Another Record Year for Six Flags in 2012

Wed Feb 20, 2013 8:00am EST

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Adjusted EBITDA(1) Climbs 9 Percent to $383 Million and Cash EPS(2) Grows 23
Percent to $4.33
GRAND PRAIRIE, Texas,  Feb. 20, 2013  /PRNewswire/ -- Six Flags Entertainment
Corporation (NYSE: SIX), the world's largest regional theme park company, today
announced another record year of financial results as it generated a
company-high  $383 million  of Adjusted EBITDA in 2012, representing a  $32
million  or 9 percent increase over 2011. After adjusting for the  September
2012  divestiture of its minority interest in dick clark productions3, the
company's comparable 2012 Adjusted EBITDA increased  $38 million  or 11 percent
over prior year. Free Cash Flow4  grew  $40 million to $233 million  while Cash
Earnings Per Share increased 23 percent or  $0.82  to  $4.33.

"Excellent execution of our strategy has been a key factor in driving our third
successive year of record performance," said  Jim Reid-Anderson, Chairman,
President and CEO. "Guests recognize that we are providing innovative rides and
attractions, superb service, and great value for their money. We are
well-positioned as we enter the 2013 season and remain focused on delivering our
aspirational target of  $500 million  of Modified EBITDA by 2015, which equates
to almost  $6  of cash earnings per share."

Annual attendance grew 6 percent to 25.7 million, driven by the company's
success in upselling guests to season passes. Higher penetration of season pass
sales is a key initiative because season pass holders, over the course of an
entire season, generate higher revenue and cash flow than single day visitors.  

Revenue for the year increased 6 percent, or  $57 million, to  $1,070 million.
Approximately  $35 million  of the revenue growth came from higher admissions
revenue and another  $24 million  from higher in-park sales.

Total guest spending per capita in 2012 increased slightly over prior year to 
$39.41  despite the higher mix of season pass holder attendance. Admissions per
capita for the year increased 0.5 percent or  $0.11  to  $22.41  while in park
spending per capita was flat at  $17.00.

Modified EBITDA5  in 2012 was  $416 million  and Modified EBITDA margin improved
to an industry high of 38.9 percent-an increase of 153 basis points over 2011.  

Diluted earnings per share for 2012 was  $6.38  as compared to a loss of  $0.41 
in 2011. Both the fourth quarter and full year net income and earnings per share
amounts were favorably impacted by the partial reversal of a net operating loss
carryforward valuation allowance. Adjusting for the  $237 million  valuation
reserve reversal, 2012 earnings per share was  $2.10.

Fourth quarter 2012 revenue grew 5 percent to  $144 million  due to a 3 percent
increase in attendance and a 2 percent increase in total revenue per capita.
Guest spending per capita was up 3 percent to  $35.82, which included a 4
percent or  $0.72  increase in admissions per capita and a 2 percent or  $0.28 
increase in in-park revenue per capita. Fourth quarter attendance was 3.7
million.

Adjusted EBITDA in the fourth quarter was  $30  million-a decline of  $5 million
 due to the absence of EBITDA associated with the company's minority interest in
dick clark productions, which was divested at the end of the third quarter 2012.
On a comparable basis, Adjusted EBITDA grew 2 percent in the fourth quarter.

During the year, the company invested  $98 million  in new capital, net of
property insurance recoveries and returned  $380 million  to shareholders by
paying  $148 million  in dividends and repurchasing  $232 million  or 4.2
million shares of its common stock at an average price of  $54.59  per share. In
the fourth quarter, the company paid  $52 million  in dividends, or  $0.90  per
share, and repurchased  $134 million  or 2.2 million shares of its common stock.
 

Due to strong season pass sales for the 2013 season, deferred revenue as of 
December 31, 2012  grew to  $53 million, a  $15 million  or 38 percent increase
versus  December 31, 2011.

Net Debt6  as of  December 31, 2012  was  $776 million, a 2.0 times net leverage
ratio, compared to  $726 million  as of  December 31, 2011.

