Six Flags revenue up, loss narrows in first quarter

Posted | Contributed by Jeff

Total revenues of $68.2 million increased 35% over the prior-year quarter, while total attendance grew by 19% to over 1.4 million. Attendance was positively impacted by the timing of Easter, which shifted from the second quarter in 2007 to the first quarter in 2008. The first quarter historically represents up to 5% of the Company's annual attendance.

Revenues for the first quarter also reflected increases in per capita guest spending, which grew $4.52 to $38.95, a 13% increase over the per capita guest spending of $34.44 for the first quarter of 2007. Guest spending increases were across the board, reflecting higher admissions, food and beverage, rentals, retail, games, parking and other revenues.

Revenue growth was also driven by sponsorship, licensing and other fees, which increased $3.4 million over the prior-year period to $11.4 million for the first quarter. This growth, combined with the increased guest spending, resulted in a 13% increase in total revenue per capita to $47.11 in the current quarter from $41.51 in the first quarter of 2007.

The Company's net loss from continuing operations improved 7% or $11.3 million to $149.9 million from $161.2 million in the prior-year quarter. The reduced loss reflects increased revenues and the planned reduction of current-year operating expenses, partially offset by reduced minority interest in losses due to the Company's purchase of its partner's interest in Six Flags Discovery Kingdom in July of last year. Adjusted EBITDA for the quarter improved $15.0 million to a loss of $53.9 million versus the prior-year quarter loss of $68.9 million.

Read the press release on PR Newswire.