ORLANDO, Fla., Feb. 21, 2017 /PRNewswire/ -- SeaWorld
Entertainment, Inc. (NYSE: SEAS), a leading theme park and
entertainment company that owns and operates twelve theme parks,
today reported, in connection with a potential debt refinancing
transaction, certain preliminary estimated unaudited financial
information for the fiscal year ended December 31, 2016. Investors are cautioned that
these estimates are preliminary in nature and based only upon
information available to the company as of the date of this
release. The company has not yet completed its financial closing
procedures for the fiscal year ended December 31, 2016, and these estimates have not
been audited or verified by the company's independent auditors.
Accordingly, such preliminary financial and operating data may
change, and such changes may be material. Therefore, investors are
cautioned not to place undue reliance on these estimates.
Full Year 2016 Preliminary Results
The company estimates that for the year ended December 31, 2016:
- Total revenues are expected to be $1.344
billion.
- Total attendance was approximately 22.0 million guests in
2016.
"In the fourth quarter, we continued to execute against our five
point strategic plan, and we are encouraged to see the continued
positive results of our efforts. We look forward to communicating
more specifics during our earnings call next week, once our results
are finalized, but based on our preliminary estimates, we expect to
exceed the high end of the 2016 Adjusted EBITDA[1]
guidance range provided in November
2016," said Joel Manby,
President and Chief Executive Officer of SeaWorld Entertainment,
Inc. "We are also exploring a possible debt refinancing transaction
in order to improve our capital structure by extending maturities
and improving certain other terms of our debt."
Fourth Quarter and Year End 2016 Earnings Release Date and
Conference Call Information
The company previously announced that it will release its fourth
quarter and year end 2016 financial results before the market opens
on Tuesday, February 28, 2017. In
conjunction with the release, the company has scheduled a
conference call, which will be broadcast live over the internet, on
Tuesday, February 28, 2017 at
9 a.m. Eastern Time. The release and
the conference call can be accessed beginning on February 28, 2017 via the company's website at
www.seaworldentertainment.com by clicking on the Investor
Relations link located on the upper right-hand corner of that
page.
For those unable to participate in the live webcast, a replay
will be available beginning at 12 p.m.
Eastern Time on February 28,
2017 via the Investor Relations section of
www.seaworldentertainment.com. The webcast replay will be
available until the company's fourth quarter and year end 2017
earnings conference call. A replay of the call can also be accessed
telephonically from 12 p.m. Eastern
Time on February 28, 2017
through 11:59 p.m. Eastern Time on
March 14, 2017 by dialing (855)
859-2056 from anywhere in the U.S. or (404) 537-3406 from
international locations, and entering conference code 47938719.
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 29,000 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. 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 relating to estimates and
future results (including certain preliminary results, projections
and business trends) 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. The company generally uses the words such as "might,"
"will," "may," "should," "estimates," "expects," "continues,"
"contemplates," "anticipates," "projects," "plans," "potential,"
"predicts," "intends," "believes," "forecasts," "future",
"guidance", "targeted," "further," "appropriate," "preliminary,"
and variations of such words or similar expressions in this press
release and any attachment to identify forward-looking statements.
In particular, the company has provided ranges, rather than
specific amounts, for the preliminary results described above
primarily because its financial closing procedures for the year
ended December 31, 2016 are not yet
complete. All statements, other than statements of historical facts
included in this press release, including statements concerning
estimates, preliminary financial information and results, plans,
objectives, goals, expectations, beliefs, business strategies,
future events, business conditions, results of operations,
financial position, business outlook, earnings guidance, business
trends and other information are forward-looking statements. The
forward-looking statements are not historical facts, and are based
upon current expectations, estimates and projections, and various
assumptions, many of which, by their nature, are inherently
uncertain and beyond management's control. All expectations,
beliefs, estimates and projections are expressed in good faith and
the company believes there is a reasonable basis for them. However,
there can be no assurance that management's expectations, beliefs,
estimates and projections will result or be achieved and actual
results may vary materially from what is expressed in or indicated
by the forward-looking statements.
These forward-looking statements are subject to a number of
risks, uncertainties and other important factors, many of which are
beyond management's control, that could cause actual results to
differ materially from the forward-looking statements contained in
this press release, including among others: a decline in
discretionary consumer spending or consumer confidence; various
factors beyond management's control adversely affecting company
performance, attendance and guest spending at the company's theme
parks, including the potential spread of contagious diseases; any
risks affecting the markets in which the company operates, such as
natural disasters, severe weather and travel-related disruptions or
incidents; the loss of key personnel, including members of the
company's senior management team; increased labor costs and
employee health and welfare benefits; complex federal and state
regulations governing the treatment of animals, which can change,
and claims and lawsuits by activist groups; incidents or adverse
publicity concerning the company's theme parks; any adverse
judgments or settlements resulting from legal proceedings; cyber
security risks and the failure to maintain the integrity of
internal or guest data; inability to protect the company's
intellectual property or the infringement on intellectual property
rights of others; risks associated with the company's cost
optimization program, capital allocation plans, share repurchases
and financing transactions; and other risks, uncertainties and
factors set forth in the section entitled "Risk Factors" in the
company's most recently available Annual Report on Form 10-K, as
such risks, uncertainties and factors may be updated in the
company's periodic filings with the Securities and Exchange
Commission ("SEC").
Although the company believes that these statements are based
upon reasonable assumptions, it cannot guarantee future results and
readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's opinions
only as of the date of this press release. There can be no
assurance that (i) the company has correctly measured or identified
all of the factors affecting its business or the extent of these
factors' likely impact, (ii) the available information with respect
to these factors on which such analysis is based is complete or
accurate, (iii) such analysis is correct or (iv) the company's
strategy, which is based in part on this analysis, will be
successful. Except as required by law, the company undertakes no
obligation to update or revise forward-looking statements to
reflect new information or events or circumstances that occur after
the date of this press release or to reflect the occurrence of
unanticipated events or otherwise. Readers are advised to review
the company's filings with the SEC (which are available from the
SEC's EDGAR database at www.sec.gov and via the company's
website at www.seaworldentertainment.com).
[1] Adjusted EBITDA is a non-GAAP financial
measure defined as net income (loss) before income tax expense,
interest expense, depreciation and amortization, as further
adjusted to exclude certain non-cash, and other items permitted in
calculating covenant compliance under the credit agreement
governing the company's Senior Secured Credit Facilities.
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SOURCE SeaWorld Entertainment, Inc.