Six Flags revenue up, loss narrows in first quarter

Posted Friday, May 9, 2008 10:18 AM | 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.

Friday, May 9, 2008 12:59 PM
Generally good news. These numbers show a slight hint of some progress. They were at least honest enough to note that the Easter Holiday was included in the report thus skewing the numbers. I still believe that they could gain some ground on the season pass prices. When you charge less than 2 admissions for a season pass- that is just leaving money on the table. I am not saying that the market will bear a big bump. If they bumped every pass $10.00 it would bring in some nice revenue. Overall a modestly good report.....lets see a good second quarter though!
Friday, May 9, 2008 5:15 PM
I really hope things continue to approve for the chain. Mark S. is a great CEO and I hope all his hard work has begun to pay off.
Monday, May 12, 2008 7:57 AM
I truly believe that 2008 will be the year Six Flags finally begins to truly turn around. From the trip reports I've read and the parks that I've been to,2008 really seems to be headed in the right direction.

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