SeaWorld at­ten­dance con­tin­ues to de­cline

Hawaii Tribune Herald - - NEWS -

NEW YORK (AP) — SeaWorld re­ported an­other quar­terly loss, with an on­go­ing de­cline in at­ten­dance ex­ac­er­bated by this year’s hur­ri­canes.

At­ten­dance has suf­fered since the 2013 doc­u­men­tary “Black­fish” sug­gested the com­pany’s treat­ment of or­cas might have led to the deaths of train­ers. SeaWorld an­nounced last year that it would not breed killer whales and stop us­ing them in shows.

The com­pany has been cut­ting costs to help counter the de­cline in at­ten­dance, which fell 8.8 per­cent dur­ing the third quar­ter. The com­pany last month said it would cut 350 po­si­tions, mostly at its Orlando head­quar­ters.

SeaWorld also named Scott Ross to its board of di­rec­tors. Ross is the founder and man­ag­ing part­ner of pri­vate eq­uity firm Hill Path Cap­i­tal, the com­pany’s big­gest share­holder.

The third-quar­ter loss nar­rowed to $55 mil­lion, or 64 cents per share, but that was much worse than the per-share earn­ings of 78 cents that Wall Street was look­ing for, ac­cord­ing to a sur­vey by Zacks In­vest­ment Re­search.

Rev­enue fell 9.8 per­cent to $437.7 mil­lion, also well short of the $455.7 mil­lion in­dus­try an­a­lysts pro­jected.

Shares of SeaWorld En­ter­tain­ment Inc. have fallen more than 40 per­cent since the be­gin­ning of the year.

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