SeaWorld Entertainment, Inc. Reports Second Quarter 2015 Results

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Attendance, revenue and profits slipped in the second quarter of 2015 for SeaWorld as the company continues to reorganize.

Attendance fell 2% to 6.48 million compared to the same time frame last year.  Net income dropped 85% to $5.8 million and revenue declined  3% to $391.6 million.

“Our attendance for the second quarter declined due to the timing of Easter, record levels of rainfall in Texas and continued brand challenges in California. These factors were partially offset by improved demand in our other park locations, including Florida,” said Joel Manby, President and Chief Executive Officer of SeaWorld Entertainment, Inc. “We realize we have much work ahead of us to recover more of our attendance base, increase revenue and improve our performance as returning to historical performance levels will take time and investment. To address some of our competitive challenges in Florida, we have adjusted our attraction plans with the announcement of two new significant coaster additions for 2016. On the reputation side, early feedback on our campaign has been positive, however, we recognize that fully resolving our brand challenges in California will require sustained focus and commitment to correct misinformation.”

Attendance declined in the second quarter of 2015 due to an earlier Easter holiday, which caused a shift in the spring break holiday period for some schools in the Company’s key source markets.  Also contributing to the decline was reduced attendance in Texas, primarily related to record levels of rainfall during the quarter along with reduced attendance in California, primarily related to brand challenges.  The impact of these factors was partially offset by improvement in demand at the Company’s other park locations. The Company attributes the improvement in demand to increased promotional offerings, strong passholder visitation and consumer event programs during the period.

SeaWorld CEO Joel Manb mentioned that a new strategic vision will be announced on November 6 for the company during the conference call as well.

Many of the new attractions that will make their debut in the near future were also mentioned, including the new Mako roller coaster coming to SeaWorld Orlando and a new dolphin exhibit coming to SeaWorld San Antonio.

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Author Description

Clint

Clint

Clint Gamache started Thrillgeek back in 2013 to share his love of theme parks, pop culture and other geeky stuff with the world. He can be found on Twitter @cgamache83