Press Release

Lindblad Expeditions Holdings, Inc. Reports 2016 Third Quarter Financial Results

Company Release - 11/4/2016 7:30 AM ET

NEW YORK, Nov. 4, 2016 /PRNewswire/ --

Third Quarter 2016 Highlights:

  • Tour Revenues increased 21% to $70.8 million.
  • Net Income increased 68% to $7.4 million.
  • Adjusted EBITDA increased 10% to $17.4 million.
  • Lindblad segment Net Yield increased 8% to $1,008.
  • Lindblad segment Occupancy increased to 90.8%.
  • Stock and warrant repurchase plan increased to a total of $35.0 million.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the third quarter ended September 30, 2016.

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."

THIRD QUARTER RESULTS

Tour Revenues

Third quarter tour revenues of $70.8 million increased $12.2 million, or 21%, as compared to the third quarter of 2015, primarily due to contributions from Natural Habitat, which was acquired in May of 2016. Lindblad segment revenue of $56.2 million decreased $2.4 million, or 4%, compared to the third quarter of 2015 primarily due to a $1.3 million decrease in guest ticket revenues as an increase in pricing, due to higher rates and changes in itineraries, was more than offset by a 9% decrease in Available Guest Nights.

Lindblad segment Net Yield increased 8% in the third quarter to $1,008 as compared to the same period a year ago, primarily as a result of increased pricing. The decline in Available Guest Nights was mainly due to the planned repositioning of certain vessels, as well as from the cancellation of a voyage on the National Geographic Orion for unplanned maintenance. Occupancy increased to 90.8% compared with 90.5% in the third quarter of 2015.

Net Income

Net Income of $7.4 million for the third quarter 2016, $0.16 per diluted share, increased $3.0 million as compared with $4.4 million, $0.10 per diluted share, in the third quarter a year ago, primarily due to $5.5 million in costs related to the merger with Capitol Acquisition Corp. II in the third quarter of 2015.

Adjusted EBITDA

Third quarter Adjusted EBITDA of $17.4 million increased $1.6 million, or 10%, compared to the same period in 2015, due to a $0.9 million increase at the Lindblad segment and $0.6 million from Natural Habitat. Lindblad segment Adjusted EBITDA of $16.7 million increased 6% as lower cost of tours, primarily from a decline in air and fuel expenses, was partially offset by the decrease in revenue and additional public company costs. Adjusted Net Cruise Cost per Available Guest Night increased 4% to $664 in the third quarter as compared to $638 in the same period a year ago as the lower cost of tours was offset by the impact of a 9% decrease in Available Guest Nights.

Liquidity

The Company's cash and cash equivalents were $149.0 million at September 30, 2016 as compared with $206.9 million at December 31, 2015. The decrease primarily reflects the $15.7 million in cash generated from operations, which was more than offset by purchases of property and equipment of $50.6 million, mostly related to the new ships, and by net cash used in the acquisition of Natural Habitat of $9.9 million. The current year also reflects $5.4 million of cash used to repurchase warrants.

Free cash flow use of $34.9 million for the nine months ended September 30, 2016 was a decline of $57.1 million from the comparable period in 2015 as the improved operating results were offset by spending on the new ships and other capital expenditures. Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment.

Segment Results

 


For the Three Months Ended
September 30,



For the Nine Months Ended
September 30,


(In thousands)

2016


2015

% Change


2016


2015

% Change











Tour revenues:










Lindblad

$         56,175


$         58,561

(4%)


$       165,936


$       163,513

1%

Natural Habitat

14,599


-

NA


20,282


-

NA

Total tour revenues

$         70,774


$         58,561

21%


$       186,218


$       163,513

14%











Operating income (loss):










Lindblad

$           9,863


$           5,759

71%


$         19,038


$         16,143

18%

Natural Habitat

306


-

NA


(488)


-

NA

Total operating income

$         10,169


$           5,759

77%


$         18,550


$         16,143

15%











Adjusted EBITDA:










