Orcas increased SeaWorld loss to 84 million
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Loss is related to the disposal of the deep-water lifting floors removed from each of the orca habitats.
The company reported a net loss of $84 million, or $1.00 per diluted share, and an Adjusted Net Loss of $46.9 million, or $0.56 per diluted share, in the first quarter of 2016.
This compares to a net loss of $43.6 million, or $0.51 per diluted share, and an Adjusted Net Loss of $43.5 million, or $0.51 per diluted share in the first quarter of 2015.
The increase in net loss was primarily a result of accelerated depreciation related to the disposal of the deep-water lifting floors which were removed from each of the orca habitats in the first quarter of 2016, and incremental equity compensation expense related to the company's performance shares.
Net cash provided by operating activities was $32.2 million in the first quarter of 2016 compared to $37.7 million in the prior year first quarter.
Total revenue per capita was relatively flat at $66.80 in the first quarter of 2016 compared to $66.77 in the prior year first quarter. Admission per capita decreased by 2.5% to $41.53 in the first quarter of 2016 from $42.58 in the prior year first quarter, primarily due to the impact of an unfavorable park attendance mix and fewer international guests compared to the prior year first quarter.
In-park per capita spending increased by 4.5% to $25.27 in the first quarter of 2016, from $24.19 in the prior year first quarter, primarily due to increased sales of the company's in-park products, such as all day dining packages and front of the line Quick Queue access.
Attendance in the first quarter increased by approximately 83,000 guests, or 2.6%, and included approximately 33,000 in attendance related to the separate gate for Aquatica San Antonio, which opened in March 2016.
Excluding the impact of this separate gate, attendance improved primarily due to the impact of an earlier Easter holiday along with additional operating days for the company's Virginia park, but was largely offset by an overall decline in attendance at the company's Florida park locations.
The decrease in attendance in Florida was a result of a decline in international attendance, particularly a reduction in guests traveling from Latin America, adverse weather impacts due to uncharacteristically wet weather in January and a decline in passholder attendance at its SeaWorld Orlando park resulting from less discounting on season pass products when compared to the first quarter of 2015. ■