SeaWorld to Suspend Quarterly Dividend
September 19 2016 - 6:00PM
Dow Jones News
Embattled SeaWorld Entertainment Inc. said Monday it will
suspend its quarterly dividend after paying out a final, lowered
installment to shareholders on Oct. 7.
The theme-park operator, which has battled animal-rights
activists over the treatment of killer whales, also known as orcas,
and has said it will eventually phase the signature animals out of
its parks, said the money saved on dividend payments will be
instead used to repurchase shares.
SeaWorld stock fell 9.4% after hours to $11.50. Over the past 12
months, shares of the company have fallen 28%.
As of Monday, the company had about $190 million available for
future share repurchases under its $250 million program authorized
in 2014.
The dividend, slashed to 10 cents from its previous 21-cent
level, will be available to shareholders of record on Sept. 29.
Earlier this year, SeaWorld said it would stop breeding killer
whales and cease its theatrical shows featuring them, as heavy
public scrutiny in recent years hurt attendance. Still, the company
owns many of the whales, which usually live around 50 years.
SeaWorld has navigated turbulent waters, which included the release
of "Blackfish," a 2013 documentary that claims killer whales suffer
in captivity. Attendance at SeaWorld's theme parks slid 7.9% from
2012 to 2015.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
September 19, 2016 17:45 ET (21:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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