Lindblad

$         16,741


$         15,834

6%


$         40,117


$         42,056

(5%)

Natural Habitat

625


-

NA


42


-

NA

Total adjusted EBITDA

$         17,366


$         15,834

10%


$         40,159


$         42,056

(5%)

 

LINDBLAD FLEET ACTIVITIES

The National Geographic Endeavour II is on schedule for deployment at the end of the fourth quarter and will operate year-round in the Galápagos Islands, replacing the National Geographic Endeavour. In December 2016, the Company will expand its travel offerings with new expeditions in Cuba aboard the 42-guest Panorama II. The vessel is chartered for two years and will operate on a seasonal basis from December through March.

Additionally, the Company's two newbuild coastal vessels are proceeding on schedule. The first vessel, National Geographic Quest, is expected to be delivered in the second quarter of 2017 and will sail in Alaska and British Columbia during the summer of 2017 before voyaging to Costa Rica and Panama to provide expeditions for the Northern Hemisphere winter season. The second vessel is expected to be delivered in the second quarter of 2018.

STOCK AND WARRANT REPURCHASE PLAN

The Company's Board of Directors has approved a $15.0 million increase to the stock and warrant repurchase plan to a total of $35.0 million. This plan, which was authorized in November 2015, authorizes the Company to purchase from time to time the Company's outstanding common stock and warrants through open market repurchases and/or in privately negotiated transactions based on market and business conditions, applicable legal requirements and other factors. To date, the Company has repurchased 4.06 million of its warrants for $10.9 million and now has $24.1 million remaining under the plan.

FULL YEAR 2016

As of October 31, 2016, the Lindblad segment had 95% of full year 2016 projected guest ticket revenues on the books.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules beginning on page 9.

Conference Call Information

The Company has scheduled a conference call at 8:30 a.m. Eastern Time on November 4, 2016 to discuss the earnings of the Company. The conference call can be accessed by dialing (844) 378-6487 (United States), (855) 669-9657 (Canada) or (412) 542-4182 (outside the U.S.). A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. is an expedition travel company that focuses on ship-based voyages through its Lindblad Expeditions brand and on land-based travel through its subsidiary, Natural Habitat Adventures, an adventure travel and ecotourism company with a focus on responsible nature travel.

Lindblad Expeditions works in partnership with National Geographic to inspire people to explore and care about the planet. The organizations work in tandem to produce innovative marine expedition programs and to promote conservation and sustainable tourism around the world. The partnership's educationally oriented voyages allow guests to interact with and learn from leading scientists, naturalists and researchers while discovering stunning natural environments, above and below the sea, through state-of-the-art exploration tools.

Natural Habitat partners with the World Wildlife Fund to offer and promote conservation and sustainable travel that directly protects nature. Natural Habitat's adventures include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures and African safaris.

Forward Looking Statements

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (i) changes adversely affecting the business in which the Company is engaged; (ii) management of the Company's growth and its ability to execute on its planned growth; (iii) general economic conditions; (iv) the Company's business strategy and plans; (v) compliance with applicable laws and regulations; (vi) compliance with the financial and/or operating covenants in the Company's amended and restated credit agreement; (vii) adverse publicity regarding the cruise industry in general; (viii) loss of business due to competition; (ix) the result of future financing efforts; (x) the inability to meet revenue and Adjusted EBITDA projections; and (xi) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website.

 

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)




As of


September 30,


December 31,


2016


2015


(Unaudited)



ASSETS




Current Assets:




Cash and cash equivalents

$          149,017


$          206,903

Restricted cash and marketable securities

10,367


8,460

Inventories

1,591


1,746

Marine operating supplies

4,195


4,969

Prepaid expenses and other current assets

20,742


12,266

  Total current assets

185,912


234,344





Property and equipment, net

164,486


125,471

Goodwill and other intangibles

27,953


-

Other long-term assets

13,334


12,355

Operating rights

5,683


6,227

Deferred tax assets

4,497


3,216

  Total assets

$          401,865


$          381,613









LIABILITIES 




Current Liabilities:




