Six Flags, Inc. News
Six Flags Announces First Quarter Results
Commenting on the Company's first quarter performance,
Total revenues of
Revenues for the first quarter also reflected increases in per capita guest spending, which grew
Revenue growth was also driven by sponsorship, licensing and other fees, which increased
The Company's net loss from continuing operations improved 7% or
Mr. Shapiro further stated: "Our strategy is taking hold — a better guest experience is triggering a higher in-park spend; our high-margin sponsorship and licensing business is healthy, and our cost efficiency strategy is real."
As of
(1) See the following tables and Note 2 to those tables for a discussion of Adjusted EBITDA and its reconciliation to net loss.
About Six Flags
Six Flags, Inc. is the world's largest regional theme park company with 21 parks across
Forward Looking Statements:
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, Six Flags' success in implementing its new business strategy. Although Six Flags believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including factors impacting attendance, such as local conditions, events, disturbances and terrorist activities, risk of accidents occurring at Six Flags' parks, adverse weather conditions, general economic conditions (including consumer spending patterns), competition, pending, threatened or future legal proceedings and other factors could cause actual results to differ materially from Six Flags' expectations. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Six Flags' Annual Report on Form 10-K for the year ended
Six Flags, Inc. Three Months Ended March 31, 2008 and 2007 (In Thousands, Except Per Share Amounts) Statement of Operations (1) Three Months Ended March 31, ————————————— 2008 2007 —————- —————- Revenue $68,224 $50,660 Costs and expenses (excluding depreciation, amortization, stock-based compensation and loss on fixed assets) 122,661 128,583 Depreciation 34,147 33,633 Amortization 280 250 Stock-based compensation 3,592 2,450 Loss on fixed assets 4,654 4,335 —————- —————- Loss from operations (97,110) (118,591) —————- —————- Interest expense (net) 46,452 51,870 Minority interest in earnings (596) (9,973) Equity in operations of partnerships 1,916 297 Other expense 3,301 105 —————- —————- Loss from continuing operations before income taxes (148,183) (160,890) Income tax expense (1,721) (315) —————- —————- Loss from continuing operations before discontinued operations (149,904) (161,205) Discontinued operations - (9,356) —————- —————- Net loss $(149,904) $(170,561) =========== =========== Net loss applicable to common stock $(155,397) $(176,054) =========== =========== Per share - basic and diluted: Loss from continuing operations $(1.62) $(1.76) Discontinued operations $- $(0.10) —————- —————- Net loss $(1.62) $(1.86) =========== =========== Balance Sheet Data (In Thousands) Balance Sheet Data March 31, 2008 December 31, 2007 ————————— ————————— Cash and cash equivalents (excluding restricted cash) $12,661 $28,388 Total assets 2,942,948 2,945,319 Current portion of long-term debt 132,497 18,715 Long-term debt (excluding current portion) 2,236,763 2,239,073 Redeemable minority interests 414,753 415,350 Mandatory redeemable preferred stock 285,905 285,623 Total stockholders' deficit (410,579) (252,620) Three Months Ended March 31, ————————————— 2008 2007 Other Data: —————- ————— Adjusted EBITDA (2) $(53,897) $(68,850) Weighted average shares outstanding - basic and diluted 95,692 94,631 Net cash used in operating activities $(89,546) $(99,360) The following table sets forth a reconciliation of net loss to Adjusted EBITDA for the periods shown (in thousands): Three Months Ended March 31, ————————————— 2008 2007 —————- —————- Net loss $(149,904) $(170,561) Discontinued operations - 9,356 Income tax expense 1,721 315 Other expense 3,301 105 Equity in operations of partnerships 1,916 297 Minority interest in earnings (596) (9,973) Interest expense (net) 46,452 51,870 Loss on fixed assets 4,654 4,335 Amortization 280 250 Depreciation 34,147 33,633 Stock-based compensation 3,592 2,450 Third party interest in EBITDA of certain operations (3) 540 9,073 —————- —————- Adjusted EBITDA $(53,897) $(68,850) =========== =========== NOTES (1) Revenues and expenses of international operations are converted into U.S. dollars on a current basis as provided by U.S. generally accepted accounting principles (\"GAAP\"). (2) Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) before discontinued operations, income tax expense (benefit), other expense, early repurchase of debt (formerly an extraordinary loss), minority interest in earnings (losses), interest expense (net), amortization, depreciation, stock-based compensation, gain (loss) on disposal of assets minus interests of third parties in EBITDA of the four parks, plus our interest in the Adjusted EBITDA of one hotel and Dick Clark Productions, which are less than wholly owned. The Company believes that Adjusted EBITDA provides useful information to investors regarding the Company's operating performance and its capacity to incur and service debt and fund capital expenditures. The Company believes that Adjusted EBITDA is used by many investors, equity analysts and rating agencies as a measure of performance. In addition, Adjusted EBITDA is approximately equal to \"Consolidated Cash Flow\" as defined in the indentures relating to the Company's senior notes. Adjusted EBITDA is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), income (loss) from continuing operations, net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company's operating performance. Adjusted EBITDA as defined in this release may differ from similarly titled measures presented by other companies. (3) Represents interest of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta, and Six Flags Discovery Kingdom (formerly Six Flags Marine World, which we purchased in July 2007), plus our interest in the Adjusted EBITDA of one hotel and Dick Clark Productions, which are less than wholly owned.
SOURCE Six Flags, Inc.
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