In December, the company issued  $800 million  of senior unsecured notes at a
5.25 percent coupon. It used  $350 million  of the proceeds to pay down its bank
term loan with the balance to be used for share repurchases and other corporate
purposes. The company repurchased  $203 million  or 3.2 million shares between 
January 1, 2013  and  February 19, 2013  and has  $315 million  remaining under
its authorized share repurchase plan. As of  February 19, 2013, 50.6 million
shares were outstanding.

Conference Call

At  8:00 a.m. Central Time  today, the company will host a conference call to
discuss its fourth quarter and full year 2012 financial performance. The call is
accessible either through the Six Flags Investor Relations website at 
www.sixflags.com/investors  or by dialing 1-888-282-0415 in  the United States 
or +1-415-228-4945 outside  the United States  and requesting the Six Flags
earnings call. A replay of the call will be available by dialing 1-800-879-4907
or +1-402-220-4725 through  March 2, 2013.  

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation is the world's largest regional theme park
company with over  $1 billion  in revenue and 18 parks across  the United
States,  Mexico  and  Canada. For more than 50 years, Six Flags has entertained
millions of families with world-class coasters, themed rides, thrilling water
parks and unique attractions including up-close animal encounters, Fright FestĀ® 
and Holiday in the ParkĀ®. For more information, visit  www.sixflags.com.

Forward Looking Statements

The information contained in this 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, (i) the adequacy of cash flows from
operations, available cash and available amounts under our credit facilities to
meet our future liquidity needs, (ii) our ability to improve operating results
by implementing strategic cost reductions, and organizational and personnel
changes without adversely affecting our business, (iii) our operations and
results of operations, and (iv) the risk factors or uncertainties listed from
time to time in the company's filings with the Securities and Exchange
Commission ("SEC"). In addition, important factors, including factors impacting
attendance, local conditions, contagious diseases, events, disturbances and
terrorist activities, recall of food, toys and other retail products which we
sell, risk of accidents occurring at the company's parks or other parks in the
industry, inability to achieve desired improvements and financial performance
targets set forth in our aspirational goals, adverse weather conditions such as
excess heat or cold, rain and storms, general financial and credit market
conditions, economic conditions (including customer spending patterns), changes
in public and consumer tastes, construction delays in capital improvements or
ride downtime, competition with other theme parks and other entertainment
alternatives, dependence on a seasonal workforce, pending, threatened or future
legal proceedings and the significant expenses associated with litigation and
other factors could cause actual results to differ materially from the company's
expectations. Although the company believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no assurance that
such expectations will be realized and actual results could vary materially.
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 the company's Annual and
Quarterly Reports on Forms 10-K and 10-Q, and its other filings and submissions
with the SEC, each of which are available free of charge on the company's
investor relations website at   www.sixflags.com/investors  and on the SEC's
website at  www.sec.gov.

 Footnotes                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 (1)    See the following financial statements and Note 3 to those financial statements for a discussion of Adjusted EBITDA and its reconciliation to net income (loss).                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 (2)    Cash EPS (or Cash Earnings Per Share), which is defined as Free Cash Flow divided by the weighted average basic shares outstanding, is not a U.S. GAAP defined measure. The company believes this measure provides meaningful profitability metrics, given current accumulated tax loss carryforwards and the net depreciation/amortization impacts relating to the revaluation of assets in connection with the company's emergence from Chapter 11 in April 2010.  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 (3)    The company's minority interest in dick clark productions, which was divested on September 28, 2012, generated $5.4 million, $1.9 million, $3.3 million and $0.3 million of Adjusted EBITDA for the company in Q4 2011, Q1 2012, Q2 2012 and Q3 2012, respectively.                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 (4)    See Note 5 to the following financial statements for a discussion of Free Cash Flow.                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 (5)    See Note 3 to the following financial statements for a discussion of Modified EBITDA and its reconciliation to net income (loss).                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 (6)    Net Debt represents total long-term debt, including current portion, less cash and cash equivalents.                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             