Unearned passenger revenues

$            84,620


$            76,604

Accounts payable and accrued expenses

19,943


25,968

Long-term debt - current

1,750


1,750

  Total current liabilities

106,313


104,322





Long-term debt, less current portion

164,020


162,693

Other long-term liabilities

699


677

  Total liabilities

271,032


267,692





COMMITMENTS AND CONTINGENCIES












REDEEMABLE NONCONTROLLING INTEREST

4,856


-





STOCKHOLDERS' EQUITY




Preferred stock, $0.0001 par value, 1,000,000 shares authorized;




0 shares issued and outstanding

-


-

Common stock, $0.0001 par value, 200,000,000 shares authorized;




45,968,480 and 45,224,881 issued and outstanding as of




September 30, 2016 and December 31, 2015, respectively

5


5

Additional paid-in capital

46,590


48,073

Retained earnings 

79,382


65,843

  Total stockholders' equity

125,977


113,921

  Total liabilities, redeemable noncontrolling interest and stockholders' equity

$          401,865


$          381,613

 

 


LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(In thousands, except share and per share data)

(Unaudited)










For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,


2016


2015


2016


2015









Tour revenues

$            70,774


$            58,561


$          186,218


$          163,513









Cost of tours

32,446


25,444


87,111


71,331

Gross profit

38,328


33,117


99,107


92,182









Operating expenses:








General and administrative

12,915


9,684


36,740


27,518

Selling and marketing

10,164


9,482


29,294


26,919

Merger-related expenses

-


5,503


-


13,266

Depreciation and amortization

5,080


2,689


14,523


8,336

  Total operating expenses

28,159


27,358


80,557


76,039









Operating income

10,169


5,759


18,550


16,143









Other (expense) income:








(Loss) gain on foreign currency

(5)


148


(291)


(46)

Gain on transfer of assets

-


-


-


7,502

Other income, net

(38)


(24)


(38)


5,000

Interest expense, net

(2,476)


(2,948)


(7,914)


(8,026)

  Total other (expense) income

(2,519)


(2,824)


(8,243)


4,430









Income before income taxes

7,650


2,935


10,307


20,573









Income tax expense (benefit)

203


(1,481)


(3,113)


389









Net income

$              7,447


$              4,416


$            13,420


$            20,184









Net income (loss) attributable to noncontrolling interest

29


-


(119)


-









Net income attributable to Lindblad

$              7,418


$              4,416


$            13,539


$            20,184

















Weighted average shares outstanding








  Basic

45,776,443


45,004,393


45,639,608


44,814,354

  Diluted

46,541,257


46,456,315


46,329,880


45,544,382









Earnings per share attributable to Lindblad








  Basic

$                0.16


$                0.10


$                0.30


$                0.45

  Diluted

$                0.16


$                0.10


$                0.29


$                0.44

 

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)








For the Nine Months Ended
September 30,



2016


2015

Cash Flows From Operating Activities




Net income 

$        13,420


$        20,184

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

14,523


8,336

Amortization of National Geographic fee

2,180


670

Amortization of debt discount, deferred financing and other costs

2,582


2,733

Stock-based compensation

3,982


3,641

Deferred income taxes

(3,709)


385

Loss on currency translation

291


46

Gain on transfer of assets

-


(7,502)

Changes in operating assets and liabilities 




Inventories and marine operating supplies

1,505


761

Prepaid expenses and other current assets

1,098


1,092

Unearned passenger revenues

(8,620)


538

Other long-term assets

(3,159)


-

Other long-term liabilities

22


192

Accounts payable and accrued expenses 

(8,430)


(716)

Net cash provided by operating activities

15,685


30,360






Cash Flows From Investing Activities




Purchase of investment in CFMF

-


(68,088)

Acquisition  of Natural Habitat, Inc., net of cash acquired

(9,946)


-

Purchases of property and equipment

(50,598)


(8,143)

