Lindblad Expeditions Holdings Inc. said its first-quarter normalized net income was a loss of 1 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.
The per-share result swung to a loss from the prior-year profit of 11 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $633,380, compared with income of $5.2 million in the year-earlier period.
The normalized profit margin dropped to negative 1.0% from 8.4% in the year-earlier period.
Total revenue increased year over year to $63.1 million from $61.6 million, and total operating expenses increased 21.9% on an annual basis to $61.8 million from $50.7 million.
Reported net income declined 95.7% year over year to $457,620, or 1 cent per share, from $10.6 million, or 23 cents per share.