3rd Quarter financial results overview.
SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the third quarter and first nine months of fiscal year 2019.
Third Quarter 2019 Highlights taken from their SEC filing.
| • | Attendance decreased by 0.2 million guests, or 2.6%, to 8.1 million guests from the third quarter of 2018. |
| • | Total revenue decreased by $9.5 million, or 2.0%, to $473.7 million from the third quarter of 2018. |
| • | Net income increased by $2.0 million, or 2.1%, to $98.0 million from the third quarter of 2018. |
| • | Adjusted EBITDA[1] decreased by $5.5 million, or 2.6%, to $206.9 million from the third quarter of 2018. |
First Nine Months 2019 Highlights
| • | Attendance decreased by 0.1 million guests, or 0.3%, to 17.9 million guests from the first nine months of 2018. |
| • | Total revenue increased by $8.0 million, or 0.7%, to $1.1 billion from the first nine months of 2018. |
| • | Net income increased by $57.8 million, or 103.5%, to $113.7 million from the first nine months of 2018. |
| • | Adjusted EBITDA increased by $36.3 million, or 10.8%, to $373.0 million from the first nine months of 2018. |
Other Highlights
| • | In the third quarter of 2019, the Company helped rescue over 490 animals and surpassed 36,000 total rescues over its history.
“We are pleased with the progress we have made this year towards optimizing our business and operations. While we are disappointed with our financial results in the quarter, we believe these results would have been stronger – and that we would have grown attendance, total revenue and Adjusted EBITDA – absent unusually unfavorable weather, a negative calendar shift and a significant overspend of certain marketing related expenses,” said Marc Swanson, Interim Chief Executive Officer of SeaWorld Entertainment, Inc. “In the third quarter, attendance across several of our parks, in particular in Florida, was negatively impacted by significantly more rain days when compared to the prior year. We estimate the number of weather days impacting the quarter for our Florida parks increased by almost 50% compared to the prior year quarter. Additionally, over Labor Day weekend (one of our highest attendance weekends of the year), attendance at our Florida parks was considerably impacted by Hurricane Dorian, due to its related impact on travel and visitation plans and park operating hours. We estimate the attendance impact related to Hurricane Dorian was over 90,000 visits. Also, the third quarter was negatively impacted by a calendar shift that moved one peak weekend summer day in July to a less impactful weekday day in September. In aggregate, we estimate the combination of unusually unfavorable weather and the negative calendar shift reduced our quarterly attendance by approximately 330,000 guests.”
Debt and Liquidity
As of September 30, 2019, the Company’s total leverage ratio2 as calculated under the Senior Secured Credit Facilities was 3.34 to 1.00.
One thing that always bugs me is that even though they seem to be doing better they aren't paying down their long term debt, which was reported to be $1.561B. This is up from the end of last years figure. Now their earnings per share was $1.24 which is up from the $1.10 at the same time last year, which is good. |