Six Flags revenue, attendance down from last year

Posted Wednesday, November 13, 2002 2:00 PM | Contributed by Jeff

Six Flags today announced that their revenue through the first three quarters was down 0.9% while attendance was down 7.4% compared to last year. Per capita spending was up 7.1% over the previous year.

CEO Kieran E. Burke said in the press release that the company is planning a capital expenditure program for next year that will include $125 million in improvements, and includes new attractions at each of their four largest markets.

Read the press release from Business Wire via Yahoo.

Wednesday, November 13, 2002 2:07 PM
Who could have predicted this!


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Now Reopened With A New Layout!!!

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Wednesday, November 13, 2002 2:21 PM
What are they blaming it on this time?
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Wednesday, November 13, 2002 2:36 PM

Our October operations were not as strong as we had expected they would be, reflecting the impact of difficult weather in several markets

Well that's the only thing i found in terms of using an excuse. Though except for the two days when it snowed here in NY it was unseasonably warm.

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Wednesday, November 13, 2002 2:38 PM
BullGuy's avatar Yes, but you have to take all markets into account.

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Never Has Gravity Been So Uplifting.

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Wednesday, November 13, 2002 2:50 PM
I guess they estimated higher since most people would think travel and the economy would be stronger a year after 9-11.
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Wednesday, November 13, 2002 2:53 PM
SF fans should take note of the $125M capital expenditures. I wonder if the expense of moving an existing ride from one park to another constitutes a capital expenditure. Either way, they have certainly slowed down their growth in that area. $125M across 39 parks is just over a $3M per park average. Clearly, the four largest parks will get more than $3M, but $3M of true capital expenditures isn't bad.

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Okay, I guess I post too often to be a lurker now.

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Wednesday, November 13, 2002 3:17 PM
Well at least they are cutting back spending. I still think that if you focuse on the total park expereince instead of capital improvement you figure out better. People are happy and you spend far less money. But it is SF so what the heck am I talking about it will never happen.

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Have you hugged a Beemer today?

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Wednesday, November 13, 2002 3:57 PM

Yeah, imagine that... how is this news? ;)

It's disappointing to those of us who work at SF parks who give a damn about them. And there are more than you think. Unfortunately, Premier stripped each park to the bone in many ways and we're still crippled from that. They'll keep spending money on new rides instead of the guest experience, but as other have said... they won't listen, they won't change.

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Is that a Q-bot in your pocket or are you just happy to see me?

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Wednesday, November 13, 2002 4:15 PM

Sure SF's profits were less than expected & they blame it on the weather in a few markets when it really can be blamed mostly on a lack of new crowd drawing attractions coupled with a reduction in discounts on addmission prices.

Let's not also forget the economy was & still is rather weak & consumer spending isn't what it was a year ago,so that also can factor into the equation,most folks just weren't up to travelling that much this season let alone spending lots of cash.

Sure it was freezing cold at SFA on t he last few days of the season but that didn't prevent the masses from showing up,by late afternoon on november 2nd the joint was jumping.

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Wednesday, November 13, 2002 5:08 PM
Hey thats a great idea. Why dont we cut even more staff, thus having to close more rides, put 1 train on every roller coaster, increase the prices of the food and drinks, raise parking to $20 then attendence might increase for 2003. What do you think?
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Wednesday, November 13, 2002 5:13 PM
Interesting...Yet again, the top 4 SF parks will be getting new rides...

Any predictions as to who's going to get what? LOL! *** This post was edited by ViperX on 11/13/2002. ***

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Wednesday, November 13, 2002 5:37 PM

Remember, those 4 parks generate over a third of the company's revenue that allows other parks to get new rides every now and then.

They are actually getting back to basics and cleaning out their graveyards all over so that most parks will get something new to them. Now, why didnt they think about that 5 years ago??????

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Wednesday, November 13, 2002 6:21 PM
They were too busy buying up parks left & right to consider adding any of their "used" rides in any of them that's why.
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Wednesday, November 13, 2002 6:29 PM
I sure hope we get Evolution at SFA, which is rumored to be in the process of removal at SFGAdv. I've never once seen it run, except on the one coaster video. If the maintenance crew can keep Iron Eagle running 85% of the time, maybe there's hope. Otherwise I wish death to the ride.
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Dude, you're getting an Intamin!
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Wednesday, November 13, 2002 6:31 PM
Well after CF preformance I dont think they could blame the economy for poor preformance at reginal parks, I also seem to remeber it being a very nice season countrywide so out of luck there. I think the fall is due to word of mouth. I went to WOA right when they tookover and thought it was finally going to get the slight massaging that Geauga Lake needed. Went back last year what a crime, dismal use of space or complete lackoff, and guest service that was dispicable, I have had better at high school cafetria. As above why return to get Filet Migon(B&M) when the waiter is talking to you like he thinks your from Afganhistan(Ride Host) the chef can only cook one Filet Migon at a time(Maintenace), and the damn valet was $20(Self Explanatory).
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Wednesday, November 13, 2002 6:51 PM
What I do find interesting is that Six Flags managed to gain a higher per cap then Cedar Fair. I wonder if this is due to their FastPass program.

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Fav Steel: Millenium Force Fav Wood: Viper

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Wednesday, November 13, 2002 7:11 PM
Well, before everyone starts talking about the demise of Six Flags, the report you'll find here:
http://biz.yahoo.com/rc/021113/leisure_sixflags_earns_2.html

states that Six Flags only made a net PROFIT of $139.7 million, or $1.31 per diluted share this quarter.

Sure, it may not be as much as last year, but that's still a pretty stinking good profit to be making.

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Wednesday, November 13, 2002 7:18 PM
That's profit during the third quarter only. Read these things carefully.

Paragraph 5 of this press release reports a net loss for all nine months of 2002 (applicable to common stock) of $52 million. Interestingly enough, this reported loss was due to a required change in accounting principles.

-'Playa

(who doesn't think Six Flags will ever go under--but it could always change hands again)

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The CPlaya 100--6 days, 9 parks, 47 coasters, 2037 miles and a winner.....LoCoSuMo. *** This post was edited by CoastaPlaya on 11/14/2002. ***

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Wednesday, November 13, 2002 8:27 PM

No cash divedend for 3 years! and for the foreseeable future!

Now I fully realize why its around $5 a share.

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