ORLANDO, Fla., Sept. 19, 2016 /PRNewswire/ -- The Board of
Directors of SeaWorld Entertainment, Inc. (NYSE: SEAS) (the
"Board") today declared a cash dividend of $0.10 per share of common stock, payable on
October 7, 2016 to shareholders of
record at the close of business on September
29, 2016. This cash dividend was reduced from the company's
previous quarterly dividend declarations of $0.21 per share of common stock. The company
expects to redeploy this additional capital to shareholders by
opportunistically repurchasing the company's shares in the open
market during the remainder of 2016. The Board has also decided to
suspend the company's quarterly dividend subsequent to this
dividend declaration.
"We believe our 5-point strategy to stabilize the business to
drive sustainable growth is taking hold, and we are optimistic
about SeaWorld's long-term future. After careful and thorough
deliberation, the Board has determined that, consistent with the
financial discipline pillar of the company's strategy, the best way
to support the long-term development of the business and deliver
value to shareholders is to suspend future dividends at this time.
Doing so will give us the greatest flexibility to deploy capital to
the opportunities that offer the greatest long term returns to our
shareholders. In the near-term, we believe that returning capital
from the current reduced dividend payment by opportunistically
buying back SeaWorld shares, offers the best return to
shareholders. In the longer term, we will remain disciplined and
regularly assess our allocation of capital," said Joel Manby, President and Chief Executive
Officer of the company.
As of September 19, 2016, the
company had approximately $190.0
million available for future share repurchases under its
$250.0 million program authorized by
the Board in 2014. The number of shares to be purchased and the
timing of purchases will be based on business and market
conditions, debt covenant restrictions and other factors.
About SeaWorld Entertainment, Inc.
SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme
park and entertainment company providing experiences that matter,
and inspiring guests to protect animals and the wild wonders of our
world. The company is one of the world's foremost zoological
organizations and a global leader in animal welfare, training,
husbandry and veterinary care. The company collectively cares for
what it believes is one of the largest zoological collections in
the world and has helped lead advances in the care of animals. The
company also rescues and rehabilitates marine and terrestrial
animals that are ill, injured, orphaned or abandoned, with the goal
of returning them to the wild. The SeaWorld® rescue team
has helped more than 28,000 animals in need over the last 50
years.
SeaWorld Entertainment, Inc. owns or licenses a portfolio of
recognized brands including SeaWorld, Busch Gardens® and
Sea Rescue®. Over its more than 50-year history, the
company has built a diversified portfolio of 12 destination and
regional theme parks that are grouped in key markets across
the United States, many of which
showcase its one-of-a-kind zoological collection of over 800
species of animals. The company's theme parks feature a diverse
array of rides, shows and other attractions with broad demographic
appeal which deliver memorable experiences and a strong value
proposition for its guests.
Copies of this and other news releases as well as additional
information about SeaWorld Entertainment, Inc. can be obtained
online at www.seaworldentertainment.com. Shareholders and
prospective investors can also register to automatically receive
the company's press releases, SEC filings and other notices by
e-mail by registering at that website.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, which are subject to the "safe harbor" created
by those sections. These forward-looking statements, which are
identified by words such as "may," "expects," "future," "believe,"
and "forward," are subject to a number of risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements contained in this press release,
including the company's inability to repurchase shares in the open
market; a decline in discretionary consumer spending or consumer
confidence; various factors beyond management's control adversely
affecting attendance and guest spending at the company's theme
parks; and other risks, uncertainties and factors set forth in the
section entitled "Risk Factors" in the company's most recent Annual
Report on Form 10-K and in subsequent reports, including the
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
that the company files or furnishes with the Securities and
Exchange Commission. The company's filings with the SEC are
available from the SEC's EDGAR database at www.sec.gov and
via the company's website at
www.seaworldentertainment.com.
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SOURCE SeaWorld Entertainment, Inc.