LINDBLAD EXPEDITIONS HOLDINGS (LIND) saw its loss widen to $8.67 million, or $0.19 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.44 million, or $0.01 a share.
Revenue during the quarter grew 20.78 percent to $56.13 million from $46.47 million in the previous year period. Gross margin for the quarter contracted 494 basis points over the previous year period to 43.23 percent. Operating margin for the quarter stood at negative 8.14 percent as compared to a negative 1.38 percent for the previous year period.
Operating loss for the quarter was $4.57 million, compared with an operating loss of $0.64 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.50 million compared with $4.74 million in the prior year period. At the same time, adjusted EBITDA margin contracted 753 basis points in the quarter to 2.68 percent from 10.21 percent in the last year period.
Sven-Olof Lindblad, president and chief executive officer, said "Lindblad’s unique expedition offerings and our long history of delivering unparalleled guest experiences enabled us to expand our Net Yield in 2016, while generating occupancy rates over 90%, despite the industry headwinds earlier in the year. We also took steps to further position ourselves to capitalize on the growing demand for high quality expedition travel. In December, we launched the National Geographic Endeavor II in the Galápagos and began offering immersive expeditions on a charter vessel in Cuba. Additionally, throughout 2016 we made significant progress on the construction of our two new coastal vessels, which are on track to be delivered in the second quarter of 2017 and 2018. With strong booking trends, a loyal customer base, an expanding fleet and a proven track record of providing authentic and differentiated expedition offerings, we are poised to deliver real growth in 2017 and remain firmly on track to achieve our long-term financial targets."
For fiscal year 2017, LINDBLAD EXPEDITIONS HOLDINGS expects revenue to be in the range of $278 million to $284 million. It forecasts net income to be in the range of $10 million to $12 million.
Operating cash flow declinesLINDBLAD EXPEDITIONS HOLDINGS has generated cash of $31.43 million from operating activities during the year, down 22.02 percent or $8.88 million, when compared with the last year. The company has spent $86.43 million cash to meet investing activities during the year as against cash outgo of $81.51 million in the last year.
The company has spent $16.35 million cash to carry out financing activities during the year as against cash inflow of $208.52 million in the last year period.
Cash and cash equivalents stood at $135.42 million as on Dec. 31, 2016, down 34.55 percent or $71.49 million from $206.90 million on Dec. 31, 2015.
Working capital drops significantly
LINDBLAD EXPEDITIONS HOLDINGS has witnessed a decline in the working capital over the last year. It stood at $47.11 million as at Dec. 31, 2016, down 63.77 percent or $82.91 million from $130.02 million on Dec. 31, 2015. Current ratio was at 1.38 as on Dec. 31, 2016, down from 2.25 on Dec. 31, 2015.
Debt remains almost stableLINDBLAD EXPEDITIONS HOLDINGS has witnessed an increase in total debt over the last one year. It stood at $165.88 million as on Dec. 31, 2016, up 0.87 percent or $1.43 million from $164.44 million on Dec. 31, 2015. Total debt was 40.69 percent of total assets as on Dec. 31, 2016, compared with 43.09 percent on Dec. 31, 2015. Debt to equity ratio was at 1.46 as on Dec. 31, 2016, up from 1.44 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
