SeaWorld Entertainment Inc. (SEAS) Wednesday reported a narrower loss for the first quarter, on higher revenues as the company benefited from an increase in guest attendance.
SeaWorld, which made its debut on the NYSE last month, operates as a theme park and entertainment company. It owns or licenses a portfolio of brands including SeaWorld, Shamu and Busch Gardens.
The Orlando, Florida-based company posted quarterly net loss of $40.4 million or $0.49 per share, compared with net loss of $45 million or $0.55 per share last year.
Revenues for the quarter rose 12 percent to $238.6 million from $212.4 million a year ago.
Results reflect a 10 percent increase in total revenue per capita - defined as total revenue divided by total attendance - as the company benefited from the ongoing execution of its pricing and yield management strategies. Attendance was up 2 percent at 3,418 thousand.
For fiscal year of 2013, the company expects revenues of $1.46 billion to $1.49 billion.
In April, SeaWorld Entertainment closed its Initial Public Offering of 29.9 million shares of common stock at $27 per share and got listed on the NYSE.
On Wednesday, the company's stock closed at $37.73, down 1.00%, on a volume of 450 thousand shares. In after hours, the stock dropped $0.73 or 1.93%.
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