Press release
Lindblad Expeditions Holdings, Inc. Reports 2020 Second Quarter Financial Results
NEW YORK, Aug. 10, 2020 /PRNewswire/ -- Second Quarter 2020 Highlights: Implemented significant cost reduction measures to further increase liquidity profile
About this update from Lindblad Expeditions Holdings Inc.
[{"type":"text","content":"NEW YORK, Aug. 10, 2020 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nSecond Quarter 2020 Highlights: \nImplemented significant cost reduction measures to further increase liquidity profile and ended the quarter with $80.9 million in unrestricted cash and $21.3 million in restricted cash Amended export credit agreements, deferring $9.0 million in principal payments and suspending financial covenants Following the quarter, amended term loan and revolving credit facilities to suspend leverage covenants Cash usage is approximately $10-15 million monthly excluding the impact of guest payments and refundsLindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the \"Company\" or \"Lindblad\"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the quarter ended June 30, 2020.\nSven-Olof Lindblad, President and Chief Executive Officer, said, \"The COVID-19 virus has created unprecedented challenges for the travel industry and while we can't be certain when we will be able to return to the world's most remarkable destinations, the steps we are taking today will enable us to return to operations as soon as possible, safely and prosperously. I couldn't be prouder of how hard the Lindblad team has worked to enhance our existing rigorous operating protocols, while coordinating with local authorities that have welcomed us for the last four decades. We continue to hear from our loyal guests how eager they are to resume travelling with us, especially given the smaller size of our ships and the remote geographies we visit, and we look forward to once again providing them the joy of exploration through authentic and immersive experiences.\" \nCOVID-19 BUSINESS UPDATE \nDue to the spread of the COVID-19 virus and the effects of travel restrictions around the world, the Company has suspended or rescheduled the majority of its expeditions departing March 16, 2020 through September 30, 2020 and has been working with guests to reschedule travel plans and refund payments, as applicable. The Company's ships are currently being maintained with minimally required crew on-board to ensure they comply with all necessary regulations and can be fully put back into service quickly as needed. In accordance with local regulations, the Company closed its offices and most employees are working remotely to maintain...