SeaWorld swings to third-quarter loss as attendance plummets

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SeaWorld Entertainment Inc. swung to a loss for the September quarter as the Covid-19 pandemic continued suppressing attendance at its parks, three of which reopened during the period.

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SEAWORLD PERMANENTLY CUTS NEARLY 1,900 ALREADY FURLOUGHED EMPLOYEES

The Orlando, Fla.-based amusement-park company on Thursday posted a loss of $79.2 million for the third quarter, or $1.01 a share, compared with a profit of $98 million, or $1.24 a share, in the same period last year. Analysts polled by FactSet were expecting losses of 83 cents a share.

Revenue fell 78% to $106.1 million. Analysts were looking for $99.1 million.

A dolphin trainer wearing a face mask performs at SeaWorld San Antonio in Texas on June 19, 2020. (Photo by Lie Ma/Xinhua via Getty) (Xinhua/Ma Lie via Getty Images)

Attendance fell 80% to 1.6 million guests for the quarter. Admissions revenue per person rose 22% to $40.39. In-park spending per person rose 8.9% to $27.55.

The company's 10 of 12 parks were operating at the end of September, said Marc Swanson, SeaWorld's interim chief executive.

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The company in September laid off some of the park and corporate employees it furloughed earlier this year, joining companies that are making their job reductions permanent as they reassess staffing plans and settle in for a long period of uncertainty during the Covid-19 pandemic.

SeaWorld had a liquidity of about $800 million as of Sept. 30, it said.

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