Posted Friday, May 8, 2009 9:46 AM | Contributed by Jeff
Six Flags, Inc. announced today its operating results for the first quarter ended March 31, 2009, and its revenues through April 27, 2009. The first quarter historically represents approximately 5% of the Company's annual revenues.
Commenting on park operations in the midst of its restructuring process and pending Exchange Offers,(2) Mark Shapiro, President and Chief Executive Officer of Six Flags, Inc., said: "For the benefit of the business and our stakeholders, including our 30,000 employees, we are committed to resolving the restructuring process this calendar year. In the meantime, the strength of our product and positive word of mouth circulating among our customers, serves as a constant reminder that the guest experience is still priority one."
Total revenues for the first quarter decreased $16.3 million, or 24%, from the prior-year quarter to $51.9 million, reflecting the timing of Easter, which shifted from the first quarter in 2008 to the second quarter in 2009, as well as a weaker Mexican peso and reduced international fees.
Revenues through April 27, 2009, which includes Easter, were down $12.3 million from the prior-year period reflecting a weaker Mexican peso ($5.1 million) and reduced sponsorship, licensing and other fees ($3.2 million) driven by lower international fees. Attendance for this period was down 2% to 2.65 million; however, paid attendance, which excludes complimentary and free promotional tickets, was slightly higher in the current period. Per capita guest spending was down 2%, after adjusting for the impact of the year-over-year change in foreign currency translation.
Read the entire press release on Reuters.
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