San Diego Business Journal

SeaWorld Entertainment Reports $49M Loss in First Quarter

By SDBJ Staff Wednesday, May 14, 2014

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego, reported first quarter net loss of $49.4 million, or a loss of 56 cents per diluted share, for the three months ended March 31. That’s compared with a net loss of $40.4 million, or a loss of 49 cents per diluted share, for the like quarter of 2013.

For the recent first quarter, theme park and entertainment company SeaWorld (NYSE: SEAS) generated revenue of $212.3 million, down $26.3 million, or 11 percent, from first quarter 2013, the company said.

The decrease in revenue was primarily driven by a 13 percent decrease in attendance, partially offset by a total revenue per capita increase of 2.2 percent from $68.19 in first quarter 2013 to a record of $69.72 in first quarter 2014.

Attendance during the first quarter was impacted by a shift in the timing of Easter into this year’s second quarter, which caused a shift in the spring break holiday period for schools in many of the company’s key source markets, SeaWorld said. Attendance was also impacted by adverse weather, according to the company.

On May 13, SeaWorld’s board of directors approved a 5 percent increase to the quarterly cash dividend and declared a cash dividend of 21 cents per share, payable on July 1 to common stockholders of record at the close of business on June 20.

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