Monday, November 7, 2005 11:02 PM
Six flags Inc. relased the third quarter results. Im not very keen on understanding this but i do know the did better this year then last.
link *** Edited 11/8/2005 4:06:16 AM UTC by Jeff***
Monday, November 7, 2005 11:07 PM
Nothing that we didn't already know there, but it's interesting at least to see that they expect to announce a winning bid by the end of the year.
Monday, November 7, 2005 11:24 PM
A friend of a friend who works on Wall Street (yeah, I know how that sounds) said the word on the street is that some of the current management folks are trying to come up with a package with several investors where they would buy the company.
In my view, if there was any truth in that, that would be very bad news. The same "management" with the same philosophy would just be more of the same and would be doomed to failure.
More importantly, who would be stupid enough to put up that kind of $$ with any of the same management still involved?
Tuesday, November 8, 2005 7:18 AM
Are talking employee buyout or are we talking current management buyout. The later scenario smells of lawsuits and sec investigations.
Tuesday, November 8, 2005 11:02 AM
Did anyone else get the impression that they kinda took off running after the questions got more pointed during the earnings conference call? It didn't exactly have the feel of a CF call where they take questions until the queue is empty!
*** Edited 11/8/2005 4:02:45 PM UTC by CoastaPlaya***
Tuesday, November 8, 2005 5:11 PM
Yeah, it certainly did...
The questions at the end got pretty pointed (at about 00:43 into it...) It was pretty apparent from Burke's reaction that he certainly didn't like being questioned in that fashion (particularly his line to the analyst "now that you've stated Mr. Snyder's case for him.").
It was certainly one of the more entertaining quarterly conference calls I've listened to!
Joel *** Edited 11/8/2005 10:11:47 PM UTC by JZarley***
Tuesday, November 8, 2005 5:28 PM
Yeah, the snide 'now that you've made your speech in behalf of M. Snyder' was the first crack in the armor...
The challenge as to why the board should be kept around after a history of repeat disappointing seasons (with specific examples) was a tough body shot...
But I think the one he took on the chin was when one caller said, "Of COURSE you're gonna do better than 2004! You had a dismal year in 2004!"
Tuesday, November 8, 2005 5:55 PM
Sounds like I need to listen to this conference call. Seems like the analyst are taken their shots at SF Management before the inevitable sale. Now I understand today's AP News Story about Burke begging shareholders not to put Snyder on the Board. It also seems a sale vs a takeover over the board is also in the best interest of Burke and Danhauser. I suspect Burke and Co. stand to gain a lot from a sale and loose a lot from a takeover.
BATWING FAN SFA
Tuesday, November 8, 2005 6:12 PM
They have alot to loose allright such as their jobs...then again with the way they're running the show the company will probably end up going out of business in a few years time & they'd still be out of a job as a result.
Other than what we already know regarding 06 capital investments were any other parks mentioned for new stuff in today's conference call?
Tuesday, November 8, 2005 7:54 PM
More than their jobs. They've got it written into their contracts to make a lot of extra bonus cash if the company is sold, golden parachutes if you will. Should Snyder takeover, they presumably don't get that.
Either way Kieran Burke and Gary Story made themselves rich running Six Flags into the ground, but I'd hate to see Kieran leave the company and get a an extra bonus for the "good job" he's done.
Tuesday, November 8, 2005 8:37 PM
Now that I think of it...there was a little more about SFNO.
While they are obligated to repair and rebuild the park , they will only do so to the extent of insurance compensation received. Furthermore, there's no telling when that compensation is coming.
Nevertheless, since SFNO only contributed $2 million of that filthy six-letter acronym (EBITDA) in '04, it's not going to make a big impact on their bottom line either way.
*** Edited 11/9/2005 1:58:42 AM UTC by CoastaPlaya***
Tuesday, November 8, 2005 8:52 PM
Thanks 'Playa was just getting ready to ask about SFNO.
Wednesday, November 9, 2005 3:45 PM
Offtopic but how is New Orlenas doing now(the city)Last info i heard about NO was residents returning but with a curfew.