SeaWorld Entertainment Q1 Loss Widens - Update

(RTTNews) - Theme parks operator SeaWorld Entertainment Inc (SEAS), Wednesday said its first-quarter loss widened from a year ago, as revenues fell 11 percent hurt by the shift of Easter and Spring Break holidays as well as due to some harsh winter. Moving ahead, the company maintained its revenue outlook for the full year.

SeaWorld Entertainment's net loss for the first quarter widened to $49.4 million or $0.56 per share from $40.4 million or $0.49 per share last year.

Excluding items, adjusted net loss for the quarter was $49.1 million or $0.56 per share. Analysts polled by Thomson Reuters expected a loss of $0.49 per share for the first quarter. Analysts' estimates typically exclude special items.

SeaWorld, which went public in April last year, said its revenue for the quarter fell 11 percent to $212.3 million from $238.6 million a year ago. Analysts had a consensus revenue estimate of $216.77 million for the quarter.

The decline in revenue reflects 13 percent drop in attendance, partially offset by total revenue per capita increase of 2.2 percent to $69.72.

Chief Executive Jim Atchison said, "The first quarter, which historically represents only 12%-15% of our full year attendance, came in as expected with the shift of Easter and the Spring Break holiday period into the second quarter."

Moving ahead, the company reaffirmed its fiscal year 2014 revenue outlook of $1.49 billion to $1.52 billion. Analyst currently expect revenues of $1.51 billion for the full year 2014.

SEAS closed Wednesday's trading at $29.34, down $0.57 or 1.91%, on the Nasdaq. The stock, however, gained $0.16 or 0.55% in the after-hours trade.