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NEWS
SeaWorld to cut further costs following poor first half of 2017
POSTED 08 Aug 2017 . BY Tom Anstey
SeaWorld president and CEO Joel Manby has said the company is not happy with its results for the quarter as the operator plans to further slash costs while attempting to reshape itself following several years of turmoil.

Attendance year-on-year for the quarter for SeaWorld was up by 138,000 guests, though this was as a result of the late occurring Easter break, which happened in the second quarter rather than the first.

Combined results for the first half of the year show visitor numbers down 353,000 visitors compared to the same period in 2016, which SeaWorld said was primarily concentrated at the company's SeaWorld parks in Orlando and San Diego.

"While we are making progress in key areas of our plan, we are not satisfied with our results for the quarter," said Manby. "This quarter provided us with an understanding of what is working and where we need to make adjustments.

"We are increasing our investment in national advertising to generate sufficient awareness of our brand attributes and strong new rides and attractions, developing a new national marketing campaign emphasising our distinct experiences, and reinvesting in our reputation messaging to target perceptions in key markets, particularly California. We will offset this increased advertising with additional cost reductions.”

The company says it is still on target to achieve its US$40m (€33.8m, £30.6m) net saving goal by the end of next year, with the operator “identifying additional areas for cost reduction”.

“We are committed to our capital investment strategy and will continue to invest in new rides, attractions, and festivals across our parks,” said Manby.

“At the same time, we are maintaining our rigorous cost discipline, and while we are on schedule to achieve our targeted savings by the end of 2018, we are identifying an additional US$25m (€21.2m, £19.2m) in potential savings, which we believe could be saved outright or reinvested in our marketing efforts.

In a statement, the company said the declines were driven by “the combined impact of reduced national advertising and competitive pressures”. It added that SeaWorld San Diego was further impacted by public perception issues which “resurfaced since the company reduced marketing spend on its reputation campaign”.

For the first half of the year, SeaWorld reported net losses of US$237m (€200.6m, £181.6m), though this figure includes a non-cash goodwill impairment charge – caused by a decline in the the value of its non-identifiable assets based on future earnings at SeaWorld Orlando.

Earnings before interest, tax, depreciation and amortisation (EBITDA), were US$104.2m (€88.2m, £79.9m) for the quarter, an increase of US$20.4m (€17.3m, £15.6m) on the previous year, with attendance benefiting from the shift in the timing of Easter. For the first half of the year, the company generated revenues of US$560.1m (€474m, £429.3m) – down by 5 per cent or US$31.3m (€28m, £25.4m) year-on-year, with net losses of US$66.3m (€56.2m, £50.8m).
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NEWS
SeaWorld to cut further costs following poor first half of 2017
POSTED 08 Aug 2017 . BY Tom Anstey
SeaWorld president and CEO Joel Manby has said the company is not happy with its results for the quarter as the operator plans to further slash costs while attempting to reshape itself following several years of turmoil.

Attendance year-on-year for the quarter for SeaWorld was up by 138,000 guests, though this was as a result of the late occurring Easter break, which happened in the second quarter rather than the first.

Combined results for the first half of the year show visitor numbers down 353,000 visitors compared to the same period in 2016, which SeaWorld said was primarily concentrated at the company's SeaWorld parks in Orlando and San Diego.

"While we are making progress in key areas of our plan, we are not satisfied with our results for the quarter," said Manby. "This quarter provided us with an understanding of what is working and where we need to make adjustments.

"We are increasing our investment in national advertising to generate sufficient awareness of our brand attributes and strong new rides and attractions, developing a new national marketing campaign emphasising our distinct experiences, and reinvesting in our reputation messaging to target perceptions in key markets, particularly California. We will offset this increased advertising with additional cost reductions.”

The company says it is still on target to achieve its US$40m (€33.8m, £30.6m) net saving goal by the end of next year, with the operator “identifying additional areas for cost reduction”.

“We are committed to our capital investment strategy and will continue to invest in new rides, attractions, and festivals across our parks,” said Manby.

“At the same time, we are maintaining our rigorous cost discipline, and while we are on schedule to achieve our targeted savings by the end of 2018, we are identifying an additional US$25m (€21.2m, £19.2m) in potential savings, which we believe could be saved outright or reinvested in our marketing efforts.

In a statement, the company said the declines were driven by “the combined impact of reduced national advertising and competitive pressures”. It added that SeaWorld San Diego was further impacted by public perception issues which “resurfaced since the company reduced marketing spend on its reputation campaign”.

For the first half of the year, SeaWorld reported net losses of US$237m (€200.6m, £181.6m), though this figure includes a non-cash goodwill impairment charge – caused by a decline in the the value of its non-identifiable assets based on future earnings at SeaWorld Orlando.

Earnings before interest, tax, depreciation and amortisation (EBITDA), were US$104.2m (€88.2m, £79.9m) for the quarter, an increase of US$20.4m (€17.3m, £15.6m) on the previous year, with attendance benefiting from the shift in the timing of Easter. For the first half of the year, the company generated revenues of US$560.1m (€474m, £429.3m) – down by 5 per cent or US$31.3m (€28m, £25.4m) year-on-year, with net losses of US$66.3m (€56.2m, £50.8m).
RELATED STORIES
SeaWorld names Marc Swanson as CFO


SeaWorld has named Marc Swanson as its new chief financial officer with Elizabeth Gulacsy taking up Swanson’s previous position of chief accounting officer.
Last captive orca born at SeaWorld dies


The last captive orca born under SeaWorld’s care has died after contracting what was thought to be pneumonia at its park in San Antonio, Texas.
SeaWorld reveals government subpoena requests


