Lindblad Expeditions Holdings Inc. said its first-quarter normalized net income was $46.54 per share, a decline of 18.8% from $57.34 per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.3 million, a decrease of 26.8% from $5.9 million in the year-earlier period.
The normalized profit margin fell to 10.4% from 11.5% in the year-earlier period.
Total revenue climbed 7.9% on an annual basis to $55.4 million from $51.4 million, and total operating expenses rose 18.0% on an annual basis to $47.4 million from $40.2 million.
Reported net income decreased 17.6% year over year to $6.9 million, or $74.72 per share, from $8.4 million, or $81.77 per share.
