Attendance Drops 13% in Q1 of 2014
- Thread starter Zachary
- Start date
So, the parks are more on their own to spend their money instead of giving more and more to Blackstone.
Planeteer said:
SEAS is the parks. It's just basically Blackstone is slowly giving them control of their own company.
With that said, I'm not sure if Blackstone made a good investment? How is their return compared to their expenses?
Planeteer said:
Ha, no.
Blackstone wanted to bail. No one would have purchased that large quantity of shares. SEAS themselves had to pick them up to keep overall stock price from bottoming out. SEAS is sinking as a whole.
This is a really big drop in attendance, was last year's Q1 an increase from 2012, or a decrease? If it was a decrease, then that's really, really bad.
Planeteer said:
That's not even how it is. But continue to defend EVERYTHING. You only look more and more foolish.
Blackstone is very clearly pulling out of their investment in the chain, not the other way around.
They're a very long way from cutting Blackstone out of the picture, they probably won't stop making the same payments for years now. So we'll most likely continue to see drastic budget cuts, again, and again.
Matthew said:
Here's the thing. The report says drop from 3.5 million to 3.05 million, or a difference of roughly 450,000.
On the last conference call, they said they expected a decrease in the first quarter of about 250,000 because Easter this year falls in the second quarter (last year it was in the first) and a further reduction by about 100,000 because of a reduction in operating days at some of the seasonal parks. So they announces ahead of time they were expecting a decrease of 350,000 guests.
Now, not to say the 100,000 decrease when when you look at those projections is a good thing. But it's not nearly as bad as the report initially makes it sound.
Easter really falls at an odd time of the year for stock quarter reports. I'm sure that whatever SEAS is predicting for Q2 is definitely going to set the trend for the rest of the year, even if they make or miss their quota.
Saw this article in the Daily Press and thought it was a good read.
It talks about the overall decline in tourism in the area over the last few years. Which makes you think. We continually blame the park itself for the attendance decline but I don't think we have focused enough on the area we are in and if that had played a bigger role than we might know.
Daily Press Article
It talks about the overall decline in tourism in the area over the last few years. Which makes you think. We continually blame the park itself for the attendance decline but I don't think we have focused enough on the area we are in and if that had played a bigger role than we might know.
Daily Press Article
The SEC filing the company made yesterday finalized a transaction where Blackstone sold 17,250,000 shares of stock they owned. As part of this SEAS repurchased another 1.75mil shares beyond the above transaction. This selling of stock means that Blackstone is no longer the "controlling" entity of SEAS Corp. However Blackstone and it's entities that still own stock control enough of a percentage to elect members of the Board of Directors. So they will still be able to influence decisions but don't have direct control.
One other thing I seen in another filing was the 3.05mil attendance figure for the 1st Qtr was an estimate. The actual figure hasn't been finalize by the auditors. But chances are it probably won't change much.
One other thing I seen in another filing was the 3.05mil attendance figure for the 1st Qtr was an estimate. The actual figure hasn't been finalize by the auditors. But chances are it probably won't change much.
The official numbers for the 1st Qtr of 2014 came out a couple of weeks ago and here's some of them. Everything they posted for the quarter was compared to the 1st Qtr 2013 figures.
Total net revenue was $212.29mil which was down from $238.61mil in 2013.
There was a net loss of $49.43mil for the period up from a $40.36mil loss in 2013. This translated to a $0.56/share loss.
Their long term debt did drop but it was a very slight one.
Attendance is listed at 3.045mil which was down from 3.499, which is the 13% posted by Zachary in the first post.
For the next dividend payable July 1 they increased the dividend a penny to $0.21/share. So this will cost them a little more.
They still have a $192mil revolving line of credit they can tap into but so far they have not touched it.
If you feel like scrolling through the SEC post here it is (Link). Some of the better reading of the results start on pg 20.
Total net revenue was $212.29mil which was down from $238.61mil in 2013.
There was a net loss of $49.43mil for the period up from a $40.36mil loss in 2013. This translated to a $0.56/share loss.
Their long term debt did drop but it was a very slight one.
Attendance is listed at 3.045mil which was down from 3.499, which is the 13% posted by Zachary in the first post.
For the next dividend payable July 1 they increased the dividend a penny to $0.21/share. So this will cost them a little more.
They still have a $192mil revolving line of credit they can tap into but so far they have not touched it.
If you feel like scrolling through the SEC post here it is (Link). Some of the better reading of the results start on pg 20.