SeaWorld Entertainment $15.9 Million 2nd Quarter Loss

[Bill]

SeaWorld Entertainment Inc. reports a second quarter loss of 15.9 Million.

Article says lower than anticipated attendance (no surprise, we've been saying that all along) along with an early Easter and "bad weather" at some of the parks are to blame.

http://online.wsj.com/article/BT-CO-20130813-710649.html?mod=googlenews_wsj

 

[pandorazboxx]

Not ALL doom and gloom:

But higher ticket prices and increased food and souvenir spending helped cushion the losses, as total per-capita revenue rose 7 percent for the quarter.

Still, SeaWorld pronounced itself pleased with its results so far this year, noting that it generated record revenue of $650 million for the first six months of 2013, up 2 percent from the first half of 2012.

Orlando Sentinel

Basically, they're bringing in more money, but they're also still spending too much money.

 

[Bill]

Not ALL doom and gloom:

But higher ticket prices and increased food and souvenir spending helped cushion the losses, as total per-capita revenue rose 7 percent for the quarter.

Still, SeaWorld pronounced itself pleased with its results so far this year, noting that it generated record revenue of $650 million for the first six months of 2013, up 2 percent from the first half of 2012.

Orlando Sentinel

Well, in all fairness, every company that reports a loss looks for the silver lining. I agree that it's not all doom and gloom - otherwise they would be scrapping big things like Falcon's Fury.

But also remember - the prices on food and what not spiked since last year, at least at BGW according to a few forum members here. Certainly a price increase is at least part of the revenue increase.

 

[whispers]

And while there may be some operational issues at BGW, it really has been a very crappy weather year in Williamsburg with one week of spring break a wash out (even snow out), one day of Food and Wine canceled due to a tropical storm, and inches upon inches of rain in Williamsburg which has hurt attendance.

 

[pandorazboxx]

Did they do a park by park breakdown of operating budget sheets?

 

[Parkgoer]

Very grim report. Expecting a call today or tomorrow with some information. I will get back on here after that with what I can.

 

[netdvn]

To be fair, the park had a weather just as bad last year and the year before including a few washouts (even a washout on July 4th in 2011), a tropical storm, tornado threats, extremely hot weather, and a washout storm before the season's close during HOS. In 2011 the park was hit with an earthquake and power outage.

The park still gets its crowds. The last two weeks have been beautiful, so people have been coming in droves.

VA weather is always gonna be a bit messed up. I don't think 2013 is really that much different from previous years.

 

[Alf33]

For anyone who's interested in looking at all of the mind boggling numbers (overall figures, not by park) here's a link to their 10-Q form they filed with the SEC.
http://www.sec.gov/Archives/edgar/data/1564902/000119312513333190/d555590d10q.htm

Pg 20 is the start of some interesting financial info.

 

[SDG]

I've said it before and I will say it again. "Diminishing Returns".