 Six Flags Entertainment Corporation                                                                                  
 (In Thousands, Except Per Share Amounts)                                                                             
                                                                                                                  
                                                                                                                  
 Statements of Operations Data (1)                          Three Months Ended                                      
                                                            December 31,                                            
                                                            2012                            2011                  
                                                                                                                  
 Theme park admissions                                      $           73,018              $           68,457    
 Theme park food, merchandise and other                     58,222                          55,626                
 Sponsorship, licensing and other fees                      9,901                           10,962                
 Accommodations revenue                                     2,778                           2,516                 
 Total revenue                                              143,919                         137,561               
                                                                                                                  
 Operating expenses (excluding depreciation and                                                                   
 amortization shown separately below)                       72,227                          69,749                
 Selling, general and administrative expense (excluding                                                           
 depreciation, amortization and stock-based                                                                       
 compensation shown separately below)                       31,842                          28,929                
 Costs of products sold                                     10,025                          9,805                 
 Depreciation                                               31,720                          37,131                
 Amortization                                               3,603                           4,507                 
 Stock-based compensation                                   17,991                          19,945                
 Loss on disposal of assets                                 458                             1,510                 
 Gain on sale of investee                                   (278)                           -                     
 Interest expense, net                                      12,390                          15,939                
 Equity in loss of investee                                 -                               98                    
 Loss on debt extinguishment                                587                             46,520                
 Other expense, net                                         317                             266                   
 Restructure recovery                                       -                               (60)                  
                                                                                                                  
 Loss from continuing operations before                                                                           
 reorganization items, income taxes and                                                                           
 discontinued operations                                    (36,963)                        (96,778)              
                                                                                                                  
 Reorganization items, net                                  460                             1,012                 
                                                                                                                  
 Loss from continuing operations                                                                                  
 before income taxes and discontinued operations            (37,423)                        (97,790)              
 Income tax (benefit) expense                               (180,680)                       6,000                 
                                                                                                                  
 Income (loss) from continuing operations before                                                                  
 discontinued operations                                    143,257                         (103,790)             
                                                                                                                  
 Income from discontinued operations                        116                             1,314                 
                                                                                                                  
 Net income (loss)                                          $         143,373               $        (102,476)    
                                                                                                                  
 Less: Net loss attributable to                                                                                   
 noncontrolling interests                                   455                             468                   
                                                                                                                  
 Net income (loss) attributable to                                                                                
 Six Flags Entertainment Corporation                        $         143,828               $        (102,008)    
                                                                                                                  
 Net income (loss) applicable to Six Flags Entertainment                                                          
 Corporation common stockholders                            $         143,828               $        (102,008)    
                                                                                                                  
 Per share - basic:                                                                                               
 Income (loss) from continuing operations                                                                         
 applicable to Six Flags Entertainment                                                                            
 Corporation common stockholders                            $              2.69             $             (1.88)  
 Income from discontinued operations                                                                              
 applicable to Six Flags Entertainment                                                                            
 Corporation common stockholders                            $                   -           $              0.03   
                                                                                                                  
 Net income (loss) applicable to Six Flags Entertainment                                                          
 Corporation common stockholders                            $              2.69             $             (1.85)  
                                                                                                                  
 Per share - diluted:                                                                                             
 Income (loss) from continuing operations                                                                         
 applicable to Six Flags Entertainment                                                                            
 Corporation common stockholders                            $              2.59             $             (1.88)  
 Income from discontinued operations                                                                              
 applicable to Six Flags Entertainment                                                                            
 Corporation common stockholders                            $                   -           $              0.03   
                                                                                                                  
 Net income (loss) applicable to Six Flags Entertainment                                                          
 Corporation common stockholders                            $              2.59             $             (1.85)  
                                                                                                                  
 Weighted average shares outstanding - basic                53,499                          54,997                
                                                                                                                  
 Weighted average shares outstanding - diluted              55,464                          54,997                
                                                                                                                  


