Financial results and news about lawsuits dominates the latest headlines for theme park stocks SeaWorld Entertainment Inc (NYSE: SEAS), Six Flags Entertainment Corp (NYSE: SIX), Cedar Fair, L.P. (NYSE: FUN) and small cap Independent Film Development Corporation (OTCMKTS: IFLM). Moreover, all of these theme park stocks are looking pretty good either because of their news or recent performance:
SeaWorld Entertainment Seeks a Probe of OSHA Inspector for Helping Blackfish Filmmakers. SeaWorld Entertainment is still fighting to contain the fall out from film "Blackfish," accusing the official examining an orca's 2010 fatal attack on a SeaWorld trainer of ethical violations, including leaking confidential documents to filmmakers. According to Bloomberg's account of SeaWorld's complaint, investigator Lara A. Padgett attended the "Blackfish" premiere and three festivals where the movie was shown, including the Sundance Film Festival, where she stayed free of charge at a home with people involved in making the picture and walked the red carpet with the cast and crew. Despite the controversial film, SeaWorld Entertainment is up 19.6% since the start of the year and its up 2.6% for retail investors since the April IPO. Otherwise, it should be noted that SeaWorld Entertainment is scheduled to release its fourth quarter and year end 2013 financial results after the market closes on Thursday, March 13, 2014 and no doubt "Blackfish" will be a topic in the earnings call.
Six Flags Entertainment Corp Reports Record Financials Results. Six Flags Entertainment Corp, the world's largest regional theme park company with 18 parks across the United States, Mexico and Canada, announced its fourth consecutive year of record financial performance last month as full year revenue grew 4% to $1.1 billion due to higher admissions, in-park, sponsorship and accommodations revenue while annual attendance grew 2% to 26.1 million guests and season pass and membership attendance mix increased to 48% from 44% in 2012. Investors might also want to note that in the earnings call (the transcript is available here on Seeking Alpha), the Chairman/CEO said:
As you think about the land we have lot of excess land really at three of our parks and that is New Jersey, Maryland Park Saint Louis. And we evaluate different opportunities for the use to that land but I would tell you that it's likely that we would dispose of that land. We don't have a need for any of that property for further expansion of our current parks.
And given the weather in much of the country, its also worth highlighting his comment:
And I think we've showed -- we've proven with 15 record quarters that even when the weather is bad or weather very difficult circumstances that we face that we're able to manage through that and still deliver really, really strong quarters.
Six Flags Entertainment Corp is up 11.8% since the start of the year, up 21.91% over the past year and up 341.3% since May 2010.
Cedar Fair, L.P. Reports Record Financials Results. Cedar Fair, L.P., one of the largest regional amusement-resort operators in the world that owns and operates 11 amusement parks, three outdoor water parks, one indoor water park and five hotels, also reported record financial results back in February as full-year net revenues rose 6% to $1.135 billion - reflecting strong growth in all aspects of its business. The CEO commented in the earnings release:
"While it is still too early to identify a trend, we are pleased to see both season pass and group business sales pacing ahead of where they were this time last year. With this in mind, we are confident in our ability to achieve our FUNforward long-term growth goal of $450 million in Adjusted EBITDA earlier than our original target of 2016."
Cedar Fair, L.P. is up 5.5% since the start of the year, up 36.4% over the past year and up 581% over the past five years.
Independent Film Development Corporation. Small cap Independent Film Development Corporation, which is planning to operate genre themed studio style resorts, has recently reported that it has won a lawsuit against Junior Capital, Inc. and IBacking Corp. The judgment awards $203,284.56 in compensatory damages to Independent Film Development Corporation for the 5,015,384 shares of common stock (computed at contract face value) that Junior Capital sold on the open market in 2012, resulting in the decline in IFLM's common stock. The judgment also cancels shares remaining in the name of Junior Capital, $473,000 in convertible debentures to Junior Capital and a $500,000 Purchase Agreement between IFLM and IBacking Corp. This means that Independent Film Development Corporation can finally put a big obstacle aside towards implementing its business plan of developing themed studio style resorts.
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