Revenue during the quarter went up marginally by 2.52 percent to $63.13 million from $61.57 million in the previous year period. Gross margin for the quarter contracted 1060 basis points over the previous year period to 48.35 percent. Total expenses were 97.84 percent of quarterly revenues, up from 82.27 percent for the same period last year. That has resulted in a contraction of 1557 basis points in operating margin to 2.16 percent.

Operating income for the quarter was $1.36 million, compared with $10.92 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $10.26 million compared with $17.56 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1225 basis points in the quarter to 16.26 percent from 28.51 percent in the last year period.

Sven-Olof Lindblad, president and chief executive officer, said "Lindblad has started 2017 with significant operating momentum as bookings for future travel are up nearly 60% from the same period a year ago. While first quarter financial results were negatively impacted by unique voyage cancellations, the meaningful demand we are seeing for both existing and new vessels across our expedition fleet reinforces the appeal of our product and the opportunity we have to grow this business as we expand our current capacity. The National Geographic Quest will launch next month and has virtually sold out its inaugural Alaskan season, while its sister ship the National Geographic Venture is well under way for delivery in June 2018. We are also close to finalizing our plans for a new build blue water vessel to be delivered in the second quarter of 2019. This increased capacity, combined with a loyal and expanding customer base which seeks an authentic expedition experience that we have a proven track record of providing, is expected to generate significant earnings growth and create additional shareholder value in the years ahead."

For fiscal year 2017, Lindblad Expeditions Holdings, Inc. expects revenue to be in the range of $275 million to $281 million. It forecasts net income to be in the range of $7 million to $9 million for the same period.

The company has spent $27.26 million cash to meet investing activities during the quarter as against cash outgo of $13.91 million in the last year period.

The company has spent $7.11 million cash to carry out financing activities during the quarter as against cash outgo of $10.04 million in the last year period.

Cash and cash equivalents stood at $103.78 million as on Mar. 31, 2017, down 42.94 percent or $78.09 million from $181.87 million on Mar. 31, 2016.

Working capital drops significantly
Lindblad Expeditions Holdings, Inc. has witnessed a decline in the working capital over the last year. It stood at $24.98 million as at Mar. 31, 2017, down 80.60 percent or $103.76 million from $128.73 million on Mar. 31, 2016. Current ratio was at 1.21 as on Mar. 31, 2017, down from 2.46 on Mar. 31, 2016.

Debt moves up marginally
Lindblad Expeditions Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $165.99 million as on Mar. 31, 2017, up 1.79 percent or $2.92 million from $163.07 million on Mar. 31, 2016. Total debt was 41.10 percent of total assets as on Mar. 31, 2017, compared with 44.33 percent on Mar. 31, 2016. Debt to equity ratio was at 1.46 as on Mar. 31, 2017, up from 1.39 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 0.59 for the quarter from 3.97 for the same period last year.