Why SeaWorld (SEAS) Stock Continues To Tank Today

NEW YORK (TheStreet) -- Shares of SeaWorld Entertainment Inc. (SEAS) continue to fall as the stock is down -30.12% to $19.67 on very heavy trading volume on Wednesday.

SeaWorld, a large amusement park that showcases marine mammals for entertainment purposes, reported disappointing earnings results for the 2014 second quarter.

The company posted net income of $37.3 million, or 43 cents per share for the most recent quarter, while analysts expected earnings of 59 cents per share. 

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Total sales declined by 1% to $405.2 million for the most recent quarter, below the $445 million analysts were expecting.

SeaWorld reported a 0.3% growth in attendance to 6.6 million for the quarter, from the 2013 second quarter, but said its attendance was “impacted by demand pressures related to recent media attention surrounding proposed legislation in the state of California.”

Two members of the U.S. House from California are proposing a study on how captivity can effect large marine mammals, the Wall Street Journal reported. A bill that would ban killer whale shows in the state is currently on hold until next year.

The proposal is a result of the 2013 documentary “Blackfish,” which alleges SeaWorld's orcas are physically and mentally traumatized due to prolonged captivity.

SeaWorld also cut its full year 2014 sales, expecting a decline between 6% and 7%, from the $1.46 reported for the full year 2013.

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