SeaWorld Reports Q2 Earnings; Shares Remain Neutral
Wednesday afternoon, May 14, 2014, SeaWorld Entertainment (NYSE: SEAS) reported its second quarter full year 2014 earnings and updated its guidance for the full year of 2014.
Shares of the entertainment company, SEAS, are down 0.82 percent or $0.24 in after-hours trading.
"The first quarter, which historically represents only 12%-15% of our full year attendance, came in as expected with the shift of Easter and the Spring Break holiday period into the second quarter. Based on the successful launch of our 50th Anniversary celebration, a strong mix of new attractions yet to open, the ongoing benefits of our pricing and yield management strategies, and a strong start to the second quarter, we remain on track to deliver our fourth consecutive year of record financial results," Jim Atchison, President and Chief Executive Officer of SeaWorld Entertainment, Inc. said today. "As a result, we are reaffirming our fiscal 2014 revenue guidance to be in the range of $1,490 million to $1,520 million and our Adjusted EBITDA guidance to be in the range of $450 million to $465 million."
“Our business development efforts are moving forward," Jim Atchison continued. "The Company recently entered into an exclusive six-month Memorandum of Understanding to assess the viability of a multi-park development in the Middle East with a partner who has an established track record of opening and operating world-class attractions, and to finalize the terms of the agreement. We have worked diligently with our partner to identify the best theme park concepts and potential locations in the region and are moving forward into the next stage of the project."
The company had its loss jump to 0.56 per share; however, analysts had expected the company to post a loss of 0.49 per share. Additionally. The company had its revenue plummet by 11 percent to 212.3 million, which again yet missed estimates of 215.1 million.
The company stated that the decrease in revenue was primarily due to a 13 percent decrease in attendance.
In other news, the company's Board of Directors declared a cash dividend of 0.20 per share.
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