- Fourth Quarter Revenue Up 7% on Attendance Growth of 4%
NEW YORK, Jan. 8 /PRNewswire-FirstCall/ -- Six Flags, Inc. (NYSE: SIX)
today announced revenue and attendance results for its fourth quarter ended
December 31, 2007, as well as information regarding advance season pass sales
for the 2008 season.(1)
Total revenue for the 2007 fourth quarter increased 7% to approximately
$111 million from $104 million in the prior-year period. Attendance increased
0.1 million, or 4%, to 2.8 million from 2.7 million in the prior-year period,
driven by December performance.
The Company also announced an increase in 2008 season pass sales during
the fourth quarter. As of December 31, 2007, advance sales of 2008 season
passes increased by a significant double-digit percentage compared to the
number of 2007 season passes sold as of December 31, 2006. The number of
season passes sold through December historically represents less than 10% of
the total number of season passes to be sold for the year.
Mark Shapiro, Six Flags President and CEO, provided the following
commentary on the Company's performance:
"Our fourth quarter attendance and revenue performance along with the
advance sales of 2008 season passes provide solid evidence that,
notwithstanding the economic headwinds that many sectors have been
experiencing for the last several months, our guests' desire to enjoy a
convenient, affordable, and family-friendly entertainment offering at Six
Flags remains strong.
We're looking forward to building on this momentum in 2008 with a
thrilling new attraction program that includes eight coasters in eight parks,
significant productivity and cost efficiencies, continued per capita spending
and sponsorship growth, as well as potential international opportunities."
Revised Guidance and Year End Liquidity
In light of the fourth quarter performance, the Company expects it will
slightly exceed its prior guidance.
As of December 31, 2007, the Company had $5 million outstanding on its
$275 million revolving credit facility (excluding letters of credit in the
amount $27 million), leaving $243 million of additional revolver availability
to fund its off-season expenses.
About Six Flags
Six Flags, Inc. is the world's largest regional theme park company with 21
parks across the U.S., Mexico, and Canada. Since 1961, Six Flags has provided
world-class thrilling entertainment for millions of families. Six Flags 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, 2006, which is available free of charge on Six
Flags' website http://www.sixflags.com.
(1) Reported results exclude park operations in Buffalo, New York;
Columbus, Ohio; Concord, California; Denver, Colorado; Houston, Texas;
Oklahoma City, Oklahoma; Sacramento, California; and Seattle,
Washington. These parks have been classified as discontinued
operations. As of April 6, 2007, the sales of all of the above-named
parks were completed.
SOURCE Six Flags, Inc.
Media, Sandra Daniels, +1-212-652-9360; Investor Relations, William Schmitt,
+1-203-682-8200, both of Six Flags, Inc.
