SIX FLAGS ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS AND REAFFIRMS 2009 ADJUSTED EBITDA FORECAST OF $190 MILLION

SIX FLAGS ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS AND REAFFIRMS 2009
ADJUSTED EBITDA FORECAST OF $190 MILLION

NEW YORK, Nov. 2 /PRNewswire-FirstCall/ -- Six Flags, Inc. (OTC Bulletin
Board: SIXFQ) announced today its consolidated operating results for the third
quarter and nine months ended September 30, 2009.(1)

Three Month Results

Total revenues of $457.0 million decreased 7% from the prior-year quarter's
total of $489.3 million, primarily reflecting reduced attendance and guest
spending. Attendance for the quarter was 12.0 million, down 1% comparing to
12.2 million in the third quarter of 2008. Although the Company benefitted
from increased single-day ticket and season pass attendance, this was more
than offset by a decline in group sales, reflecting cutbacks in outings by
companies, schools and other organizations, and reduced complimentary and free
promotional tickets.

Per capita guest spending decreased 5% to $36.93 from $38.67 in the third
quarter of 2008, reflecting reduced in-park spending and admissions. Included
in the lower guest spending is the impact of a weaker Mexican peso and
Canadian dollar in the current-year quarter, affecting U.S. dollar translated
results for the parks in Mexico City and Montreal. Exchange rates accounted
for approximately one percentage point, or $0.45, of the guest spending per
capita decline for the quarter compared to the prior year quarter.

Revenues for the quarter also were affected by a decline in sponsorship,
licensing and other fees of $5.5 million compared to the prior-year quarter,
primarily driven by lower international licensing fees.

Cash operating expenses(2) for the quarter of $232.5 million were down 1% from
$234.6 million in the third quarter of 2008, reflecting reduced cash-based
incentive compensation, favorable currency impacts at the Mexico City and
Montreal parks, decreased consulting and outside services and lower cost of
sales reflecting reduced in-park sales, partially offset by increased
advertising expenses due to the timing of expenditures and higher park labor
costs primarily reflecting increased minimum wage rates.

Non-cash operating expenses of depreciation, amortization, stock-based
compensation and loss on disposal of assets decreased $8.9 million, or 19%, in
the current-year quarter to $37.0 million, compared with $45.9 million in
2008, primarily driven by decreased loss on disposal of assets.

The Company's results from continuing operations in the third quarter of 2009
decreased to $165.8 million compared to $166.5 million in the prior-year
quarter. The decrease of $0.7 million was driven by a $21.3 million reduction
in income from operations due primarily to reduced revenues partially offset
by lower expenses, as well as a $28.7 million decrease in interest expense
reflecting the cessation of interest accruals on the Company's debt subject to
compromise as a result of the chapter 11 filing on June 13, 2009 (see Recent
Developments below) and lower effective rates, partially offset by $7.0
million in reorganization costs associated with the chapter 11 filing.

Adjusted EBITDA for the quarter decreased by $25.9 million, or 11%, to $209.7
million compared to $235.6 million for the prior-year quarter, reflecting the
impact of reduced revenues partially offset by lower third party interest in
the EBITDA of certain operations and reduced cash operating expenses.

Nine Month Results

For the nine months ended September 30, 2009, total revenues decreased $92.2
million, or 10%, to $811.0 million from $903.2 million in the prior-year
period, primarily reflecting reduced attendance and guest spending.
Attendance for the first nine months of 2009 was 21.2 million, down 5% from
22.2 million in the same period of 2008, benefitting from increased single-day
tickets and season pass attendance, but more than offset by reductions in
group sales along with decreased complimentary and free promotional tickets.

Guest spending per capita of $36.72 in the first nine months of 2009 was down
5% from the prior-year period's guest spending per capita of $38.58,
reflecting decreases in in-park spending and admissions. Included in the
reduced guest spending is the impact of a weaker Mexican peso and Canadian
dollar in the current-year period, affecting the U.S. dollar translated
results for the parks in Mexico City and Montreal. Exchange rates accounted
for approximately two percentage points, or $0.63, of the guest spending per
capita decline for the first nine months of 2009 compared to the prior-year
period.

Revenues for the nine months were also impacted by a decline in sponsorship,
licensing and other fees of $12.3 million compared to the prior-year period,
primarily driven by lower international licensing fees, partially offset by
increased sponsorship revenue.

The overall negative macroeconomic environment impacted the first nine months
of 2009. In addition, attendance in Mexico and Texas was adversely affected by
the second quarter outbreak of the Swine flu. Also contributing to the first
nine months attendance decline was the impact of adverse weather compared to
the prior-year period.