Advance from shareholder

-


1,501

Purchase of restricted cash and marketable securities

(1,907)


(949)

Net cash used in investing activities

(62,451)


(75,679)






Cash Flows From Financing Activities




Proceeds from long-term debt

-


175,000

Net proceeds from merger

-


186,806

Payments to shareholders for the merger

-


(90,000)

Payment of deferred financing costs

(1,565)


(10,944)

Repayments of long-term debt

(1,312)


(41,441)

Proceeds used in exchange of option shares

(2,695)


(4,850)

Repurchase of warrants

(5,420)


-

Net cash (used in) provided by financing activities

(10,992)


214,571

Effect of exchange rate changes on cash

(128)


(179)






Net (decrease) increase in cash and cash equivalents

(57,886)


169,073






Cash and cash equivalents as of beginning of period

206,903


39,679






Cash and cash equivalents as of end of period

$      149,017


$      208,752






Supplemental disclosures of cash flow information:




Cash paid during the period for:




Interest

$          7,427


$          4,550

Income taxes

$             992


$             387






Non-cash investing and financing activities:




Acquisition of Natural Habitat, Inc.:




Total purchase price consideration

$        20,025


$               -






Consideration consisted of:




Cash paid to acquire Natural Habitat, Inc.

$      (14,850)


$                 -

Non-cash consideration - long-term debt

(2,525)


-

Non-cash consideration - Lindblad restricted shares

(2,650)


-






Investment in CFMF liquidation of Junior debt asset, warrant

$                 -


$        84,903

CFMF liquidation of Junior debt long-term debt, additional paid-in capital

-


(84,903)

Transfer from inventories and marine operating supplies

-


(414)

Transfer to property and equipment, net

-


414

Additional paid-in capital exercise proceeds of option shares

1,123


2,240

Additional paid-in capital exchange proceeds used for option shares

(1,123)


(2,240)

 

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except guest metrics)

(Unaudited)



Reconciliation of Net Income to Adjusted EBITDA

Consolidated











For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,



2016


2015


2016


2015

Net income


$            7,447


$           4,416


$         13,420


$         20,184

Income tax expense (benefit)


203


(1,481)


(3,113)


389

Interest expense, net


2,476


2,948


7,914


8,026

Depreciation and amortization


5,080


2,689


14,523


8,336

Loss (gain) on foreign currency translation


5


(148)


291


46

Gain on transfer of assets


-


-


-


(7,502)

Other income, net


38


24


38


(5,000)

Stock-based compensation


1,359


1,213


3,982


3,641

National Geographic fee amortization


727


670


2,180


670

Acquisition-related expenses


31


-


924


-

Merger-related expenses


-


5,503


-


13,266

Adjusted EBITDA - Consolidated


$        17,366


$       15,834


$       40,159


$       42,056





































Reconciliation of Operating Income to Adjusted EBITDA

Lindblad Segment











For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,



2016


2015


2016


2015

Operating  income


$            9,863


$           5,759


$         19,038


$         16,143

Depreciation and amortization


4,761


2,689


13,993


8,336

Stock-based compensation


1,359


1,213


3,982


3,641

National Geographic fee amortization


727


670


2,180


670

Acquisition-related expenses


31


-


924


-

Merger-related expenses


-


5,503


-


13,266

Adjusted EBITDA - Lindblad segment


$        16,741


$       15,834


$       40,117


$       42,056




























Reconciliation of Operating Income (Loss) to Adjusted EBITDA

Natural Habitat Segment











For the Three Months Ended
September 30,


For the Period May 5, 2016 to September 30,



2016


2015


2016


2015

Operating income (loss)


$               306


$                   -


$             (488)


$                   -

Depreciation and amortization


319


-


530


-

Adjusted EBITDA - Natural Habitat segment

$              625


$                   -


$               42


$                   -

 

Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities











For the Nine Months Ended
September 30,





2016


2015








Net cash provided by operating activities


$        15,685


$        30,360

Less: purchases of property and equipment


(50,598)


