ORLANDO,
Fla., May 11, 2022 /PRNewswire/ -- SeaWorld
Entertainment, Inc. (NYSE: SEAS) ("SeaWorld" or the "Company"), a
leading theme park and entertainment company, announced that its
Board of Directors approved a $250.0
million share repurchase program (the "Share Repurchase
Program").
Under the Share Repurchase Program, the Company is authorized to
repurchase shares through open market purchases,
privately-negotiated transactions or otherwise in accordance with
applicable federal securities laws, including through Rule 10b5-1
trading plans and under Rule 10b-18
of the Exchange Act. The Share Repurchase Program has no time limit
and may be suspended or discontinued completely at any time. The
number of shares to be purchased and the timing of purchases will
be based on the Company's trading windows and available liquidity,
general business and market conditions, and other factors,
including legal requirements, debt covenant restrictions and
alternative investment opportunities.
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 40,000 animals in need over the Company's
history. SeaWorld Entertainment, Inc. owns or licenses a
portfolio of recognized brands including SeaWorld®,
Busch Gardens®, Aquatica®, Sesame
Place® and Sea Rescue®. Over its more than
60-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
In addition to historical
information, this press release contains statements relating to
future results (including certain projections and business trends)
that are "forward-looking statements" within the meaning of the
federal securities laws. 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," "goal" and variations of such
words or similar expressions in this press release and any
attachment to identify forward-looking statements. All statements,
other than statements of historical facts included in this press
release, including statements concerning 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: COVID-19
or any related mutations and its impact on the Company's business
and the economy in general; failure to hire and/or retain
employees; factors beyond the Company's control adversely affecting
attendance and guest spending at its theme parks, including, but
not limited to, weather, natural disasters, foreign exchange rates,
consumer confidence, the potential spread of travel-related health
concerns including pandemics and epidemics, travel related
concerns, and governmental actions; complex federal and state
regulations governing the treatment of animals, which can change,
and claims and lawsuits by activist groups before government
regulators and in the courts; activist and other third-party groups
and/or media can pressure governmental agencies, vendors, partners,
and/or regulators, bring action in the courts or create negative
publicity about us; incidents or adverse publicity concerning the
Company's theme parks, the theme park industry and/or zoological
facilities; a decline in discretionary consumer spending or
consumer confidence; risks affecting the States of Florida, California and Virginia which generate a significant portion
of the Company's revenues such as natural disasters, closures due
to pandemics, severe weather and travel-related disruptions or
incidents; seasonal fluctuations in operating results, inability to
compete effectively in the highly competitive theme park industry;
interactions between animals and the Company's employees and its
guests at attractions at its theme parks, animal exposure to
infectious disease; high fixed cost structure of theme park
operations; changing consumer tastes and preferences; cyber
security risks and failure to maintain the integrity of internal or
guest data; technology interruptions or failures that impair access
to the Company's websites and/or information technology systems;
increased labor costs, including wage increases, and employee
health and welfare benefits; inability to grow the business or fund
theme park capital expenditures, inability to realize the benefits
of developments, restructurings, acquisitions or other strategic
initiatives, and the impact of the costs associated with such
activities; inability to remediate an identified material weakness
on a timely basis; adverse litigation judgments or settlements;
inability to protect the Company's intellectual property or the
infringement on intellectual property rights of others; the loss of
licenses and permits required to exhibit animals or the violation
of laws and regulations; unionization activities and/or labor
disputes; inability to maintain certain commercial licenses;
restrictions in its debt agreements limiting flexibility in
operating the business; inability to retain the Company's current
credit ratings; the Company's leverage; inadequate insurance
coverage; inability to purchase or contract with third party
manufacturers for rides and attractions or construction delays;
environmental regulations, expenditures and liabilities; suspension
or termination of any of the Company's business licenses, including
by legislation at federal, state or local levels; delays,
restrictions or inability to obtain or maintain permits; financial
distress of strategic partners or other counterparties; tariffs or
other trade restrictions; actions of activist stockholders; the
ability of Hill Path Capital LP and its affiliates to significantly
influence its decisions; the policies of the U.S. President and his
administration or any change to tax laws; changes in the method for
determining LIBOR and the potential replacement of LIBOR may affect
its cost of capital; mandates related to COVID-19 vaccinations for
employees; changes or declines in its stock price, as well as the
risk that securities analysts could downgrade the Company's stock
or its sector; risks associated with the Company's capital
allocation plans and share repurchases, including the risk that its
share repurchase program could increase volatility and fail to
enhance stockholder value 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.seaworldinvestors.com).
CONTACT:
Investor Relations:
Matthew Stroud
Investor Relations
855-797-8625
Investors@SeaWorld.com
Media:
Lisa Cradit
SVP – Head of Communications
(646) 245-2476
Lisa.cradit@seaworld.com
Libby Panke
FleishmanHillard
(314) 719-7521
Libby.Panke@fleishman.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/seaworld-entertainment-inc-announces-share-repurchase-program-301545505.html
SOURCE SeaWorld Entertainment, Inc.