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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).
MORE NEWS
National Aquarium worth more than US$450m to Maryland’s economy, study shows
The National Aquarium in Baltimore, Maryland, is the catalyst for US$455m (€386m, £345m) in economic activity across the state every year, a new study has shown.
IAAPA 2017: Brass Ring winners announced
IAAPA has announced its winners for this year’s Brass Ring Awards, recognising a number of companies at the annual IAAPA expo for their achievements in excellence across different parts of the industry.
Shaun the Sheep gets foothold in Japan's attractions market
Aardman has opened two Shaun the Sheep Family Farms in Japan, with one in Osaka and one in the east coast city of Sendai, Miyagi Prefecture.
IAAPA 2017: Creative force behind 'Star Wars: Galaxy's Edge' reveals details of immersive Disney project
Scott Trowbridge, the Disney Imagineer leading the creative vision for its Star Wars-themed projects, has revealed details of the operator’s planned Galaxy’s Edge lands, coming to California and Orlando in 2019.
More news>
LATEST JOBS
Chief Executive
Bristol Zoological Society
Salary: Competitive
Location: Bristol, United Kingdom
Visitor Experience and Site Support Manager
Woburn Safari Park
Salary: Competitive
Location: Woburn, United Kingdom
Head of Marketing
Blackpool Tower
Salary: Competitive
Location: Blackpool, United Kingdom
Centre Assistants - Lee Valley VeloPark
Vibrant Partnerships
Salary: Competitive Hourly Rate
Location: Olympic Park, London
Heritage Capital Project Manager
Tees Valley Combined Authority
Salary: £45,994 - £48,645 per annum
Location: Stockton-on-Tees, United Kingdom
Retail Operations Manager
Crealy Great Adventure Park and Resort
Salary: Up to £30,000 pa
Location: Exeter, United Kingdom



 
 
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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).
 


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