Cash operating expenses(2) for the first nine months of 2009 were down 3% to
$578.0 million from $596.1 million in the same period of 2008, reflecting
favorable exchange rate impacts at the Mexico City and Montreal parks, lower
cost of sales due to decreased in-park revenues, reduced cash-based incentive
compensation, lower consulting and outside service costs, decreased insurance
expenses and lower marketing expenses due in part to the timing of
expenditures, partially offset by higher labor costs at the park primarily
reflecting increased minimum wages.

Non-cash operating expenses of depreciation, amortization, stock-based
compensation and loss on disposal of assets decreased $9.6 million, or 8%, in
the first nine months of 2009 to $115.7 million, compared with $125.3 million
in the 2008 period, driven by decreased loss on disposal of assets, as well as
decreased stock-based compensation and employee benefit expenses.

The Company incurred a loss from continuing operations of $74.8 million in the
current-year period compared to income from continuing operations of $147.3
million in the same period of 2008. The decrease of $222.1 million was driven
by the prior-year debt extinguishment gain of $107.7 million, $85.8 million of
reorganization items associated with the current-year chapter 11 filing, $64.5
million of reduced income from operations due primarily to reduced revenues
partially offset by lower expenses, increased other expense of $17.2 million
reflecting the termination of an interest rate swap, and $49.6 million of
reduced net interest expense reflecting the cessation of interest accruals on
the Company's debt subject to compromise as a result of the chapter 11 filing,
the write-off of discounts, premiums and deferred financing costs and lower
effective interest rates.

Adjusted EBITDA for the first nine months of 2009 was $205.0 million, a
decrease of $65.1 million from the Adjusted EBITDA of $270.1 million for the
first nine months of 2008, reflecting the impact of reduced revenues partially
offset by lower cash operating expenses and lower third party interest in the
EBITDA of certain operations.

Full-Year Forecast

The Company is forecasting to finish 2009 with an Adjusted EBITDA of
approximately $190 million, reflecting an Adjusted EBITDA loss of
approximately $15 million in the fourth quarter of 2009 compared to a positive
Adjusted EBITDA of $5.2 million in the fourth quarter of 2008. Driving the
year-over-year change for the fourth quarter is the impact of declines in
in-park guest spending and decreased revenues due to adverse weather
conditions during October, especially on the east coast, which has led to a
loss of approximately 450,000 in attendance, compared to October 2008, as well
as reduced international licensing fees. The Company also anticipates
slightly higher cash operating expenses, reflecting the timing of specific
promotional and repairs and maintenance programs.

Recent Developments

On June 13, 2009, Six Flags, Inc., Six Flags Operations Inc., Six Flags Theme
Parks Inc. ("SFTP") and certain of SFTP's domestic subsidiaries filed a
voluntary petition for relief under chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the District of Delaware (Case
No. 09-12019). As a result, the financial statements reflect the Company's
status as debtor in possession since that date.

As of September 30, 2009, the Company had unrestricted cash of $262.1 million
available to pay administrative claims (i.e., those capital expenditures and
expenses that have been incurred since the filing date) as well as liabilities
from before the filing date that have been approved for payment by the Court.
Based on the final orders by the Court with respect to the use of cash, the
Company does not currently expect it will require debtor in possession
financing during the chapter 11 proceedings.

It is expected that the Company's existing common and preferred stockholders
as well as certain unsecured creditors will have their claims compromised by
order of the Court. As a result of this expected compromise, interest
accruing after the filing date will not be recognized as interest expense,
except for interest on the Company's Senior Secured Credit Facility dated May
25, 2007, which is not expected to be compromised.

About Six Flags

Six Flags, Inc. is a publicly-traded corporation headquartered in New York
City and is the world's largest regional theme park company with 20 parks
across the United States, Mexico and Canada.

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' ability to
develop, prosecute, confirm and consummate one or more Chapter 11 plans of
reorganization; the potential adverse impact of the Chapter 11 filing on Six
Flags' operations, management and employees; risks associated with third
parties seeking and obtaining court approval to terminate or shorted the
exclusivity period for Six Flags to propose and confirm a plan of
organization, to appoint a Chapter 11 trustee or to convert the cases to
Chapter 7 cases; customer response to the Chapter 11 filing; and the risk
factors or uncertainties listed from time to time in Six Flags' filings with
the Securities and Exchange Commission ("SEC") and with the U.S. Bankruptcy
Court in connection with Six Flags' Chapter 11 filing. In addition, important
factors, including factors impacting attendance, local conditions, events,
disturbances and terrorist activities, risk of accidents occurring at Six
Flags' parks, adverse weather conditions, general financial and credit market
conditions, 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.
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. 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, 2008, its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2009, its Current Reports on Form 8-K filed with the
SEC on May 7, 2009 and July 23, 2009, and its other filings and submissions
with the SEC, each of which are available free of charge on Six Flags' website
http://www.sixflags.com.

