Six Flags Announces First Quarter Revenues

- Revenues Increase 35% Reflecting Easter Holiday Shift

NEW YORK, April 17 /PRNewswire-FirstCall/ -- Six Flags, Inc. (NYSE: SIX)
announced today its revenues, attendance and per capita guest spending for the
first quarter of 2008. Mark Shapiro, President and Chief Executive Officer of
Six Flags, Inc., stated: "Our first quarter performance confirms that a
re-energized Six Flags is clearly resonating with families in search of
high-quality entertainment that is affordable and close to home."
Total revenues of approximately $68 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. First quarter
results historically represent up to approximately 5% of the Company's full
year attendance.
Revenues for the first quarter also reflected increases in per capita
guest spending, which grew $4.51 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.
"The increases we're witnessing in revenues per guest are a direct result
of the investments we've made and the improvements we're delivering to our
guests as part of the overall in-park experience," noted Shapiro.
Revenue growth was also driven by sponsorship and international fees,
which increased $3.3 million to $11.1 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.
Regarding the current state of the economy and its potential impact on the
upcoming season, Shapiro added: "With the cost of airline tickets going up
and the hassle and frustration of air travel increasing, we believe Six Flags
is well-positioned to be a preferred entertainment option this summer."
PIERS Dividend
The Company also announced that its Board of Directors decided not to
declare and pay a quarterly dividend on its outstanding Preferred Income
Equity Redeemable Securities ("PIERS") for the quarter ending May 15, 2008,
each such PIERS representing one one-hundredth of a share of the Company's
7-1/4% Convertible Preferred Stock.
Under the terms of the PIERS, dividends are not required to be paid
currently and any unpaid dividends accumulate without interest. The Board's
decision not to declare and pay the May 15, 2008 dividend does not violate any
covenants under any of the Company's debt agreements. The Company's deficit
in stockholders' equity,(1) the overall state of the credit markets and the
fact that unpaid dividends accumulate on an interest-free basis, were factors
that the Board considered in reaching its decision not to declare and pay the
quarterly dividend. The Board will continue to evaluate all facts and
circumstances, including relevant legal restrictions, prior to any future
PIERS payments.
As it enters its core operating season, the Company reiterated that it has
ample cash and liquidity to fund its current operating needs and is
comfortably in compliance with the one financial covenant included in its
$275 million revolving credit facility. As of March 31, 2008, the Company had
approximately $13 million in unrestricted cash and $131 million available
(after reduction for outstanding letters of credit of approximately
$29 million) on its $275 million revolving credit facility.
About Six Flags
Six Flags, Inc. is the world's largest regional theme park company with
21 parks across the United States, Mexico and Canada. Founded in 1961, Six
Flags has provided world class entertainment for millions of families with
cutting edge, record-shattering roller coasters and appointment programming
with events like the popular Thursday and Sunday Night Concert Series. Now
47 years strong, Six Flags is recognized as the preeminent thrill innovator
while reaching to all demographics -- families, teens, tweens and thrill
seekers alike -- with themed attractions based on the Looney Tunes characters,
the Justice League of America, skateboarding legend Tony Hawk, The Wiggles and
Thomas the Tank Engine. Six Flags, Inc. is a publicly-traded corporation
(NYSE: SIX) headquartered in New York City.
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 December 31, 2007, which is available free of charge on Six
Flags' website http://www.sixflags.com.
(1) As disclosed in its 2007 Annual Report on Form 10-K, the Company
adopted EITF Topic D-98 "Classification and Measurement of
Redeemable Securities," as amended at the March 12, 2008 meeting of
the Emerging Issues Task Force. The adoption of this accounting
pronouncement required a $382.4 million non-cash reduction to
stockholders' equity, resulting in a $252.6 million stockholders'
deficit as of December 31, 2007.

Media Contact: Sandra Daniels - (212) 652-9360
Investor Relations: William Schmitt - (203) 682-8200

SOURCE Six Flags, Inc.

Media, Sandra Daniels, +1-212-652-9360, or Investor Relations, William
Schmitt, +1-203-682-8200, both for Six Flags, Inc.