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News: Six Flags profits rise 60 percent

Posted at 11:20 AM EST (1620 GMT)

Nov. 11th, 2008 -- For the third quarter, Six Flags Inc.’s profit was up 60 percent, thanks to higher revenue and reduced costs.

The theme park company, had a net income of $143.5 million, compared with net income of $89.7 million during the same time last year.

Third quarter revenue grew 5 percent, boosted by an increase in attendance and guest spending. In addition, the company’s sponsorship, licensing and other fees increased to $19.3 million.

Guest spending in the parks was up 2 percent to $38.67.

"By any measure, this is shaping up to be the best year in the history of the company,” said Mark Shapiro, president and CEO of Six Flags, in a news release. “We're on track to be free cash flow positive for the first time, our customer satisfaction scores are at all-time highs, we're building an international footprint, and our network of parks are increasingly being seen as an out-of-home solution for advertisers. The culmination of this turnaround is within reach and we've laid a solid foundation for long-term growth."

For more information visit Business First of Louisville.

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Jimmy B Joined: May 2001 Posts: 2302 View Park/Ride Count	Looks like all the name branding and licensing (Papa Johns, Nintendo, Chrysler, etc) has turned out to be good moves; it is really paying off for them.
11/11/2008 11:27 AM
Nitro Luvr Joined: Aug 2004 Posts: 463 View Park/Ride Count	Congrats to Six Flags, it's been a long time since they been able to enjoy a profit of so much. They had increased attendance and guest spending which is especially good in this latest economy. So my ONE question.....NOW what is Hard Rock Park's true excuse on why they lost so much money this year? lol
11/11/2008 12:13 PM
Wes Joined: Sep 2001 Posts: 11481 View Park/Ride Count	It didn't rain enough. That would probably be it. Hard Rock charged too much, and delivered too little in my opinion. Plus the fact that they couldn't advertise out of the market area.
11/11/2008 12:32 PM
Nitro Luvr Joined: Aug 2004 Posts: 463 View Park/Ride Count	Yeah I would have to agree there. Bottom line it was a good idea, but badly planned out and well they found out the hard way. But if Six Flags had profits, HRP can only look in the mirror to see the reason on why they were not profitable this year.
11/11/2008 12:36 PM
Jerry S Joined: Aug 2003 Posts: 5219 View Park/Ride Count	Six Flags parks are regional, and everybody in the area knows about them. Hard Rock Park is most comparable to IOA. They built a large theme park from scratch. But IOA is in a theme park city, right next to it's well known sister park. Myrtle Beach just didn't deliver enough theme park goers to Hard Rock Park.
11/11/2008 1:24 PM
Racer Joined: Feb 2006 Posts: 611 View Park/Ride Count	It's about time Six Flags pick itself back up. Let's hope that it continues through next year.
11/11/2008 4:19 PM
Michael C Joined: Sep 2002 Posts: 2226 View Park/Ride Count	Yes ad now. While their financial reports were good their stock is still dropping. down to .26 cents. But it's good to hear some good news.
11/11/2008 4:36 PM
GAmFanboy Joined: Mar 2008 Posts: 175 View Park/Ride Count	I'm worried now because You know some person is going to try to take advantage of this news and sue the company for some stupid reason.
11/11/2008 5:48 PM
Carowinds 73-03 Joined: Apr 2003 Posts: 12515 View Park/Ride Count	Thats great to see Six Flags is rebounding. 60% is huge and something to be proud of.
11/11/2008 10:22 PM
Michael C Joined: Sep 2002 Posts: 2226 View Park/Ride Count	Six flags need to worry more about the law suits that they deserve to have against them like the ongoing SFKK law suit.
11/12/2008 9:35 AM
Jimmy B Joined: May 2001 Posts: 2302 View Park/Ride Count	There is also the New Orleans park issue that still needs resolving. There are many more obstacles in the way, but this is one step in the right direction. I liked all the name brands and licensing that Shapiro has done from the very beginning, not just the recognition by guests and resulting sales generation, but also the contract and advertising.
11/12/2008 12:27 PM
all4thx Joined: Mar 2002 Posts: 36 View Park/Ride Count	Go ahead and give them praise, but the results are not impressive. A good quarter. Who cares! The stock price tells the true story about Six Flags. This company is dangerously low on capital. They maxed out their current credit so they have enough cash to resume operations in 2009. They are near bankruptcy and it's questionable if they'll be able to cover their debt obligations that will be coming due starting next summer. The market capitalization of the entire company is less than $75 million. That's pathetic. The conference call steered clear of the truth, but at one point the hint was dropped that something would have to be done. You can expect that the company will either close a park, sell a few parks or further cut back on their operations. Most of the cash this year came from severe cuts in their operations. Try telling the guests to Kentucky Kingdom that the reason why half the park was closed was so that Six Flags as a company could toot their horn about being cash flow positive for the year. Of course, the accident last year axed the attendance at SFKK, so they probably didn't need that half of the park.
11/15/2008 4:02 AM
Nitro Luvr Joined: Aug 2004 Posts: 463 View Park/Ride Count	^^Is someone a bit bitter here? hmmmm
11/15/2008 6:44 PM

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