(1) Reported results from continuing operations for all periods presented
exclude the results of parks sold in prior years and the park in New Orleans,
Louisiana, which has been closed since August 2005 due to damage caused by
Hurricane Katrina. The Company has agreed to terminate its lease with the
City of New Orleans and to settle the related litigation by agreeing to pay $3
million and to transfer title to the Company's property and equipment at the
site to the City, including land owned adjacent to the site.

(2) Cash operating expenses are presented as costs and expenses excluding
depreciation, amortization, stock-based compensation and loss on disposal of
assets in the statement of operations data.

Six Flags, Inc.
(Debtor-in-Possession as of June 13, 2009)
Three and Nine Months Ended September 30, 2009 and 2008
(In Thousands, Except Per Share Amounts)

Statements of Operations Three Months Ended Nine Months Ended
Data (1) September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----

Revenue $457,035 $489,340 $811,013 $903,247

Costs and expenses (excluding
depreciation, amortization,
stock-based compensation
and loss on disposal of assets) 232,521 234,605 577,965 596,137
Depreciation 36,949 35,610 107,209 103,605
Amortization 229 420 687 980
Stock-based compensation 521 78 1,962 6,301
--------- -------- -------- --------
(Gain) loss on disposal
of assets (723) 9,790 5,817 14,381
--------- -------- -------- --------
Income from operations 187,538 208,837 117,373 181,843

Interest expense (net) 16,061 44,782 90,518 140,094
Equity in (income) loss from
operations of partnerships (1,521) (418) (2,170) 1,368
Net (gain) on debt
extinguishment - - - (107,743)
Other expense (income) 148 (2,034) 18,092 847
--------- -------- -------- --------
Income from continuing
operations before
reorganization items and
income taxes 172,850 166,507 10,933 147,277
Reorganization items 7,038 0 85,763 0
--------- -------- -------- --------
Income (loss) from
continuing operations
before income taxes 165,812 166,507 (74,830) 147,277
Income tax expense (8,378) (2,635) (5,214) (7,109)
--------- -------- -------- --------
Income (loss) from
continuing operations 157,434 163,872 (80,044) 140,168

Discontinued operations 3,442 (789) 1,478 (15,765)
--------- -------- -------- --------
Net income (loss) $160,876 $163,083 $(78,566) $124,403

Less: Net income attributable to
noncontrolling interests $(17,536) $(21,358) $(35,072) $(41,324)
--------- -------- -------- --------
Net income (loss) attributable
to Six Flags, Inc. $143,340 $141,725 $(113,638) $83,079
========= ======== ======== ========
Net income (loss) applicable to
Six Flags, Inc.
common stockholders $137,927 $136,233 $(129,980) $66,602
========= ======== ======== ========
Per share - basic:
Income (loss) from
continuing operations
applicable to Six Flags, Inc.
common stockholders $1.37 $1.41 $(1.35) $0.85
Discontinued operations
applicable to Six Flags, Inc.
common stockholders $0.04 $(0.01) $0.02 $(0.16)
--------- -------- -------- --------
Net income (loss) applicable to
Six Flags, Inc.
common stockholders $1.41 $1.40 $(1.33) $0.69
========= ======== ======== ========
Per share - diluted:
Income (loss) from
continuing operations
applicable to Six Flags, Inc.
common stockholders $0.94 $0.95 $(1.35) $0.69
Discontinued operations
applicable to Six Flags, Inc.
common stockholders 0.02 $0.00 $0.02 $(0.11)
--------- -------- -------- --------
Net income (loss) applicable to
Six Flags, Inc.
common stockholders $0.96 $0.95 $(1.33) $0.58
========= ======== ======== ========
Amounts attributable to Six
Flags, Inc.:
Income (loss) from
continuing operations $139,898 $142,514 $(115,116) $98,844
Discontinued operations $3,442 $(789) $1,478 $(15,765)
--------- -------- -------- --------
Net income (loss) $143,340 $141,725 $(113,638) $83,079
========= ======== ======== ========

Balance Sheet Data
(In Thousands)

September December
Balance Sheet Data 30, 2009 31, 2008
--------- --------
Cash and cash equivalents
(excluding restricted cash) $262,126 $210,332
Total assets 3,075,739 3,030,129

Current portion of long-term debt (2) 305,448 253,970
Long-term debt (excluding current
portion) (2) 843,905 2,044,230

Redeemable noncontrolling interests 373,469 414,394
Mandatory redeemable preferred
stock (2) 0 302,382

