Lindblad Expeditions Holdings, Inc (LIND) has reported a 67.98 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $7.42 million, or $0.16 a share in the quarter, compared with $4.42 million, or $0.10 a share for the same period last year.
Revenue during the quarter grew 20.86 percent to $70.77 million from $58.56 million in the previous year period. Gross margin for the quarter contracted 240 basis points over the previous year period to 54.16 percent. Total expenses were 85.63 percent of quarterly revenues, down from 90.17 percent for the same period last year. This has led to an improvement of 453 basis points in operating margin to 14.37 percent.
Operating income for the quarter was $10.17 million, compared with $5.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $17.37 million compared with $15.83 million in the prior year period. At the same time, adjusted EBITDA margin contracted 250 basis points in the quarter to 24.54 percent from 27.04 percent in the last year period.
Sven-Olof Lindblad, president and chief executive officer, said “Lindblad’s ability to expand our Net Yield and maintain occupancy despite current headwinds speaks to the strength of our operating model and the appeal of our differentiated brand. While quarterly results can fluctuate depending on a variety of planned and unplanned factors, we remain confident in the long-term growth opportunity we have in front of us as we introduce new vessels and expand our itineraries to further capitalize on the growing demand for high quality, immersive expedition travel.”
Operating cash flow drops significantly
Lindblad Expeditions Holdings, Inc has generated cash of $15.68 million from operating activities during the nine month period, down 48.34 percent or $14.67 million, when compared with the last year period.
The company has spent $62.45 million cash to meet investing activities during the nine month period as against cash outgo of $75.68 million in the last year period.
The company has spent $10.99 million cash to carry out financing activities during the nine month period as against cash inflow of $214.57 million in the last year period.
Cash and cash equivalents stood at $149.02 million as on Sep. 30, 2016, down 28.62 percent or $59.74 million from $208.75 million on Sep. 30, 2015.
Working capital drops significantly
Lindblad Expeditions Holdings, Inc has witnessed a decline in the working capital over the last year. It stood at $79.60 million as at Sep. 30, 2016, down 43.50 percent or $61.28 million from $140.88 million on Sep. 30, 2015. Current ratio was at 1.75 as on Sep. 30, 2016, down from 2.51 on Sep. 30, 2015.
Debt remains almost stable
Lindblad Expeditions Holdings, Inc has witnessed an increase in total debt over the last one year. It stood at $165.77 million as on Sep. 30, 2016, up 0.80 percent or $1.32 million from $164.45 million on Sep. 30, 2015. Total debt was 41.25 percent of total assets as on Sep. 30, 2016, compared with 43.74 percent on Sep. 30, 2015. Debt to equity ratio was at 1.32 as on Sep. 30, 2016, down from 1.39 as on Sep. 30, 2015. Interest coverage ratio improved to 4.11 for the quarter from 1.95 for the same period last year.
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