SeaWorld Entertainment Inc (NYSE:SEAS) chief executive Joel Manby has stepped down from his role with immediate effect as the animal theme park operator continues to struggle with flagging revenues and visitor numbers.
Manby, who has been at the helm since 2015, will be replaced by chief parks operations officer John Reilly on an interim basis while the company looks for a permanent successor.
Whoever takes on the job full-time will be tasked improving attendance as well as the public’s perception of SeaWorld, both of which have taken a hit since the anti-captivity documentary Blackfish was released almost five years ago.
Visitor numbers dropped almost 3% in the three months ended December 31, according to the latest earnings report released on Tuesday.
Net losses at the theme park group widened to US$20.4mln, or 24 cents a share, in the fourth quarter, compared to US$11.9mln, or 14 cents a share, in the year-ago period. Analysts had expected a per-share loss of 19 cents.
Revenues also fell 0.8% to US$265.5mln, but that was better than Wall Street predictions of US$259.0mln. Revenue per capita also beat estimates, rising 2% to US$62.3mln.
Annual losses widened to US$202.4mln, or US$2.36 per share. Revenue was US$1.26bn.
“We are encouraged by the improvements we saw in the business in the fourth quarter,” said interim chief executive John Reilly.
“Looking ahead to 2018 we are excited to see positive trends. Year-to-date attendance and season pass sales to date have increased year-over-year, led by our SeaWorld San Diego park which is rebounding from a difficult 2017.”
SeaWorld has been investing in new rides and attractions at its parks - including its flagship Orlando site. Towards the end of last year it axed 350 jobs in a bid to keep costs under control, while it also launched a media campaign to showcase its animal protection efforts.
The stock was unchanged at US$15.74 in pre-market trading.