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.
Now Reopened With A New Layout!!!
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.
Never Has Gravity Been So Uplifting.
Okay, I guess I post too often to be a lurker now.
Have you hugged a Beemer today?
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.
Is that a Q-bot in your pocket or are you just happy to see me?
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.
Any predictions as to who's going to get what? LOL! *** This post was edited by ViperX on 11/13/2002. ***
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??????
Fav Steel: Millenium Force Fav Wood: Viper
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.
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.
(who doesn't think Six Flags will ever go under--but it could always change hands again)
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. ***
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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