(8,143)

Free Cash Flow




$      (34,913)


$        22,217

 

Guest Metrics - Lindblad Segment


For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,


2016


2015


2016


2015

Available Guest Nights

48,595


53,235


141,665


144,399

Guest Nights Sold

44,139


48,200


129,633


132,007

Occupancy

90.8%


90.5%


91.5%


91.4%

Maximum Guests

6,177


6,391


17,118


17,001

Number of Guests

5,632


5,817


15,742


15,623

Voyages

84


86


231


226

 


Calculation of Gross Yield and Net Yield - Lindblad Segment



For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,


2016


2015


2016


2015

Guest ticket revenues


$         50,089


$         51,427


$       146,613


$       142,381

Other tour revenues


6,086


7,134


19,323


21,132

Tour Revenues


56,175


58,561


165,936


163,513

Less: Commissions 


(3,957)


(4,205)


(11,725)


(11,329)

Less: Other tour expenses


(3,211)


(4,570)


(11,757)


(12,682)

Net Revenue


$       49,007


$       49,786


$     142,454


$     139,502










Available Guest Nights


48,595


53,235


141,665


144,399

Gross Yield 


$          1,156


$          1,100


$          1,171


$          1,132

Net Yield 


1,008


935


1,006


966

 

Calculation of Net Cruise Cost Metrics - Lindblad Segment


For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,


2016


2015


2016


2015

Cost of tours

$             22,239


$             25,444


$             72,632


$             71,331

Plus: Merger-related expenses

-


5,503


-


13,266

Plus: Selling and marketing

8,848


9,482


27,511


26,919

Plus: General and administrative

10,464


9,684


32,762


27,518

Gross Cruise Cost

41,551


50,113


132,905


139,034

Less: Commission expense

(3,957)


(4,205)


(11,725)


(11,329)

Less: Other tour expenses

(3,211)


(4,570)


(11,757)


(12,682)

Net Cruise Cost

34,383


41,338


109,423


115,023

Less: Fuel expense

(1,645)


(2,107)


(5,307)


(6,831)

Net Cruise Cost Excluding Fuel

32,738


39,231


104,116


108,192

Non-GAAP Adjustments: 








Stock-based compensation

(1,359)


(1,213)


(3,982)


(3,641)

National Geographic fee amortization

(727)


(670)


(2,180)


(670)

Acquisition-related expenses

(31)


-


(924)


-

Merger-related expenses

-


(5,503)


-


(13,266)

Adjusted Net Cruise Cost Excluding Fuel

$             30,621


$             31,845


$             97,030


$             90,615









Available Guest Nights

48,595


53,235


141,665


144,399

Gross Cruise Cost per Available Guest Night

$                  855


$                  941


$                  938


$                  963

Net Cruise Cost per Available Guest Night

708


777


772


797

Net Cruise Cost Excluding Fuel per Available Guest Night

674


737


735


749









Adjusted Net Cruise Cost per Available Guest Night

664


638


722


675

Adjusted Net Cruise Cost Excl. Fuel per Available Guest Night

630


598


685


628

 

Operational and Financial Metrics

Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), and income tax benefit (expense), and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, the National Geographic fee amortization, merger-related expenses, and acquisition-related expenses. The Company believes Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. The Company believes Adjusted EBITDA can provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of the Company's financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. The Company's use of Adjusted EBITDA may not be comparable to other companies within the industry.

The following metrics apply to the Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, the National Geographic fee amortization, merger-related expenses, and acquisition-related expenses.

Available Guest Nights is a measurement of capacity and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. The Company also records the number of guest nights available on its limited land programs in this definition.

Gross Cruise Cost represents the sum of cost of tours plus merger-related expenses, selling and marketing expense, and general and administrative expense.

Gross Yield represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Revenue represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield represents Net Revenue divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with the Company in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2016-third-quarter-financial-results-300357454.html

SOURCE Lindblad Expeditions Holdings, Inc.