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SEAWORLD IS TANKING

Myles UdlandNov 12, 2014, 18:32 IST

SeaWorld just reported third quarter net income that fell 28% from the prior year and now its stock is tanking.

In pre-market trade on Monday, shares of the theme park operator were down more than 6%.

In the third quarter, SeaWorld reported net income of $87.2 million, down from $120.7 million in the prior year. Earnings per share totaled $1.00, down from $1.34 a year ago and missing expectations for $1.13.

Attendance at SeaWorld's parks also declined year-over-year, with attendance in the third quarter totaling 8.4 million visitors, down from 8.9 million a year ago.

In a statement, SeaWorld CEO Jim Atchison said, "Consistent with the update we provided in August, the attendance trends the Company experienced in the latter part of the second quarter continued into the third quarter. Clearly 2014 has been a challenging year, but I am confident we are taking the necessary steps to address our near term challenges and position the Company to deliver value over the long term."

More to come ...