US cruiseship owner Lindblad Expeditions Holdings has posted a bigger loss for the fourth quarter despite increasing revenue.
The company said the net deficit was $8.4m, from $0.4m in 2015.
This was partly due to a $3m tax benefit in 2015 and $1.2m of other costs primarily related to the retirement of one of its vessels.
Tour revenue came in at $56.1m, up 21%.
Annual profit dropped to $5.1m from $19.7m despite a rise in revenue of 15% to $242.3m.
It faces an additional depreciation and amortisation charge of $6.8m and $1.2m of other costs primarily related to the retirement of one of its vessels.
There were also increased personnel expenses related to accelerated hiring in support of the execution of the company's long-range growth plan.
Drydock spending was also higher, but was partially offset by lower fuel costs.
President and CEO Sven-Olof Lindblad said: "Lindblad's unique expedition offerings and our long history of delivering unparalleled guest experiences enabled us to expand our net yield in 2016, while generating occupancy rates over 90%, despite the industry headwinds earlier in the year."
Looking ahead, it forecast tour revenue of between $278m and $284m for 2017, while adjusted EBITDA is expected to be between $50m and $52m, a rise of up to 25% on 2016.
