Six Flags revenue down 7%, attendance down about 1%
Posted
Total revenues of $457.0 million decreased 7% from the prior-year quarter's total of $489.3 million, primarily reflecting reduced attendance and guest spending. Attendance for the quarter was 12.0 million, down 1% comparing to 12.2 million in the third quarter of 2008. Although the Company benefitted from increased single-day ticket and season pass attendance, this was more than offset by a decline in group sales, reflecting cutbacks in outings by companies, schools and other organizations, and reduced complimentary and free promotional tickets.
Per capita guest spending decreased 5% to $36.93 from $38.67 in the third quarter of 2008, reflecting reduced in-park spending and admissions. Included in the lower guest spending is the impact of a weaker Mexican peso and Canadian dollar in the current-year quarter, affecting U.S. dollar translated results for the parks in Mexico City and Montreal. Exchange rates accounted for approximately one percentage point, or $0.45, of the guest spending per capita decline for the quarter compared to the prior year quarter.
Revenues for the quarter also were affected by a decline in sponsorship, licensing and other fees of $5.5 million compared to the prior-year quarter, primarily driven by lower international licensing fees.
Read the entire press release on Reuters.
"Cash operating expenses(2) for the quarter of $232.5 million were down 1% from
$234.6 million in the third quarter of 2008, reflecting reduced cash-based
incentive compensation..."I guess that means they reduced their payroll.
One thing I will say is that it sounds like they priced the gate right. That's a more or less insignificant hit on attendance.
Jeff - Editor - CoasterBuzz.com - My Blog
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