Total stockholders' deficit (482,708) (376,499)

Leverage Ratio (3) 7.85 5.39
Restricted Subsidiary Leverage Ratio (3) 5.74 3.81

Three Months Ended Nine Months Ended
September 30, September 30,
--------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
Other Data:
Adjusted EBITDA (4) $209,662 $235,607 $205,046 $270,101
Weighted average shares
outstanding - basic 97,864 97,344 97,607 96,787
Weighted average shares
outstanding - diluted 148,747 155,227 97,607 140,881
Net cash provided by
operating activities $161,360 $172,686 $122,660 $145,037

The following table sets forth a reconciliation of net income (loss)
to Adjusted EBITDA and Free Cash Flow for the periods shown (in
thousands):

Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2009 2008 2009 2008
---- ---- ---- ----
Net income (loss) $160,876 $163,083 $(78,566) $124,403
Discontinued operations (3,442) 789 (1,478) 15,765
Income tax expense 8,378 2,635 5,214 7,109
Reorganization items 7,038 0 85,763 0
Other expense (income) 148 (2,034) 18,092 847
Net (gain) on debt extinguishment - - - (107,743)
Equity in (income) loss from
operations of partnerships (1,521) (418) (2,170) 1,368
Interest expense (net) 16,061 44,782 90,518 140,094
(Gain) loss on disposal of assets (723) 9,790 5,817 14,381
Amortization 229 420 687 980
Depreciation 36,949 35,610 107,209 103,605
Stock-based compensation 521 78 1,962 6,301
Third party interest in EBITDA
of certain operations (5) (14,852) (19,128) (28,002) (37,009)
-------- -------- -------- --------
Adjusted EBITDA $209,662 $235,607 $205,046 $270,101
Cash paid for interest (net)
and debt issuance costs (12,444) (27,617) (75,364) (127,884)
Capital expenditures (net of
property insurance recoveries) (6,806) (11,631) (73,720) (83,842)
Cash dividends and taxes (1,171) (1,745) (4,091) (11,626)
-------- -------- -------- --------
Free Cash Flow (6) $189,241 $194,614 $51,871 $46,749
======== ======== ======== ========

The following table sets forth a reconciliation of net income (loss)
to Adjusted EBITDA for the Full Year 2009 Forecast:

Twelve Months Ended
December 31, 2009
-------------------
Net income (loss) $(193,432)
Discontinued operations (1,478)
Income tax expense 2,936
Reorganization items 134,672
Other expense (income) 18,965
Equity in (income) loss from
operations of partnerships (1,908)
Interest expense (net) 100,809
(Gain) loss on disposal of assets 7,540
Amortization 916
Depreciation 141,731
Stock-based compensation 2,730
Third party interest in EBITDA
of certain operations (5) (23,481)
----------
Adjusted EBITDA $190,000
==========

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. Excludes amounts that have been reclassified to liabilities subject to
compromise (current portion of long-term debt ($131.1 million),
long-term
debt ($1.137 billion) and the PIERS ($306.6 million)).
3. Under the terms of the $400,000,000 12 1/4% Senior Notes of Six Flags
Operations, Inc. ("New Notes"), we must disclose on a quarterly basis
the
Leverage Ratio and Restricted Subsidiary Leverage Ratio, both as
defined
in the terms of the New Notes.
4. Adjusted EBITDA, a non-GAAP measure, is defined as income (loss) from
continuing operations before discontinued operations, income tax
expense
(benefit), other (income) expense, net (gain) loss on debt
extinguishment, equity in operations of partnerships, interest expense
(net), amortization, depreciation, stock-based compensation, (gain)
loss
on disposal of assets minus interests of third parties in EBITDA of the
three parks (see Note 4 below), 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.
5. Represents interest of third parties in the Adjusted EBITDA of Six
Flags
Over Georgia, Six Flags Over Texas and Six Flags White Water Atlanta,
plus our interest in the Adjusted EBITDA of one hotel and Dick Clark
Productions, which are less than wholly owned.

6. Free Cash Flow, a non-GAAP measure, is defined as Adjusted EBITDA less
(i) cash paid for interest expense net of interest income receipts, and
debt issuance costs (ii) capital expenditures net of property insurance
recoveries and (iii) cash dividends and taxes. The Company believes
that
Free Cash Flow is used by many investors, equity analysts and rating
agencies as a measure of performance. Free Cash Flow 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. Free Cash Flow as defined in
this release may differ from similarly titled measures presented by
other
companies.

SOURCE Six Flags, Inc.

Sandra Daniels, +1-212-652-9360, Investor Relations: William Schmitt,
+1-203-682-8200