SeaWorld is being investigated by two US federal agencies looking into public statements by executives before and during August 2014, including comments about the controversial Blackfish documentary.
SeaWorld continues conservation focus with Rescue Coaster San Antonio debut


SeaWorld’s push for fun and meaningful experiences is continuing, with the debut of Wave Breaker: The Rescue Coaster at its San Antonio theme park.
MORE NEWS
Avant-garde artist Yayoi Kusama to open eponymous museum in Tokyo
A new website has announced the opening of the Yayoi Kusama Museum, in Tokyo, Japan.
DCMS introduces £15m cultural regeneration fund as part of Great Exhibition of the North
Culture and tech projects in the North of England will soon be able to bid for a slice from a £15m (US$19.3m, €16.5m) funding pie, with a new fund established to help build a lasting regional legacy for the Great Exhibition of the North.
Pezo von Ellrichshausen and Felice Varini design Hull public pavilion for UK City of Culture 2017
Swiss artist Felice Varini and the Chilean architecture practice Pezo von Ellrichshausen have been commissioned to design an ambitious temporary outdoor structure in the historic heart of Hull, UK.
Tech start up Neurable creates world's first brain-controlled VR system
Tech startup Neurable has taken virtual reality to the next level, creating computer interfaces for the brain to allow users to control the technology using only the power of their minds.
More news>
LATEST JOBS
Project Delivery Officer
Hull Culture and Leisure
Salary: £17,072 - £18,070
Location: Hull, United Kingdom
Leisure Marketing Manager
Hull Culture and Leisure
Salary: 30,785 - £33,437
Location: Hull, United Kingdom
Head of Site - RHS Garden Wisley
Royal Horticultural Society
Salary: circa £70,000
Location: Wisley, United Kingdom
Visitor Experience and Operations Manager
National Trust
Salary: £30,507 pa
Location: Shrewsbury, United Kingdom
Estates and Properties Manager
Paultons Park
Salary: Excellent salary and benefit package
Location: Romsey, United Kingdom
Visitor Services Manager
Raby Castle
Salary: Competitive
Location: Darlington, United Kingdom



 
 
ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2017

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NEWS
SeaWorld to cut further costs following poor first half of 2017
POSTED 08 Aug 2017 . BY Tom Anstey
SeaWorld president and CEO Joel Manby has said the company is not happy with its results for the quarter as the operator plans to further slash costs while attempting to reshape itself following several years of turmoil.

Attendance year-on-year for the quarter for SeaWorld was up by 138,000 guests, though this was as a result of the late occurring Easter break, which happened in the second quarter rather than the first.

Combined results for the first half of the year show visitor numbers down 353,000 visitors compared to the same period in 2016, which SeaWorld said was primarily concentrated at the company's SeaWorld parks in Orlando and San Diego.

"While we are making progress in key areas of our plan, we are not satisfied with our results for the quarter," said Manby. "This quarter provided us with an understanding of what is working and where we need to make adjustments.

"We are increasing our investment in national advertising to generate sufficient awareness of our brand attributes and strong new rides and attractions, developing a new national marketing campaign emphasising our distinct experiences, and reinvesting in our reputation messaging to target perceptions in key markets, particularly California. We will offset this increased advertising with additional cost reductions.”

The company says it is still on target to achieve its US$40m (€33.8m, £30.6m) net saving goal by the end of next year, with the operator “identifying additional areas for cost reduction”.

“We are committed to our capital investment strategy and will continue to invest in new rides, attractions, and festivals across our parks,” said Manby.

“At the same time, we are maintaining our rigorous cost discipline, and while we are on schedule to achieve our targeted savings by the end of 2018, we are identifying an additional US$25m (€21.2m, £19.2m) in potential savings, which we believe could be saved outright or reinvested in our marketing efforts.

In a statement, the company said the declines were driven by “the combined impact of reduced national advertising and competitive pressures”. It added that SeaWorld San Diego was further impacted by public perception issues which “resurfaced since the company reduced marketing spend on its reputation campaign”.

For the first half of the year, SeaWorld reported net losses of US$237m (€200.6m, £181.6m), though this figure includes a non-cash goodwill impairment charge – caused by a decline in the the value of its non-identifiable assets based on future earnings at SeaWorld Orlando.

Earnings before interest, tax, depreciation and amortisation (EBITDA), were US$104.2m (€88.2m, £79.9m) for the quarter, an increase of US$20.4m (€17.3m, £15.6m) on the previous year, with attendance benefiting from the shift in the timing of Easter. For the first half of the year, the company generated revenues of US$560.1m (€474m, £429.3m) – down by 5 per cent or US$31.3m (€28m, £25.4m) year-on-year, with net losses of US$66.3m (€56.2m, £50.8m).
RELATED STORIES
SeaWorld names Marc Swanson as CFO


SeaWorld has named Marc Swanson as its new chief financial officer with Elizabeth Gulacsy taking up Swanson’s previous position of chief accounting officer.
Last captive orca born at SeaWorld dies


The last captive orca born under SeaWorld’s care has died after contracting what was thought to be pneumonia at its park in San Antonio, Texas.
SeaWorld reveals government subpoena requests


SeaWorld is being investigated by two US federal agencies looking into public statements by executives before and during August 2014, including comments about the controversial Blackfish documentary.
SeaWorld continues conservation focus with Rescue Coaster San Antonio debut


SeaWorld’s push for fun and meaningful experiences is continuing, with the debut of Wave Breaker: The Rescue Coaster at its San Antonio theme park.
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2017

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS