NEW YORK, May 6, 2016 /PRNewswire/ -- Lindblad
Expeditions Holdings, Inc. (NASDAQ: LIND; "Lindblad", the
"Company"), a global provider of expedition cruises and adventure
travel experiences, today reported results for the first quarter
ended March 31, 2016.
Lindblad's Financial Highlights for the First Quarter of
2016
- Lindblad generated tour revenues of $61.6 million in the first quarter of 2016, an
increase of $6.2 million or 11.2% as
compared with the prior year quarter.
- Adjusted EBITDA for the first quarter of 2016 was $17.6 million as compared with $14.2 million in the prior year quarter, an
increase of 23.9%.
- Net Yield for the first quarter of 2016 was $1,008 as compared with $1,004 in the prior year quarter.
Review of Lindblad's First Quarter 2016 Results
"The Company delivered solid results in the first quarter,
driven by the strong performance of the fleet. Guest nights sold
increased by over 10% versus the prior year period, as we made
changes in vessel deployments in the quarter," said Sven-Olof Lindblad, President and Chief
Executive Officer of Lindblad. "Adjusted EBITDA was up 23.9%
for the quarter, as we benefitted from an increase in available
guest nights and favorable operating leverage."
Tour revenues in the first quarter amounted to $61.6 million, as compared with $55.4 million in the first quarter of 2015, which
represents an increase of $6.2
million or 11.2%. The growth was primarily driven by
$6.1 million higher guest ticket
revenues derived from changes in vessel deployments and price
increases.
Net Yield in the quarter amounted to $1,008 as compared with $1,004 in the first quarter of 2015.
Lindblad recorded 47,619 Guest Nights Sold compared with 43,210 in
the prior year quarter, an increase of 10.2%, and an occupancy rate
of 91.8% in the first quarter of 2016 compared with 92.0% in the
2015 quarter.
Adjusted Net Cruise Cost per Available Guest Night amounted to
$670 in the first quarter of 2016, as
compared with $701 in the same period
in the prior year, which represents a decrease of 4.4%. The
decrease was primarily driven by a decrease in fuel costs and the
impact of a 10% increase in the number of Available Guest Nights,
partially offset by an increase in cost of tours related to two
additional voyages, and in general and administrative costs due to
public company costs.
Adjusted EBITDA was $17.6 million
in the first quarter of 2016 as compared with $14.2 million in the same period in 2015, an
increase of $3.4 million, or 23.9%.
This increase is primarily due to the benefit of increased revenue
from a 10% increase in guest nights sold, which exceeded the
increase in variable costs from providing those additional guest
nights and an increase in public company costs. Net income was
$10.5 million for the first quarter
of 2016 as compared with $6.9 million
for the 2015 quarter.
Lindblad uses a variety of operational and financial metrics,
including non-GAAP financial measures, to evaluate its performance
and financial condition. The accompanying financial data includes
additional information regarding these metrics and a reconciliation
of non-GAAP financial information to GAAP.
John T. McClain, the Company's
Chief Financial Officer also added: "We continue to see a solid
booking pace for 2016 with 89% of projected guest ticket revenues
for the 2016 financial year on the books as of April 30, 2016, compared with 98% at the same
time in 2015 for the 2015 financial year, a reduction of
approximately $5.3 million, much of
which is in the fourth quarter. We have a number of initiatives in
place to drive revenue growth in this period."
Fleet Activities
On April 25,
2016, the Company took possession of the Via
Australis, which will be used in the Company's operations in
the Galápagos Islands. The Company has begun a significant
renovation and expects to deploy the ship during the fourth quarter
of 2016. The Via Australis has been renamed the
National Geographic Endeavour II and will replace the
National Geographic Endeavour. In December 2016, the Company will also expand its
travel offerings with new expeditions in Cuba aboard the Panorama II, which will
be the fifth chartered vessel in Lindblad's fleet.
As has been announced previously, the Company has two new
coastal vessels on order and the build is proceeding on schedule.
The first vessel, which has been named the 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. The second newbuild vessel is expected to be delivered in
the second quarter of 2018.
Acquisition of Natural Habitat, Inc.
As announced on
May 5, 2016, the Company acquired
80.1% of the outstanding common stock of Natural Habitat, Inc.
("Natural Habitat"), a leading adventure travel and ecotourism
company based in Colorado. The acquisition provides the
Company a platform for expansion into land-based offerings with a
partner that has a strong, trusted and complementary brand and a
shared focus on nature and conservation. The purchase price
for the 80.1% interest in Natural Habitat was approximately
$20 million and was financed through
a combination of cash on hand ($14.85
million), Lindblad stock ($2.65
million, or 264,208 shares) and an unsecured promissory note
(approximately $2.5 million). The
implied 2015 EBITDA purchase multiple for the acquisition is 5.4x
including the $5 million of cash
acquired at closing.
