SeaWorld’s Q2 net income falls 84%

SeaWorld’s Q2 net income falls 84%

Amusement parks operator SeaWorld Entertainment Inc. suffered drastic declines in second-quarter revenue and net income due to various factors, including 'brand challenges' in San Diego.

Revealing its performance and earnings in the April-June period of this year, SeaWorld announced on Thursday that it generated $391 million in revenue. The figure is 3 per cent down from the corresponding period of last year.

Net income fell a whopping 84.4 per cent, from $37.4 million in the second-quarter of last year to just $5.8 million in the same quarter of this quarter. Adjusted net income slipped from $37.5 million to $18.7 million during the same period.

Attendance slipped 1.6 per cent from 6.58 million in second quarter of 2014 to 6.48 million in the same quarter of this year. Total revenue per visitor slipped from $61.54 to $60.45.

SeaWorld President and CEO Joel Manby blamed many factors, including the Texas storms, an earlier Easter holiday and challenges in San Diego, for the declines in attendance, revenue and earnings.

Commenting on the figures, Manby said, "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."

SeaWorld's year-to-date revenue and net loss are $606.2 million and $37.8 million, respectively. By this time in 2014, the company generated a net loss of $11.8 million.

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