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Lindblad Expeditions, Inc. Reports First Quarter 2015 Financial Results

May 29, 2015 Financial No Comments Email Email

Capitol Acquisition Corp. II (NASDAQ: CLAC; “Capitol”) and Lindblad Expeditions, Inc. (“Lindblad” or the “Company”), a global provider of expedition cruises and adventure travel experiences, today reported Lindblad’s financial results for the quarter ended March 31, 2015.

As announced previously, Lindblad and Capitol intend to merge in a proposed business combination which is anticipated to close byJune 30, 2015.

First Quarter 2015 Financial Highlights

  • Lindblad generated revenue of $55.4 million in the first quarter of 2015, a $4.0 million increase over the prior year quarter, representing a 7.9% annual growth rate
  • Net Yield for the first quarter was $1,003.92, which was $56.58 higher than in the prior year quarter, representing a 6.0% annual growth rate
  • Adjusted EBITDA for the first quarter was $14.2 million, a 1.0% increase over the prior year quarter

Review of First Quarter 2015 Results

“We are very pleased with our first quarter performance, in which strong demand for our expeditions continued to drive solid revenue and net yield growth from our existing fleet.  We look forward to consummating our merger with Capitol which we believe will move Lindblad into a new phase in our history and enable us to increase our capacity by expanding our fleet as a public company and pursuing future growth opportunities more aggressively,” said Sven-Olof Lindblad, President and Chief Executive Officer of Lindblad.

Tour revenue in the quarter amounted to $55.4 million, an increase of 7.9% from the first quarter in 2014. The increase was driven by higher revenue from charter voyages, tour pricing increases, a reduction in travel related discounts, and an increase in other revenue from pre and post voyage extensions and air ticket sales.

Net Yield in the quarter amounted to $1,003.92 compared to $947.34 in the first quarter of 2014, which represents an annual growth rate of 6.0%.  The Company recorded 43,210 Guest Nights Sold in the period, 4,988 guests, and an occupancy rate of 92.0%. Adjusted Net Cruise Cost per Available Guest Night amounted to $701.32 in the first quarter of 2015, compared to $649.18 in the same period in the prior year, which represents an increase of 8.0%. The increase in Adjusted Net Cruise Cost was primarily driven by the change in revenue mix from the prior year quarter as a result of planned increases in revenue from charter vessels and a higher amount of other revenue which has lower profit margins than ticket revenue.

Adjusted EBITDA, a non-GAAP financial measure, for the three months ended March 31, 2015 was $14.2 million compared to $14.1 million in the same period in 2014. A reconciliation between Adjusted EBITDA and GAAP net income is included in the accompanying financial data.

Debt Financing

On May 8, 2015, the Company entered into a new credit agreement with Credit Suisse A.G. as Administrative Agent and Collateral Agent. The financing was increased from $120 million to $150 million in size and the proceeds were used to repay the Company’s existing debt, complete the buyout of certain existing stakeholders and to provide additional cash for growth opportunities and general corporate purposes.

“We are excited about the impending closing of our merger with Lindblad.  We believe the larger debt financing together with the equity capital from our merger will enable Lindblad to capitalize on the significant demand for its trips by expanding the fleet and opportunistically seeking accretive strategic acquisitions,” said Mark Ein, Chairman and Chief Executive Officer of Capitol.


In connection with the proposed business combination with Lindblad, Capitol has filed a preliminary proxy statement with the SEC to be used at its special meeting in lieu of annual meeting of stockholders to approve the proposed business combination and certain other related matters. Stockholders are advised to read the preliminary proxy statement and, when available, the definitive proxy statement in connection with the solicitation of proxies for such meeting because the proxy statement will contain important information. Such persons can also read Capitol’s final prospectus, dated May 10, 2013, and Capitol’s annual report on Form 10-K for the fiscal year ended December 31, 2014 for a description of the security holdings of the Capitol officers and directors and their interests as security holders in the successful consummation of the proposed business combination. The definitive proxy statement will be mailed to stockholders as of a record date established for the meeting. Stockholders will also be able to obtain a copy of the proxy statement, without charge, by directing a request to: Capitol Acquisition Corp. II, 509 7th Street, N.W., Washington, D.C. 20004. The preliminary proxy statement and definitive proxy statement, once available, can also be obtained, without charge, at the SEC’s internet site (

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