Lindblad Expeditions Holdings reported second quarter 2019 tour revenues of $76.7 mill, an increase of $7.2 mill, or 10%, compared to the same period in 2018.
The increase was driven by growth of $5.4 mill at the Lindblad segment and a $1.8 mill increase at Natural Habitat, according to the company.
Lindblad segment tour revenues of $64.9 mill was an increase of $5.4 mill, or 9%, compared to 2Q18, primarily due to a 6% increase in available guest nights, mostly from the launch of the ‘National Geographic Venture’ in December, 2018.
Natural Habitat revenues of $11.7 mill was an increase of $1.8 mill, or 18%, compared to 2Q18, due primarily to higher ticket revenue from additional departures and increased pricing.
The year-on-year growth also reflects a 3% increase in net yield to $1,030, due primarily to higher pricing and changes in itineraries, partially offset by a slight decline in occupancy to 89%, the company said.
Sven-Olof Lindblad, President and CEO (pictured), said: “Lindblad’s strong second quarter operating results further demonstrates the opportunity we have to deliver sustained growth as we expand our capacity while maintaining high occupancy levels and net yields. The additions of the ‘National Geographic Quest’ and the ‘National Geographic Venture’ to our fleet over the past two years has substantially increased our available berths and the growing demand for authentic expedition travel, along with a diverse base of loyal guests, has enabled us to fill this new inventory at healthy price points.
“We are still in the early days of our expansion plans and with strong demand across our growing fleet, including robust early bookings for our two new Polar vessels scheduled for delivery in 2020 and 2021, we are poised to build on our sustained momentum in the years ahead,” he said.
Net income available to common stockholders for the second quarter was $1 mill, $0.02 per diluted share, compared with net income available to common stockholders of $0.1 mill, $0.00 per diluted share, in 2Q18. The $0.9 mill improvement primarily reflected the higher operating results and $0.5 mill in foreign currency gains as compared with $1.1 mill in foreign currency losses in 2Q18. These increases were partially offset primarily by a $1.2 mill increase in depreciation and amortisation primarily due to the addition of the ‘National Geographic Venture’ to the fleet in December, 2018.
Second quarter Adjusted EBITDA of $12.5 mill was an increase of $1 mill, or 9%, compared to the same period in 2018. The increase was driven by growth of $1.3 mill at the Lindblad segment slightly offset by a $0.2 mill decrease at Natural Habitat.
Lindblad segment adjusted EBITDA of $13.3 mill increased $1.3 mill, or 11%, compared to the second quarter a year ago, as the increased tour revenues were partially offset by operating costs on the ‘National Geographic Venture’.
The second quarter also included increased costs due to higher marketing spend to drive long-term growth initiatives, increased commission expense related to the revenue growth and higher personnel costs partially offset by lower drydock expense.
Natural Habitat adjusted EBITDA was a loss of $0.8 mill, a $0.2 mill , or 45%, decrease, compared to the second quarter a year ago as the revenue growth was more than offset by increased operating costs related to additional departures and higher marketing and personnel costs to drive long-term growth initiatives.