NEW YORK (TheStreet) -- Shares of SeaWorld Entertainment Inc. (SEAS) are falling by 9.84% to $16.77 on heavy volume in late afternoon trading on Wednesday, as the stock continues a decline it began in pre-market trading following its 2014 third quarter earnings results.
SeaWorld, an entertainment and theme park company, said its net income for the most recent quarter dropped to $87.2 million, or $1 per diluted share, from $120.7 million, or $1.34 per diluted share for the 2013 third quarter.
On an adjusted basis, net income per diluted share was $1.01 for the 2014 third quarter, while analysts polled by Thomson Reuters were expecting $1.13 per share for the quarter.
Revenue fell by 8% to $495.8 million, while analysts polled by Bloomberg had anticipated $496.4 million in revenue.
SeaWorld said it attributes its decline in revenue to a 5.2% decrease in attendance.
The company said attendance dropped due to "negative media attention" and "a challenging competitive environment, particularly in Florida."
For over a year SeaWorld has been dealing with the anti-captivity sentiment sparked by the 2013 documentary Blackfish. The film questions the ethics of keeping marine mammals in captivity for entertainment purposes, and alleges that negligence and a lack of proper care on SeaWorld's part is what caused one of its orcas to kill a veteran trainer.
"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," said company CEO Jim Atchison.