To Our Shareholders
It is an honor to write my first shareholder letter as SeaWorld Entertainment’s new President and Chief Executive Officer.
I have worked in the theme park business for nearly 20 years, so I know how great this Company is, and it is a privilege to lead this team. We operate some of the industry’s best theme parks. Our operations, animal care and guest service are world-class. And, just as they have for more than 50 years, millions of guests continue to visit our parks every year, not only to have fun, but to learn about and connect with our animals and the natural world we share.
My job now is to build on that foundation while consistently improving and innovating in a competitive environment. I look forward to leading our outstanding team as we build on our strategy and position the Company for the future.
Clearly, 2014 did not meet our expectations and was not without its challenges. Despite these head winds, I know that our entire team continues to focus on creating personal, educational and memorable experiences that appeal to our guests.
In 2014, we paid more than $72 million in dividends and repurchased $66 million of our own stock. In fact, since the initial public opening two years ago, SeaWorld Entertainment, Inc. has delivered more than $200 million in value to our shareholders through dividends and share repurchases. Furthermore, under our current Board authorization, we have $235 million available for future share repurchases.
In the fourth quarter, we saw early signs of progress with a sequential improvement in attendance trends from the previous quarter. As we move into 2015, we have launched our new national marketing and reputation campaigns. We remain vigilant in our support of the SeaWorld brands, communicating the facts, which are on our side. At our parks, we will continue to introduce innovative new attractions and exciting new events – experiences I believe our guests will love.
With the early signs of improvement in business trends, our new marketing and reputation initiatives and great new guest experiences and attractions, we feel a sense of momentum. We look forward to building on it as 2015 progresses.
Sincerely,
Joel Manby,
President and Chief Executive Officer