Lindblad Expeditions Holdings (LIND) Misses Q1 EPS by 17c, Revenues Miss

Lindblad Expeditions Holdings (NASDAQ: LIND) reported Q1 EPS of ($0.04), $0.17 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $81.2 million versus the consensus estimate of $88.33 million.

First Quarter 2020 Highlights:

• Tour Revenues decreased 9% to $81.2 million
• Net loss available to common stockholders of $1.9 million
• Adjusted EBITDA decreased $11.5 million to $10.6 million
• Significantly expanded capacity with the delivery of the National Geographic Endurance in March 2020
• Net Yield increased 3% to $1,130 per night and Occupancy was 89%
• First quarter results were significantly impacted by voyage disruptions, cancellations and rescheduling of expeditions due to the COVID-19 virus
• Ended first quarter with $137 million in cash; implementing significant cost reduction measures to further increase liquidity profile
• Monthly cash burn expected to be approximately $10-15 million excluding the impact of guest payments and refunds

Sven-Olof Lindblad, President and Chief Executive Officer, said "Lindblad was off to another great start in 2020 with the strong momentum we generated throughout the last few years continuing during the first two months of the year. Since that point, the spread of the COVID-19 virus and the related travel restrictions around the world have created unprecedented challenges. As always, the safety of our guests and crew remains our highest priority, and we are very pleased that we have had no reported cases of COVID-19 across our fleet and were able to safely disembark all guests from our ships in a timely fashion. Given the uncertainty that the virus has created around the timing and impact on future operations, we are taking all necessary steps to enhance our liquidity, while preparing further protocols, including testing, to put in place for when we can safely resume operations. We firmly believe that the smaller size of our ships, our advanced cleaning systems and robust operating protocols, along with the remote geographies we visit, and the profile of our guests, ideally situates us to be able to resume operations safely and effectively once travel restrictions have been lifted. Over the last forty years we had to overcome significant adversity from time to time and, in every instance, we have endured and then flourished due in large part to the resiliency of our employees and guests. We fully expect to do so again and look forward to returning to the world's most remarkable locations."

FINANCIAL OUTLOOK

As previously stated in the Company's Current Report on 8-K filed on March 26, 2020, given the uncertain impact from the COVID-19 virus, the Company has withdrawn its previous full year guidance provided on February 25, 2020 in conjunction with its fourth quarter 2019 earnings. The COVID-19 outbreak has had, and will continue to have, a significant impact on the Company's financial position and results of operation. Given the continued uncertainty around the COVID-19 pandemic, the Company is not providing a full year outlook regarding results of operations at this time and will update our expectations when we have more clarity around the timing of and extent of future operations.

For earnings history and earnings-related data on Lindblad Expeditions Holdings (LIND) click here.

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