SeaWorld Entertainment (SEAS) Boosts Share Buyback Authorization by $158M to $250M Total

SeaWorld Entertainment, Inc. (NYSE: SEAS) repurchased approximately 3.65 million shares of common stock at a total cost of approximately $98.0 million during the fourth quarter. The Company's Board of Directors approved a replenishment of $158.0 million to its existing share repurchase authorization to bring the total authorization to $250.0 million.

Share Repurchases

During the fourth quarter of 2018, the Company repurchased approximately 3.65 million shares of common stock at a total cost of approximately $98.0 million. All of the repurchased common stock were held as treasury shares at December 31, 2018. As of December 31, 2018, the Company had approximately $92.0 million available for future repurchases under a previously authorized share repurchase program. On February 22, 2019, the Company's Board of Directors approved a replenishment to its share repurchase program of $158.0 million, bringing the total authorized repurchase amount to $250.0 million. The number of shares to be purchased and the timing of purchases will be based on the Company's trading windows and available liquidity, general business and market conditions and other factors including legal requirements and alternative opportunities.

"We are pleased with our strong fourth quarter and full year financial performance," said John Reilly, Chief Operating Officer of SeaWorld Entertainment, Inc. "Throughout the fourth quarter and fiscal year, we have been focused on improving our execution with more effective pricing strategies, enhanced marketing and communications initiatives and the introduction of more compelling new rides, attractions and events. These efforts have led to strong attendance and revenue growth on a quarterly and annual basis. Throughout the year, we have also increased our focus and efforts to identify and execute on cost savings initiatives and efficiencies that have contributed to improved margins and increased profitability. We believe there are significant additional opportunities to further improve and enhance our execution and to identify and execute on additional cost savings and efficiencies that will drive strong revenue and profitability in 2019."

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