SeaWorld Entertainment, Inc. Announces Record Performance
ORLANDO, Fla., Jan. 13, 2014 /PRNewswire/ -- SeaWorld Entertainment, Inc. (NYSE: SEAS) today announced preliminary revenue results for fiscal year 2013. The results are subject to completion of the Company's audit procedures.
Driven by record fourth quarter total attendance at the Company's SeaWorld-branded parks in Orlando, Fla., San Diego, Calif. and San Antonio, Texas, total revenue for 2013 is expected to be approximately $1.46 billion which would represent a full-year record for the Company in its 50-year operating history.
Additionally, the Company reaffirmed its full-year 2013 Adjusted EBITDA guidance range of $432 million to $442 million. Final earnings anywhere within the guidance range also would represent a full-year record for the Company.
"We are very pleased with our fourth quarter performance, particularly for the SeaWorld-branded parks in Orlando and San Diego, which helped us to achieve record revenue for the year," said Jim Atchison, President and Chief Executive Officer of the Company.
The Company expects to release final fourth quarter and fiscal year 2013 results in March 2014.
"In addition to the great holiday events that proved so popular last month, we have launched our year-long celebration of SeaWorld's 50th Anniversary. The success of the SeaWorld parks in 2013 suggests that the extraordinary experience offered in these parks is as meaningful today as at any point in our history," Atchison said. "But as strong as last year was for us, we are looking forward to another great year in 2014."
The fourth quarter also saw several other notable events for the Company, including Standard and Poor's upgrade of the Company's corporate credit rating as well as the completion of an underwritten secondary offering by the selling stockholders affiliated with The Blackstone Group L.P. of 18 million shares of the Company's common stock and the concurrent repurchase by the Company of 1.5 million shares of the Company's common stock directly from such selling stockholders.
In addition to noteworthy financial performance, Atchison said the Company also achieved a different kind of milestone in 2013: The Company's stranded animal rehabilitation program passed the 23,000-rescue mark late last year.
