SeaWorld Entertainment Slips To Loss, Cuts Outlook; Stock Down - Update

(RTTNews) - SeaWorld Entertainment Inc. (SEAS) Tuesday reported a slip to loss in the second quarter from a profit a year ago, as the unfavorable timing of Easter and adverse weather hurt customer attendance at its parks. Results were exacerbated by debt-related charges and other expenses.

The company cut its revenue outlook for fiscal year 2013, dragging down its shares 11 percent in after-hours trade on the New York Stock Exchange.

SeaWorld, which went public in April, posted a second-quarter net loss of $16 million or $0.18 per share, compared to a net income of $39 million or $0.47 per share last year.

Results for the quarter included debt-related charges of $32.5 million. Excluding items, adjusted earnings for the quarter were $36.5 million or $0.41 per share.

On average, 8 analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts estimates typically exclude special items.

The Orlando, Florida-based company's second-quarter revenues dropped 3 percent to $411 million from $426 million in the prior-year quarter. Nine analysts had a consensus revenues estimate of $434.5 million for the quarter.

Attendance at its parks slid 9 percent year-over-year. Operating expenses increased 14 percent to $380 million, which includes $50 million related to a termination of advisory agreement.

For fiscal year 2013, the company now expects revenue of $1.45 billion to $1.48 billion, down from its prior guidance range of $1.46 billion to $1.49 billion.

In April, SeaWorld Entertainment closed an Initial Public Offering of 29.9 million shares of common stock at $27 per share and got listed on the NYSE.

The company's stock closed Tuesday at $36.31, down $0.15 or 0.41%, on a volume of 344 thousand shares on the NYSE. In after hours, the stock slid $4.01 or 11.04%.