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SeaWorld sinks as Easter delay sees Q1 revenue drop 15 per cent
POSTED 09 May 2017 . BY Tom Anstey
The delayed Easter break has had a significant effect on SeaWorld, with a significant revenue decline of US$33.8m (€31m, £26.1m) in the first quarter of 2017.

For the period ended 31 March, total revenues for the quarter were US$186.4m (€170.8m, £144m), down 15 per cent compared to US$220.2m (€201.8m, £170.1m) for the same period in 2016. The company generated a net loss of US$61.1m (€56m, £47.2m) compared to a net loss of US$84m (€77m, £65m) the year prior.

Like other operators, SeaWorld attributed the decline primarily to a shift in the timing of the Easter holiday into the second quarter of 2017 which also impacted the timing of spring break for a number of schools. Attendance had a decline of 14.9 per cent – approximately 491,000 visitors. For the year-to-date figures were essentially flat, accounting for the late Easter break.

The first quarter report has yielded some positive results indicating recovery after a tough few years, with season pass sales up nearly 6 per cent for the period, while the company expects adjusted earnings of US$360m (€330m, £278.1m) for the full year.

SeaWorld’s cost cutting initiative is also paying dividends, with operating expenses for the quarter decreasing by US$23m (€21m, £17.8m) to US$157.3m (€144.2m, £121.5m). According to SeaWorld, the company remains on pace to achieve its targets for its previously announced cost optimisation programme, which is expected to result in US$40m (€36.6m, £30.9m) net savings by the end of 2018.

"Given the improving attendance trends we saw in April, and the incredibly robust lineup of new attractions we are launching in the coming weeks, we are well-positioned going into our seasonally important second and third quarters," said SeaWorld president and CEO, Joel Manby.

“We expect to drive attendance through the continued introduction of fun and meaningful experiences for our guests, and will work to improve ticket yields through increased use of new strategic and tactical pricing initiatives."

In March, Manby said that financial discipline remained a top priority for the operator, with cuts spread across the company’s 12 theme parks, including its SeaWorld parks in Orlando, San Diego and San Antonio, in addition to its Sesame Place attraction in Pennsylvania and Busch Gardens in Florida and Virginia. The company’s headquarters in Orlando were also affected.

Improving its financial discipline is one part of a Five Point Plan to turnaround the struggling company, with SeaWorld also working to reposition its brand from animal entertainment to ‘Experiences that Matter’, addressing challenges such as the Blackfish backlash, deliver distinct guest experiences that are fun and meaningful, pursuing organic and strategic revenue growth and finally improving financial discipline.
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Jobs . News . Products . Magazine
NEWS
SeaWorld sinks as Easter delay sees Q1 revenue drop 15 per cent
POSTED 09 May 2017 . BY Tom Anstey
The delayed Easter break has had a significant effect on SeaWorld, with a significant revenue decline of US$33.8m (€31m, £26.1m) in the first quarter of 2017.

For the period ended 31 March, total revenues for the quarter were US$186.4m (€170.8m, £144m), down 15 per cent compared to US$220.2m (€201.8m, £170.1m) for the same period in 2016. The company generated a net loss of US$61.1m (€56m, £47.2m) compared to a net loss of US$84m (€77m, £65m) the year prior.

Like other operators, SeaWorld attributed the decline primarily to a shift in the timing of the Easter holiday into the second quarter of 2017 which also impacted the timing of spring break for a number of schools. Attendance had a decline of 14.9 per cent – approximately 491,000 visitors. For the year-to-date figures were essentially flat, accounting for the late Easter break.

The first quarter report has yielded some positive results indicating recovery after a tough few years, with season pass sales up nearly 6 per cent for the period, while the company expects adjusted earnings of US$360m (€330m, £278.1m) for the full year.

SeaWorld’s cost cutting initiative is also paying dividends, with operating expenses for the quarter decreasing by US$23m (€21m, £17.8m) to US$157.3m (€144.2m, £121.5m). According to SeaWorld, the company remains on pace to achieve its targets for its previously announced cost optimisation programme, which is expected to result in US$40m (€36.6m, £30.9m) net savings by the end of 2018.

"Given the improving attendance trends we saw in April, and the incredibly robust lineup of new attractions we are launching in the coming weeks, we are well-positioned going into our seasonally important second and third quarters," said SeaWorld president and CEO, Joel Manby.

“We expect to drive attendance through the continued introduction of fun and meaningful experiences for our guests, and will work to improve ticket yields through increased use of new strategic and tactical pricing initiatives."

In March, Manby said that financial discipline remained a top priority for the operator, with cuts spread across the company’s 12 theme parks, including its SeaWorld parks in Orlando, San Diego and San Antonio, in addition to its Sesame Place attraction in Pennsylvania and Busch Gardens in Florida and Virginia. The company’s headquarters in Orlando were also affected.

Improving its financial discipline is one part of a Five Point Plan to turnaround the struggling company, with SeaWorld also working to reposition its brand from animal entertainment to ‘Experiences that Matter’, addressing challenges such as the Blackfish backlash, deliver distinct guest experiences that are fun and meaningful, pursuing organic and strategic revenue growth and finally improving financial discipline.
RELATED STORIES
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Just over a year after SeaWorld announced plans to end its controversial orca breeding plan, the company’s last killer whale has been born in its captivity.
Zhonghong Group snaps up Blackstone’s shares in SeaWorld with plans to bring brand to China


SeaWorld Entertainments biggest shareholder, Blackstone, is selling its 21 per cent stake in the theme park operator to a Chinese investors Zhonghong Zhuoye Group.
Joel Manby says financial discipline 'a top priority' as SeaWorld aims to cut US$40m from budget by 2018


SeaWorld CEO Joel Manby has said that financial discipline remains a top priority for the operator, after end of year results saw both revenue and attendance decline on 2015 figures.
Tough year for SeaWorld as operator reports lacklustre figures


SeaWorld has submitted its end of year results, with revenues and attendance both down on 2015 as the company continues to try and transform its image, putting “fun but meaningful” at the forefront of its PR campaign.
MORE NEWS
New attractions drive profits as Universal reports strong Q1
Continued impressive results from Universal's theme park division has fueled strong revenue's for Comcast's first quarter, with theme park revenues increasing by 14.5 per cent.
Three more theme parks for China as Six Flags enjoys record start to 2018
Off the back of a record financial start to the year, Six Flags has announced plans to develop three more theme parks in China as the operator continues to ride the international wave of momentum it has created.
Unesco mobilises academics to promote heritage protection in Africa
Unesco's World Heritage Centre will this week be hosting a heritage workshop as part of its mandate to promote culture and education in Africa.
Cream of tourism crop revealed with VisitEngland's latest Awards for Excellence
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LATEST JOBS
Guest Experience Manager
SnowDome
Salary: Circa £30,000
Job location: Tamworth, UK
Games & Wristbands Manager
West Midland Safari and Leisure Park
Salary: £22,000 - £25,000
Job location: Worcs, UK
Senior Bowling Technician
NAMCO UK Ltd
Salary: Competitive Salary & Benefits
Job location: Manchester, UK
Food and Beverage Manager
NAMCO UK Ltd
Salary: Circa £23,000
Job location: Manchester, UK
Performance Assistant Team Leader
Hamburg Dungeon
Salary: Competitive Salary & Benefits
Job location: Hamburg, Germany
Retail, Admissions & Membership Manager
The Wildfowl and Wetlands Trust
Salary: £33,065
Job location: London, UK
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

ABOUT LEISURE MEDIA
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