For the first quarter of 2014, the Company generated revenue of $212.3 million, a decrease of $26.3 million, or 11%, versus the first quarter of 2013. he Company reported a net loss of $49.4 million, or a loss of $0.56 per diluted share, for the three months ended March 31, 2014.
“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 decrease in revenue was primarily driven by a 13.0% decrease in attendance, partially offset by a total revenue per capita increase of 2.2% from $68.19 in the first quarter of 2013 to an all-time record of $69.72 in the first quarter of 2014. Attendance in the first quarter was impacted by a shift in the timing of Easter into the second quarter of 2014, which caused a shift in the Spring Break holiday period for schools in many of the Company’s key source markets. Attendance was also impacted by adverse weather, particularly above average precipitation in the Florida market as well as below average temperatures in the Texas market for the first quarter of 2014.