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NEWS
SeaWorld profits down 84 per cent in latest earnings report
POSTED 07 Aug 2015 . BY Tom Anstey
SeaWorld says the expense of its multi-million dollar PR campaign is why Q3 earnings are so low Credit: Shutterstock.com
SeaWorld has attributed an 84 per cent drop in profits to its ongoing PR push as the company tries to repair its damaged reputation.

SeaWorld has been struggling to restore its reputation, tarnished by the 2013 documentary Blackfish, which alleged an orca at the attraction killed its trainer because it was traumatised by its living conditions. As a result, the company’s stock value plummeted, attendance lagged and sponsors withdrew their support for the company.

SeaWorld hasn’t sat back however, launching a massive marketing push, known as the Truth Campaign, to rehabilitate its name and reputation. SeaWorld is also planning to build significantly larger enclosures to improve its whales lives at the cost of several hundred million dollars.

The company reported Q2 profits of US$5.8m (€5.3m, £3.7m), down from an operating profit of US$37.4m (€34.2m, £24.1m) for the same period in 2014. Total revenues for the three months ended 30 June were US$391.6m (€362.7m, £255.2m), down from US$405.2m (€371m, £261.1m) in 2014.

The expense of its multi-million dollar PR campaign, says SeaWorld, is what resulted in the Q3 earnings coming in so low.

While income is down significantly, attendance is actually slightly up on 2014 for the first six months of the year in its Florida parks, while overall attendance across its 11 theme parks has declined by around 2 per cent – a drop of around 100,000 people. Share prices have also risen 4 per cent since the last quarter.

“We realise we have much work ahead of us to recover more of our attendance base," said new CEO Joel Manby, speaking to investors. “Fully resolving our brand challenges, specifically in California, will require sustained focus and commitment to correct misinformation.”

Manby added that the company has been adding exciting new attractions in Orlando, with a shark-themed roller coaster at SeaWorld Orlando and an Egypt-themed coaster at Busch Gardens Tampa both scheduled to open in 2016, and that he would set out his vision for the future of SeaWorld at a special event on 6 November.

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  New study says SeaWorld orcas enjoy same lifespan as wild counterparts


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  SeaWorld plans Orlando's tallest and fastest rollercoaster


SeaWorld Orlando has announced plans to build the tallest and fastest rollercoaster in the theme park capital of the world – the 200-ft-tall (61m) Mako hypercoaster.
  New SeaWorld ad campaign looks to reel in lost visitors


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  Joel Manby named new SeaWorld CEO


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News   Products   Magazine   Subscribe
NEWS
SeaWorld profits down 84 per cent in latest earnings report
POSTED 07 Aug 2015 . BY Tom Anstey
SeaWorld says the expense of its multi-million dollar PR campaign is why Q3 earnings are so low Credit: Shutterstock.com
SeaWorld has attributed an 84 per cent drop in profits to its ongoing PR push as the company tries to repair its damaged reputation.

SeaWorld has been struggling to restore its reputation, tarnished by the 2013 documentary Blackfish, which alleged an orca at the attraction killed its trainer because it was traumatised by its living conditions. As a result, the company’s stock value plummeted, attendance lagged and sponsors withdrew their support for the company.

SeaWorld hasn’t sat back however, launching a massive marketing push, known as the Truth Campaign, to rehabilitate its name and reputation. SeaWorld is also planning to build significantly larger enclosures to improve its whales lives at the cost of several hundred million dollars.

The company reported Q2 profits of US$5.8m (€5.3m, £3.7m), down from an operating profit of US$37.4m (€34.2m, £24.1m) for the same period in 2014. Total revenues for the three months ended 30 June were US$391.6m (€362.7m, £255.2m), down from US$405.2m (€371m, £261.1m) in 2014.

The expense of its multi-million dollar PR campaign, says SeaWorld, is what resulted in the Q3 earnings coming in so low.

While income is down significantly, attendance is actually slightly up on 2014 for the first six months of the year in its Florida parks, while overall attendance across its 11 theme parks has declined by around 2 per cent – a drop of around 100,000 people. Share prices have also risen 4 per cent since the last quarter.

“We realise we have much work ahead of us to recover more of our attendance base," said new CEO Joel Manby, speaking to investors. “Fully resolving our brand challenges, specifically in California, will require sustained focus and commitment to correct misinformation.”

Manby added that the company has been adding exciting new attractions in Orlando, with a shark-themed roller coaster at SeaWorld Orlando and an Egypt-themed coaster at Busch Gardens Tampa both scheduled to open in 2016, and that he would set out his vision for the future of SeaWorld at a special event on 6 November.

RELATED STORIES
New study says SeaWorld orcas enjoy same lifespan as wild counterparts


With SeaWorld currently under fire for keeping orcas in captivity, a new study has suggested that life expectancy among captive whales is the same as those born at the lagging visitor attraction.
SeaWorld plans Orlando's tallest and fastest rollercoaster


SeaWorld Orlando has announced plans to build the tallest and fastest rollercoaster in the theme park capital of the world – the 200-ft-tall (61m) Mako hypercoaster.
New SeaWorld ad campaign looks to reel in lost visitors


Struggling SeaWorld is looking to reconnect with a disillusioned audience by launching a new advertising campaign, emphasising a lasting connection between animals and people.
Joel Manby named new SeaWorld CEO


Joel Manby has been appointed the new president and CEO of SeaWorld Entertainments, amid hopes the former Herschend Enterprises president and CEO can turn around the floundering company.
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Anna Bjurstam steps down from Six Senses to build new company Wahayla
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Fairmont Cheshire, The Mere, opens with spa philosophy of ‘Wellness without Walls’
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