SeaWorld loss doubles after $32M legal bill
SeaWorld agreed to settle a legal claim over fallout from a documentary film
SeaWorld Entertainment Inc. reported a wider fourth-quarter loss as legal-settlement expenses weighed on its results, though sales rose and attendance ticked up.
The theme-park operator on Wednesday posted a loss of $24.18 million, or 31 cents a share, more than double last year's loss of $11.05 million, or 13 cents a share. Analysts polled by FactSet were looking for earnings of 3 cents a share.
SEAWORLD TO PAY $65M TO SETTLE CLAIMS IT LIED ABOUT 'BLACKFISH' IMPACT
The company said its net loss includes a legal-settlement charge, net of insurance recoveries, of about $32.1 million.
SeaWorld this month said it would pay $65 million to settle claims that it violated securities laws by not being upfront with investors about the effect a critical documentary film had on its business.
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Sales rose to $298 million from $280 million in the prior year. Analysts were expecting $289 million. The company had $63.42 in revenue per visitor, compared with $60.88 in the year-ago period.
During the quarter, 4.7 million people visited SeaWorld facilities, up 2.2% from the year earlier.
SeaWorld in November tapped Sergio Rivera, the former president and chief executive of ILG Inc.'s vacation-ownership segment, as its new leader.