Stock and Warrant Repurchase Plan Update
As previously
reported in our March 11, 2016
release, the Company repurchased 1.97 million warrants for
$5.4 million in the first quarter of
2016, representing an average price of $2.76 per warrant. Total program to date,
the Company repurchased 4.06 million of its warrants for
$10.9 million, representing an
average price of $2.69 per
warrant. The Company currently has $9.1 million available under the current
$20 million
authorization.
New Independent Board Member
On May 5, 2016, the Company appointed Catherine B. Reynolds as an independent
director. Mrs. Reynolds is the Chairman and Chief Executive Officer
of Educap, Inc., which has provided more than $5 billion in education loans to hundreds of
thousands of qualified students and families. She is a
successful business leader and social entrepreneur who currently
devotes her time and abilities primarily to philanthropic pursuits
through the Catherine B. Reynolds Foundation. Mrs. Reynolds was
selected by Businessweek magazine as one of the 50 most
philanthropic living Americans and is the first self-made woman to
make their list. She is also the recipient of the Woodrow Wilson Award for Corporate Citizenship,
bestowed annually on America's most outstanding business leaders by
the Woodrow Wilson International Center for Scholars. She is a
current or former Trustee of a number of organizations including
New York University, Vanderbilt University, Harvard Kennedy School's Center for Public
Leadership, the John F. Kennedy Center for the Performing Arts, and
the American Academy of Achievement. Mrs. Reynolds started her
career at the accounting firm of Arthur
Young and is a graduate of Vanderbilt
University.
Chief Commercial Officer
On May
3, 2016, the Company announced the appointment of
Philip Auerbach as the Company's new
Chief Commercial Officer. He will join Lindblad on May 26, 2016. Mr. Auerbach has served as
senior vice president and regional chief marketing officer of
Caesars Entertainment Corporation since July
2013, responsible for all revenue and the marketing strategy
for the nine Casino Resorts in Caesars' Las Vegas portfolio. He was formerly a Partner
at McKinsey & Company, counseling clients across the financial
services, hospitality, airline and telecommunications industries.
Prior to that, he served as a Principal at Novantas, a boutique
financial services consulting group. In this new role at Lindblad,
Mr. Auerbach will be responsible for all revenue production and
will lead marketing, sales, digital product development, and
strategic partnerships.
Conference Call Scheduled
The Company has scheduled a
conference call at 10:00 a.m. Eastern
Time on May 6, 2016 to discuss
the earnings of Lindblad. 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
works in partnership with National Geographic on its ship-based
voyages 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.
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 our 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 we are engaged; (ii) management of
our growth and our ability to execute on our planned growth; (iii)
general economic conditions; (iv) our business strategy and plans;
(v) compliance with applicable laws and regulations; (vi)
compliance with the financial and/or operating covenants in our
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 our 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 our performance may be found in our 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
|
|
|
March
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
181,873
|
|
$
206,903
|
Restricted
cash and marketable securities
|
15,498
|
|
8,460
|
Inventories
|
1,776
|
|
1,746
|
Marine
operating supplies
|
4,464
|
|
4,969
|
Prepaid
expenses and other current assets
|
13,374
|
|
12,266
|
Total current
assets
|
216,985
|
|
234,344
|
|
|
|
|
Property and
equipment, net
|
127,960
|
|
125,471
|
Other long-term
assets
|
11,629
|
|
12,355
|
Operating
rights
|
6,045
|
|
6,227
|
Deferred tax
assets
|
5,248
|
|
3,216
|
Total
assets
|
$
367,867
|
|
$
381,613
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Unearned
passenger revenues
|
$
70,454
|
|
$
76,604
|
Accounts
payable and accrued expenses
|
16,050
|
|
25,968
|
Long-term debt
- current
|
1,750
|
|
1,750
|
Total current
liabilities
|
88,254
|
|
104,322
|
|
|
|
|
