Lindblad Expeditions Holdings (NASDAQ: LIND) reported Q3 EPS of ($0.56), $0.04 better than the analyst estimate of ($0.60).

Third Quarter 2020 Highlights:

• Raised $85 million through private placement issuance of convertible preferred equity to prominent investors
• Amended term loan and revolving credit facilities to waive leverage covenants through Q2 2021
• Implemented significant cost reduction measures to further increase liquidity profile and ended the quarter with $129.6 million in unrestricted cash and $16.5 million in restricted cash
• Cash usage is approximately $10-15 million monthly excluding the impact of guest payments and refunds

Sven-Olof Lindblad, President and Chief Executive Officer, said "Since the COVID-19 pandemic began our focus has been on enhancing our existing rigorous protocols so we can return safely to the world's most remarkable destinations, while ensuring we have enough liquidity to withstand the uncertain time out of service and emerge in a position of strength. The response from local authorities and our loyal guests to the extensive protocols we have developed has been overwhelmingly positive and we continue to move closer to resuming operations in geographies that we have been visiting for over forty years. This past quarter we continued to reduce our cost structure while further enhancing our financial position by raising additional capital from a diversified group of long-term investors. This investment will provide significant runway as we prepare to return to exploring, while also providing us financial flexibility to pursue additional opportunities for growth as we emerge from the pandemic."

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