 Six Flags Entertainment Corporation                                                                              
 (In Thousands, Except Per Share Amounts)                                                                         
                                                                                                              
                                                                                                              
 Statements of Operations Data (1)                          Year Ended                                          
                                                            December 31,                                        
                                                            2012                        2011                  
                                                                                                              
 Theme park admissions                                      $         576,708           $         541,744     
 Theme park food, merchandise and other                     437,382                     413,844               
 Sponsorship, licensing and other fees                      39,977                      42,380                
 Accommodations revenue                                     16,265                      15,206                
 Total revenue                                              1,070,332                   1,013,174             
                                                                                                              
 Operating expenses (excluding depreciation and                                                               
 amortization shown separately below)                       411,679                     397,874               
 Selling, general and administrative expense (excluding                                                       
 depreciation, amortization and stock-based                                                                   
 compensation shown separately below)                       163,000                     160,798               
 Costs of products sold                                     80,169                      77,286                
 Depreciation                                               132,397                     150,952               
 Amortization                                               15,648                      18,047                
 Stock-based compensation                                   62,875                      54,261                
 Loss on disposal of assets                                 8,105                       7,615                 
 Gain on sale of investee                                   (67,319)                    -                     
 Interest expense, net                                      46,624                      65,217                
 Equity in loss of investee                                 2,222                       3,111                 
 Loss on debt extinguishment                                587                         46,520                
 Other expense, net                                         612                         73                    
 Restructure (recovery) costs                               (47)                        25,086                
                                                                                                              
 Income from continuing operations before                                                                     
 reorganization items, income taxes and                                                                       
 discontinued operations                                    213,780                     6,334                 
                                                                                                              
 Reorganization items, net                                  2,168                       2,455                 
                                                                                                              
 Income from continuing operations                                                                            
 before income taxes and discontinued operations            211,612                     3,879                 
 Income tax benefit                                         (172,228)                   (8,065)               
                                                                                                              
 Income from continuing operations before                                                                     
 discontinued operations                                    383,840                     11,944                
                                                                                                              
 Income from discontinued operations                        7,273                       1,201                 
                                                                                                              
 Net income                                                 $         391,113           $           13,145    
                                                                                                              
 Less: Net income attributable to                                                                             
 noncontrolling interests                                   (37,104)                    (35,805)              
                                                                                                              
 Net income (loss) attributable to                                                                            
 Six Flags Entertainment Corporation                        $         354,009           $          (22,660)   
                                                                                                              
 Net income (loss) applicable to Six Flags Entertainment                                                      
 Corporation common stockholders                            $         354,009           $          (22,660)   
                                                                                                              
 Per share - basic:                                                                                           
 Income (loss) from continuing operations                                                                     
 applicable to Six Flags Entertainment                                                                        
 Corporation common stockholders                            $              6.44         $             (0.43)  
 Income from discontinued operations                                                                          
 applicable to Six Flags Entertainment                                                                        
 Corporation common stockholders                            $              0.13         $              0.02   
                                                                                                              
 Net income (loss) applicable to Six Flags Entertainment                                                      
 Corporation common stockholders                            $              6.57         $             (0.41)  
                                                                                                              
 Per share - diluted:                                                                                         
 Income (loss) from continuing operations                                                                     
 applicable to Six Flags Entertainment                                                                        
 Corporation common stockholders                            $              6.25         $             (0.43)  
 Income from discontinued operations                                                                          
 applicable to Six Flags Entertainment                                                                        
 Corporation common stockholders                            $              0.13         $              0.02   
                                                                                                              
 Net income (loss) applicable to Six Flags Entertainment                                                      
 Corporation common stockholders                            $              6.38         $             (0.41)  
                                                                                                              
 Weighted average shares outstanding - basic                53,842                      55,075                
                                                                                                              
 Weighted average shares outstanding - diluted              55,468                      55,075                
                                                                                                              


