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SeaWorld Has Setback In 2nd Quarter

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ORLANDO (CBSMiami/AP) — Despite attendance declines and other setbacks in the Spring, Orlando-based SeaWorld says it expects to meet its year end financial targets.

The company fell well short of profit and revenue expectations for the second quarter and shares slumped 6 percent before the market opened Thursday. Shares have fallen 37 percent over the past year.

SeaWorld has been trying to recover from the 2013 documentary film "Blackfish" that suggested the treatment of captive orcas provokes violent behavior. Park attendance dropped after the release of the documentary.

The company launched a marketing campaign in response featuring the orca's keepers, who say that the animals are treated well and live just as long as they do in the wild. The company also cut prices to lure more people to its parks and that has cut into the revenue it books per visitor.

SeaWorld officials cited heavy rain in Texas and "brand challenges" in California for the poor attendance numbers. It said it saw strength at its park in Orlando. The timing of the Easter holiday, high season for amusement parks, also hurt its comparison to last year's second quarter. Overall attendance fell 1.6 percent from last year's second quarter.

The company reported second-quarter profit of $5.8 million, or 7 cents per share, down from $37.4 million a year earlier.

Earnings, adjusted for one-time gains and costs, came to 22 cents per share, well below the per-share earnings of 40 cents that Wall Street had expected, according to a survey by Zacks Investment Research.

Revenue was $391.6 million, also missing Street forecasts for $397 million.

Shares of SeaWorld Entertainment Inc. fell $1.01, to $16.39 in premarket trading.

(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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