A new addition to the CruiseInd Finance Center is Lindblad.
First Quarter 2019 Highlights:
- Tour Revenues increased 9% to $89.7 million
- Net income available to common stockholders increased $3.9 million to $14.7 million
- Adjusted EBITDA decreased $0.1 million to $22.0 million
- Lindblad segment Net Yield of $1,099 and Occupancy of 91%
- Signed contract to build a second new polar ice class vessel for delivery in September 2021
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company” or “Lindblad”), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the quarter ended March 31, 2019.
Sven-Olof Lindblad, President and Chief Executive Officer, said, “Lindblad is off to another great start in 2019 as the strong momentum we generated throughout the last year and a half continued into the first quarter. The addition of our second new build vessel, the National Geographic Venture, in December of 2018, has further increased our overall capacity and as we have expanded our inventory we continue to maintain high yields and occupancy levels. Demand for expedition travel has never been greater and with a proven track record of delivering high quality and immersive experiences, along with our long-standing partnership with National Geographic, we are generating booking strength from both loyal guests as well as those experiencing this type of travel for the first time. Reservations for departures later this year and beyond remain strong as we continue to see broad based demand at higher yields for our new builds as well as our existing fleet. With further capacity expansion, including two new polar vessels scheduled to join our fleet over the next two years, and the ability to sustain pricing and occupancy levels, we remain uniquely positioned to generate continued strong growth and build additional shareholder value for years to come.”
FIRST QUARTER RESULTS
Tour Revenues
First quarter tour revenues of $89.7 million increased $7.2 million, or 9%, as compared to the same period in 2018. The increase was driven by growth of $5.6 million at the Lindblad segment and a $1.7 million increase at Natural Habitat.
Lindblad segment tour revenue of $76.0 million increased $5.6 million, or 8%, compared to the first quarter a year ago primarily due to a 9% increase in Available Guest Nights, mostly from the launch of the National Geographic Venture in December 2018. The growth in Available Guest Nights, as well as a slight increase in Occupancy to 91%, was partially offset by a 2% decrease in Net Yield to $1,099 as increased pricing was offset by itinerary changes.
Natural Habitat revenues of $13.6 million increased $1.7 million, or 14%, compared to the first quarter a year ago due primarily to higher ticket revenue from additional departures and increased pricing.
Net Income
Net income available to common stockholders for the first quarter was $14.7 million, $0.31 per diluted share, as compared with net income available to common stockholders of $10.8 million, $0.24 per diluted share, in the first quarter of 2018. The $3.9 million increase primarily reflects a $3.1 million tax benefit during the first quarter of 2019 versus tax expense of $0.3 million during the same period a year ago. The year on year increase also includes $0.7 million in foreign currency gains in the current year as compared with $0.5 million in foreign currency losses in the first quarter of 2018, as well as the absence of $1.0 million in costs related to refinancing the Company’s credit facility during the first quarter a year ago. These increases were partially offset by $1.1 million in higher depreciation and amortization primarily due to the addition of the National Geographic Venture to the fleet in December 2018.