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Lindblad Expeditions swings to loss in Q2

Lindblad Expeditions Holdings Inc. said its normalized net income for the second quarter amounted to a loss of 6 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

The per-share result swung to a loss from the prior-year profit of 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.8 million, compared with income of $5.5 million in the year-earlier period.

The normalized profit margin dropped to negative 3.8% from 11.0% in the year-earlier period.

Total revenue increased 8.8% on an annual basis to $53.9 million from $49.5 million, and total operating expenses increased 33.4% from the prior-year period to $55.5 million from $41.6 million.

Reported net income totaled a loss of $4.6 million, or a loss of 10 cents per share, compared to income of $8.9 million, or 20 cents per share, in the year-earlier period.