SeaWorld lowers revenue forecast after reporting sales decline
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Filing in Focus: SeaWorld Entertainment 8-K, August 13, 2013
SeaWorld Entertainment, Inc. (SEAS) announced its financial results for the first half of 2013, reporting a revenue increase of 2%, or $11.6M, to $649.9M over the same period last year. SeaWorld projects full-year revenues between $1.45B and $1.48B, a slight decrease in its earlier reported forecast in May between $1.46B and $1.49B. Second quarter sales fell 3.4% to $411.3M and earnings per share fell similarly to $0.41 per share from $0.47 per share a year earlier. SeaWorld attendance fell 9% in second quarter to 6.6 million guests, which the company attributes to higher ticket prices and the Easter holiday that fell inside of first quarter this year. CEO Jim Atchison remained optimistic, stating the business fundamentals are very strong and that adverse weather patterns are, and will continue to be, a challenge the company will have no problem dealing with.