”
Lindblad has also contracted a second so-called blue water vessel for delivery in 2021. Both of these vessels are being built to PC5 ice class.
Pointing out the strength of the expedition market, Lindblad noted that the month of October had produced more than double the bookings of last year’s October despite the dip in the stock market. He also noted that an upcoming Northeast Passage voyage had sold out in one month starting at $50,000 per person for 24 days.