Theme park operator SeaWorld's shares sink after forecast cut
Aug 13 (Reuters) - SeaWorld Entertainment Inc's shares lost nearly a third of their value on Wednesday after the theme park operator slashed its full-year revenue and adjusted EBITDA forecast.
The company, which also reported lower-than-expected second-quarter profit and revenue, said it expects revenue to decline 6-7 percent this year.
The company reported revenue of $1.46 billion last year. It previously forecast full-year revenue of $1.49 billion-$1.52 billion, which translates to 2-4 percent growth.
SeaWorld said it expects adjusted EBITDA (earnings before interest, tax, depreciation and amortization) to fall 14-16 percent from previous forecast of $450-$465 million.
The company's stock, which fell as much as 31 percent to an all-time low of $19.50, was the top percentage loser on the New York Stock Exchange. Up to Tuesday's close, the stock had lost about 8 percent since its debut in April last year.
Walt Disney Co's theme park business, the largest in the world, last week reported an 8 percent rise in quarterly sales, helped by higher attendance and guest spending.
SeaWorld said sales fell 1.5 percent in the second quarter ended June 30 to $405.2 million, hurt by a 1.8 percent decline in per capita guest spending as it increased promotional offerings.
Attendance rose 0.3 percent, helped by a late Easter this year and favorable weather in the quarter, but admission per capita decreased by 2.5 percent to $37.9 million.
The company defines admission per capita as admissions revenue divided by total attendance.
Net income was $37.3 million, or 43 cents per share, compared with a net loss of $15.9 million, or 18 cents per share, a year earlier.
Analysts on average had expected SeaWorld to post a profit of 59 cents per share on sales of $445.3 million, according to Thomson Reuters I/B/E/S. (Reporting by Shailaja Sharma in Bangalore; Editing by Maju Samuel)
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