Six Flags third quarter revenue down 3.2%

Posted Tuesday, November 9, 2004 8:39 AM | Contributed by Jeff

Revenues for the 2004 third quarter were $527.4 million, compared to $545.2 million for the comparable quarter of 2003. The 2004 performance reflects a decrease in attendance of 0.9 million, or 4.8%, offset in part by a 1.6% increase in total revenue per capita.

Read the press release from Six Flags (PDF).

Tuesday, November 9, 2004 10:06 AM
They have a comprehensive plan though. It appears to involve giving away season passes at SFMM.
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Tuesday, November 9, 2004 10:25 AM
For a couple months...while they're mainly open on weekends...while a competing park that's sitting right in town introduces a coaster as good as any of theirs.

Seriously.

Where was all the 'suicidal' ranting when KBF was offering admission AND a full BBQ dinner for $25 or so?

-'Playa

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Tuesday, November 9, 2004 11:08 AM
Perhaps it's because KBF doesn't belong to a company that's bleeding to death.
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Tuesday, November 9, 2004 12:28 PM
is the per capita spending inflation adjusted? coz then if u re look it it seems even worse
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Tuesday, November 9, 2004 12:29 PM
Where are the excuses now? Cedar Fair stealing your customers from miles and miles away? Six Flags parks arn't located near any other parks for tens, even hundreds of miles away!
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Tuesday, November 9, 2004 1:00 PM
It's the weather...don't forget, The Mole, it's the damn weather! ;)

-M.

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Tuesday, November 9, 2004 1:11 PM
While the conference call was somewhat boring, there were a few interesting questions from the analysts:

1) One analyst noted that once again SFI is predicting a big upswing in business next year, and asked "with all due respect, you've predicted that for the last three years, what's different about 2005?" The answer was they think that 2005 will be better due to general improvements in the economy, and the cap ex projects (particularly in NJ and Chicago).

2) The next analyst followed up with a question about the Chicago waterpark, and wanted to know why they were so confident about it being a major contributer to 2005 when weather has been such a negative the past two years. (The idea being that nothing is more weather sensitive than a water park...) Their answer to this one kind of confused me...all the water parks have continued to be strong performers, even in cold, rainy weather (?), and a third year in a row of bad weather was unlikely. (Ok....)

3) Finally, someone asked him about Dan Snyder's "intentions." Kieran Burke said that members of the board and executive management met with him twice in September, and his suggestions "while appreciated", were determined they would not improve shareholder value. Beyond that we couldn't comment on his "intentions." This was the funniest part of the call!

Joel

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Tuesday, November 9, 2004 1:16 PM
At least in the cap ex department, they seem to be on the right track. That stupid multiple-new-coaster strategy has been tossed out the window. SFGAM's HH will make an absolute killing and if you just have to build a $25 million coaster, put it where people are and cut-throat competition isn't.

In comparison, CP is sandwiched between the poorest city in America (Cleveland) and the third- or fourth-poorest (Detroit). The market is mature and the '-est' strategy is getting long in the tooth.

Sure, they're not going downhill and they've landed some great chainwide counterpunches, too...but make no mistake, '05 is the year of the Flag.

-'Playa

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Tuesday, November 9, 2004 2:41 PM
If you say so. They're not getting off to a very good start with their season pass selling philosophy. I've been wanting to jump on this stock for a long time, but until I see some real specifics and action items regarding their "comprehensive plan," I'll invest elsewhere.
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Tuesday, November 9, 2004 4:00 PM
Pfffffffffffffft.
Did I say I was betting money on 'em?

But anyway, the SFMM limited time offer really isn't that crazy. Think about it--who's gonna drive out to SFMM on an autumn/winter weekend when there's a B&M as good as any at the Mountain right in town? It's maybe $10 less than the regular season pass prices anyway and parlays into a few more visits in '04 in addition to '05 patronage. At worst, it's an attempt to be clever.

Giving away the gate AND the overpriced food during the peak season? That's just as nutty if you ask me.

-'Playa

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Tuesday, November 9, 2004 9:37 PM
So revenue was down from 03 which I can assume was down from 02 to make things even worse for SixFlags.
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Wednesday, November 10, 2004 10:33 AM
... it isn't the richer areas which are major theme park goer's... decades it's been the middle-lower class which use to go to the theme park... hence why alton towers and blackpool are the UK's biggest attractions, and they are near the large centres (but usually associated wif lower classeS) of Birmingha and Liverpool.

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