 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                           
                                                                December 31,                                 
                                                                2012                      2011             
                                                                                                           
 Net income (loss)                                              $    143,373              $   (102,476)    
 Income from discontinued operations                            (116)                     (1,314)          
 Income tax (benefit) expense                                   (180,680)                 6,000            
 Restructure recovery                                           -                         (60)             
 Reorganization items, net                                      460                       1,012            
 Other expense, net                                             317                       266              
 Loss on debt extinguishment                                    587                       46,520           
 Equity in loss of investee                                     -                         98               
 Interest expense, net                                          12,390                    15,939           
 Loss on disposal of assets                                     458                       1,510            
 Gain on sale of investee                                       (278)                     -                
 Amortization                                                   3,603                     4,507            
 Depreciation                                                   31,720                    37,131           
 Stock-based compensation                                       17,991                    19,945           
 Impact of Fresh Start valuation adjustments (2)                255                       393              
                                                                                                           
 Modified EBITDA (3)                                            30,080                    29,471           
 Third party interest in EBITDA                                                                            
 of certain operations (4)                                      (122)                     5,312            
                                                                                                           
 Adjusted EBITDA (3)                                            $      29,958             $      34,783    
 Cash paid for interest, net                                    (11,449)                  (22,862)         
 Capital expenditures (net of property insurance recoveries)    (19,374)                  (21,891)         
 Cash taxes                                                     (1,243)                   (1,056)          
                                                                                                           
 Free Cash Flow (5)                                             $      (2,108)            $    (11,026)    
                                                                                                           
 Weighted average shares outstanding - basic                    53,499                    54,997           
                                                                                                           
 Cash Loss Per Share                                            $        (0.04)           $        (0.20)  
                                                                                                           
                                                                                                           


 The following table sets forth a reconciliation of net income to Adjusted EBITDA and Free Cash Flow for the    
 
periods shown (in thousands):                                                                            
                                                                                                       
                                                                Year Ended                               
                                                                December 31,                             
                                                                2012                   2011            
                                                                                                       
                                                                                                       
 Net income                                                     $    391,113           $     13,145    
 Income from discontinued operations                            (7,273)                (1,201)         
 Income tax benefit                                             (172,228)              (8,065)         
 Restructure (recovery) costs                                   (47)                   25,086          
 Reorganization items, net                                      2,168                  2,455           
 Other expense, net                                             612                    73              
 Loss on debt extinguishment                                    587                    46,520          
 Equity in loss of investee                                     2,222                  3,111           
 Interest expense, net                                          46,624                 65,217          
 Loss on disposal of assets                                     8,105                  7,615           
 Gain on sale of investee                                       (67,319)               -               
 Amortization                                                   15,648                 18,047          
 Depreciation                                                   132,397                150,952         
 Stock-based compensation                                       62,875                 54,261          
 Impact of Fresh Start valuation adjustments (2)                993                    1,535           
                                                                                                       
 Modified EBITDA (3)                                            416,477                378,751         
 Third party interest in EBITDA                                                                        
 of certain operations (4)                                      (33,848)               (28,417)        
                                                                                                       
 Adjusted EBITDA (3)                                            $    382,629           $    350,334    
 Cash paid for interest, net                                    (41,713)               (57,950)        
 Capital expenditures (net of property insurance recoveries)    (98,495)               (91,144)        
 Cash taxes                                                     (9,435)                (7,945)         
                                                                                                       
 Free Cash Flow (5)                                             $    232,986           $    193,295    
                                                                                                       
 Weighted average shares outstanding - basic                    53,842                 55,075          
                                                                                                       
 Cash Earnings Per Share                                        $         4.33         $         3.51  
                                                                                                       


 Balance Sheet Data                                                                                              
 (In Thousands)                                                                                                  
                                                                                                           
                                                                                                           
 Balance Sheet Data                   December 31, 2012                        December 31, 2011               
                                                                                                           
 Cash and cash equivalents                                                                                 
 (excluding restricted cash)          $            629,208                            $    231,427          
 Total assets                                      3,056,391                         2,648,178             
                                                                                                           
