Stock was down 24 percent in pre-market trading this morning.
The company dramatically cut full-year 2014 guidance. The company said it expects revenue to be down 6 to 7 percent for the year. It expects earnings before interest, taxes, depreciation and amortization interest and taxes to be down 14 to 16 percent. Revenue was previously expected to be up between 2 and 4 percent and EBITDA was expected to be up between 3 percent and 6 percent.
Despite a favorable shift in the Easter holiday, attendance rose only 0.3 percent, and guests were spending less, meaning revenue of
The company plans to buy back stock and cut costs, which it will invest in more theme park attractions and return to shareholders.
The company blamed lower attendance on a variety of factors, including new attractions at competitors and "a delay in the opening of one of the Company's new attractions." Its Falcon's Fury ride at
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