Long-term debt, less
current portion
|
161,320
|
|
162,693
|
Other long-term
liabilities
|
685
|
|
677
|
Total
liabilities
|
250,259
|
|
267,692
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
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;
|
|
|
45,531,868 and
45,224,881 issued and outstanding as of
March 31, 2016 and December 31, 2015,
respectively
|
5
|
|
5
|
Additional paid-in
capital
|
41,293
|
|
48,073
|
Retained
earnings
|
76,310
|
|
65,843
|
Total
stockholders' equity
|
117,608
|
|
113,921
|
Total
liabilities and stockholders' equity
|
$
367,867
|
|
$
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
March 31,
|
|
2016
|
|
2015
|
|
|
|
|
Tour
revenues
|
$
61,574
|
|
$
55,421
|
|
|
|
|
Cost of
tours
|
25,275
|
|
24,401
|
Gross
profit
|
36,299
|
|
31,020
|
|
|
|
|
Operating
expenses:
|
|
|
|
General and
administrative
|
11,188
|
|
8,858
|
Selling and
marketing
|
9,618
|
|
9,162
|
Merger-related
expenses
|
-
|
|
2,268
|
Depreciation
and amortization
|
4,574
|
|
2,752
|
Total operating
expenses
|
25,380
|
|
23,040
|
|
|
|
|
Operating
income
|
10,919
|
|
7,980
|
|
|
|
|
Other (expense)
income:
|
|
|
|
Gain (loss) on
foreign currency
|
71
|
|
(116)
|
Other
(expense) income, net
|
-
|
|
235
|
Interest
expense, net
|
(2,748)
|
|
(1,189)
|
Total other
expense
|
(2,677)
|
|
(1,070)
|
|
|
|
|
Income before income
taxes
|
8,242
|
|
6,910
|
|
|
|
|
Income tax
benefit
|
(2,225)
|
|
(23)
|
|
|
|
|
Net income
|
$
10,467
|
|
$
6,933
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
Basic
|
45,470,155
|
|
44,717,759
|
Diluted
|
46,122,844
|
|
44,717,759
|
|
|
|
|
Earnings per
share
|
|
|
|
Basic
|
$
0.23
|
|
$
0.16
|
Diluted
|
$
0.23
|
|
$
0.16
|
|
|
|
|
LINDBLAD
EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31,
|
|
|
2016
|
|
2015
|
Cash Flows From
Operating Activities
|
|
|
|
Net
income
|
$
10,467
|
|
$
6,933
|
Adjustments to
reconcile net income to net cash (used in) provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
4,574
|
|
2,752
|
Amortization of
National Geographic fee
|
727
|
|
-
|
Amortization of debt
discount and deferred financing costs
|
552
|
|
187
|
Stock-based
compensation
|
1,335
|
|
1,214
|
Deferred income
taxes
|
(2,032)
|
|
(145)
|
(Gain) loss on
currency translation
|
(71)
|
|
116
|
Changes in operating
assets and liabilities
|
|
|
|
Inventories and
marine operating supplies
|
623
|
|
(283)
|
Prepaid expenses and
other current assets
|
(940)
|
|
658
|
Unearned passenger
revenues
|
(6,326)
|
|
853
|
Other long-term
liabilities
|
8
|
|
(8)
|
Accounts payable and
accrued expenses
|
(9,930)
|
|
(1,892)
|
Net cash (used in)
provided by operating activities
|
(1,013)
|
|
10,385
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
Purchase of property
and equipment
|
(6,872)
|
|
(659)
|
Advance to
shareholder
|
-
|
|
(1,301)
|
Purchase of
restricted cash and marketable securities
|
(7,038)
|
|
(8,062)
|
Net cash used in
investing activities
|
(13,910)
|
|
(10,022)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
Payment of deferred
financing costs
|
(1,487)
|
|
-
|
Repayments of
long-term debt
|
(438)
|
|
(1,225)
|
Proceeds used in
exchange of option shares
|
(2,695)
|
|
-
|
Repurchase of
warrants
|
(5,420)
|
|
-
|
|
|
|
|
Net cash used in
financing activities
|
(10,040)
|
|
(1,225)
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(67)
|
|
(870)
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
(25,030)
|
|
(1,732)
|
|
|
|
|
|
Cash and cash
equivalents as of beginning of period
|
206,903
|
|
39,679
|
|
|
|
|
|
Cash and cash
equivalents as of end of period
|
$
181,873
|
|
$
37,947
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Cash paid during the
period for:
|
|
|
|
Interest
|
$
2,447
|
|
$
515
|
Income
taxes
|
$
433
|
|
$
135
|
|
|
|
|
|
Non-cash investing
and financing activities
|
|
|
|
Increase in amount
due from DVB
|
$
-
|
|
$
4,972
|
Additional paid-in
capital exercise proceeds of option shares
|
1,123
|
|
-
|
Additional paid-in
capital exchange proceeds used for option shares
|
(1,123)
|
|
-
|
|
|
|
|
|
Lindblad uses a variety of operational and financial metrics,
which are defined below, to evaluate its performance and financial
condition. Lindblad uses certain non-GAAP financial measures, such
as EBITDA, Adjusted EBITDA, Net Yields and Net Cruise Costs, to
enable it to analyze its performance and financial condition.