 Current portion of long-term debt                 6,240                             35,296                
 Long-term debt (excluding current                                                                         
 portion)                                          1,398,966                         921,940               
                                                                                                           
 Redeemable noncontrolling interests               437,941                           440,427               
                                                                                                           
 Total equity                                      896,152                           767,148               
                                                                                                           
 Shares outstanding                                53,819                            54,642                
                                                                                                           
                                                                                                           


 (1)  Revenues and expenses of international operations are converted into U.S. dollars on an average basis as provided by GAAP.                                                                                                                                      
      
 (2)  Amounts recorded as valuation adjustments and included in reorganization items for the month of April 2010 that would have  been included in Modified EBITDA and Adjusted EBITDA, had fresh start accounting not been applied.  Balance consists primarily  of  
      discounted insurance reserves that will be accreted through the statement of operations each quarter through 2018.                                                                                                                                              
      
 (3)  "Modified EBITDA", a non-GAAP measure, is defined as the Company's consolidated income (loss) from continuing operations:  (i) excluding the cumulative effect of changes in accounting principles, discontinued operations gains or losses, income tax  expense 
      or benefit, restructure costs or recoveries, reorganization items (net), other income or expense, gain or loss on  early extinguishment of debt, equity in income or loss of investees, interest expense (net), gain or loss on disposal of assets, gain or loss 
      on the sale of investees, amortization, depreciation, stock-based compensation, and fresh start accounting valuation adjustments.  The Company believes that Modified EBITDA is useful to investors, equity analysts and rating agencies as a measure of the    
      Company's performance.  The Company believes that Modified EBITDA is a measure that can be readily compared to other companies, and the Company uses Modified EBITDA in its internal evaluation of operating effectiveness and  decisions regarding the         
      allocation of resources.  Modified 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.  Modified EBITDA as defined herein may differ from similarly titled  measures presented by other companies.            
      
      "Adjusted EBITDA", a non-GAAP measure, is defined as Modified EBITDA minus the interests of third parties in the Adjusted EBITDA of properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta, Six Flags  
      Over Texas, and Six Flags Great Escape Lodge & Indoor Waterpark (the "Lodge")) plus the Company's  interest in the Adjusted EBITDA of dick clark productions, inc., which was sold in September 2012.  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.  Adjusted EBITDA is approximately equal to "Parent Consolidated Adjusted EBITDA" as defined in the Company's   
      secured credit agreement, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from equity investees that is not distributed to the Company in cash on a net basis and has limitations on the amounts of certain expenses that are excluded 
      from the calculation.  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 herein may differ from similarly  titled measures presented by other companies.                      
      
 (4)  Represents interests of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta and the Lodge, plus the Company's interest in the Adjusted EBITDA of dick clark productions, inc., which are less   
      than wholly owned.  The Company sold its interest in dick clark productions, inc. in September 2012.                                                                                                                                                            
      
 (5)  Free Cash Flow, a non-GAAP measure, is defined as Adjusted EBITDA less (i) cash paid for interest expense net of interest income  receipts, (ii) capital expenditures net of property insurance recoveries, and (iii) cash taxes.  The Company has excluded from 
      the  definition of Free Cash Flow deferred financing costs related to the Company's senior unsecured note offering that occurred in the fourth quarter of 2012 and the Company's debt refinancing that occurred in the fourth quarter of 2011 due to the unusual 
      nature of these items.  The Company believes that Free Cash Flow is useful to investors, equity analysts and rating agencies as a performance measure.  The Company uses Free Cash Flow in its internal evaluation of operating effectiveness and decisions     
      regarding the allocation of resources.  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 herein may differ from similarly titled measures presented by other companies.          


SOURCE  Six Flags Entertainment Corporation


Nancy Krejsa, Senior Vice President, Investor Relations and Corporate
Communications, +1-972-595-5083, nkrejsa@sftp.com

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