Lindblad Expeditions launches buyback

• "We have significant available liquidity beyond the planned investment in the expansion of our fleet," says Lindblad Expeditions (LIND +2.1%) COO and CFO Ian Rogers, as the company - alongside its Q3 results - announces a $20M share/warrant repurchase program.
• Q3 tour revenue of $58.6M up 13.8% Y/Y. Adjusted EBITDA of $15.8M up 16.2%. Company says its on track to meet its full-year 2015 guidance, and sees early indicators of a strong booking pace for 2016 - 63% of ticket revenue for 2016 booked as of Oct.15 vs. 61% a year ago.
• Lindblad has an LOI for two new ships to be built, with expected deliveries in Q2 of 2017 and 2018.
• John McLain will join as new CFO, effective tomorrow, allowing Ian Rogers to focus on COO duties.
• SA author and Lindblad bull Dane Capital Management notes Lindblad has had a nice run higher since bottoming out in late August, but competitors RCL and NCLH have had even bigger moves. The two larger companies trade at 15x enterprise value/EBITDA vs. LIND at 10x.
• LIND's balance sheet affords not just the buyback and two new ships, but also the opportunity for bolt-on acquisitions, says Dane. It's an inexpensive growth story, currently ignored, but maybe about to change as sell-side coverage could soon begin.