Lindblad 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 industry to measure performance. Lindblad believes
these non-GAAP measures provide expanded insight to measure 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.
|
|
|
|
|
Reconciliation of
Net Income to EBITDA
and Adjusted EBITDA
|
|
|
|
|
|
|
For the Three
Months Ended March 31,
|
(In
thousands)
|
|
2016
|
|
2015
|
Net income
|
|
$
10,467
|
|
$ 6,933
|
Income tax
benefit
|
|
(2,225)
|
|
(23)
|
Interest expense,
net
|
|
2,748
|
|
1,189
|
Depreciation and
amortization
|
|
4,574
|
|
2,752
|
EBITDA
|
|
15,564
|
|
10,851
|
(Gain) loss on
foreign currency translation
|
|
(71)
|
|
116
|
Other income (loss),
net
|
|
-
|
|
(235)
|
Stock-based
compensation
|
|
1,335
|
|
1,214
|
National Geographic
fee amortization -non-cash
|
727
|
|
-
|
Merger-related
expenses
|
|
-
|
|
2,268
|
Adjusted
EBITDA
|
|
$
17,555
|
|
$ 14,214
|
|
|
|
|
|
Guest
Metrics
|
|
|
For the Three
Months Ended
March 31,
|
|
2016
|
|
2015
|
Available Guest
Nights
|
51,857
|
|
46,971
|
Guest Nights
Sold
|
47,619
|
|
43,210
|
Occupancy
|
91.8%
|
|
92.0%
|
Maximum
Guests
|
5,708
|
|
5,439
|
Number of
Guests
|
5,284
|
|
4,988
|
Voyages
|
79
|
|
77
|
Calculation of
Gross Yield and Net Yield
|
|
|
|
|
(In thousands, except
for Available Guest Nights, Gross and Net Yield)
|
|
For the Three
Months Ended
March 31,
|
|
2016
|
|
2015
|
Guest ticket
revenues
|
|
$
53,914
|
|
$ 47,800
|
Other
revenues
|
|
7,660
|
|
7,621
|
Tour
Revenues
|
|
61,574
|
|
55,421
|
Less:
Commissions
|
|
(4,287)
|
|
(3,687)
|
Less: Other
expense
|
|
(5,010)
|
|
(4,580)
|
Net
Revenue
|
|
$
52,277
|
|
$ 47,154
|
|
|
|
|
|
Available Guest
Nights
|
|
51,857
|
|
46,971
|
Gross
Yield
|
|
$
1,187
|
|
$
1,180
|
Net
Yield
|
|
1,008
|
|
1,004
|
|
|
|
|
Calculation of Net
Cruise Cost Metrics
|
|
|
|
|
For the Three
Months Ended
March 31,
|
(In thousands, except
Available Guest Nights, Gross and Net Cruise Cost)
|
2016
|
|
2015
|
Cost of
tours
|
$
25,275
|
|
$
24,401
|
Plus: Merger-related
expenses
|
-
|
|
2,268
|
Plus: Selling and
marketing
|
9,618
|
|
9,162
|
Plus: General and
administrative
|
11,188
|
|
8,858
|
Gross Cruise
Cost
|
46,081
|
|
44,689
|
Less: Commission
expense
|
(4,287)
|
|
(3,687)
|
Less: Other
expenses
|
(5,010)
|
|
(4,580)
|
Net Cruise
Cost
|
36,784
|
|
36,422
|
Less: Fuel
expense
|
(2,530)
|
|
(3,047)
|
Net Cruise Cost
Excluding Fuel
|
34,254
|
|
33,375
|
Non-GAAP
Adjustments:
|
|
|
|
Stock-based
compensation
|
(1,335)
|
|
(1,214)
|
National Geographic
fee amortization
|
(727)
|
|
-
|
Merger-related
expenses
|
-
|
|
(2,268)
|
Adjusted Net
Cruise Cost Excluding Fuel
|
$
32,192
|
|
$
29,893
|
Available Guest
Nights
|
51,857
|
|
46,971
|
Gross Cruise Cost per
Available Guest Night
|
$
889
|
|
$
951
|
Net Cruise Cost per
Available Guest Night
|
709
|
|
775
|
Net Cruise Cost
Excluding Fuel per Available Guest Night
|
661
|
|
711
|
Adjusted Net
Cruise Cost per Available Guest Night
|
670
|
|
701
|
Adjusted Net Cruise
Cost Excl. Fuel per Available Guest Night
|
621
|
|
636
|
|
|
|
|
Key Operational and Financial Metrics
EBITDA is net income (loss) excluding depreciation and
amortization, net interest expense and income tax benefit
(expense).
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. 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.
The Company's use of Adjusted EBITDA may not be comparable to other
companies within the industry.
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,
acquisition-related expenses and retention 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,
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 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 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-first-quarter-financial-results-300264130.html
SOURCE Lindblad Expeditions Holdings, Inc.