SFI Third Quarter and YTD Figures

[ParkTrips]

Six Flags Reports Nine Months and Third Quarter Results; Strong, Broad-Based Performance Demonstrates Successful Implementation of Investment Program, Guest Service Initiatives, and Advertising Campaign

 

Kieran E. Burke, Chairman and Chief Executive Officer, stated "We have now concluded our operating season at all of our parks, with the exception of weekend and holiday operations in three markets. We have achieved strong, broad-based performance of our parks this quarter and for the year to date period, as well as the solid results that we enjoyed in our October operations. These impressive results reflect the successful implementation of our investment program, our ongoing guest service initiatives, and year two of our new advertising campaign. We are confident, given the breadth of this improvement, that we have set the stage for continued growth in the future through the continued application of our operating plan."

 

Nine Month Results

 

For the first nine months of 2005, revenues were $977.9 million, compared to $893.2 million for the comparable period of 2004, an increase of $84.7 million, or 9.5%. Attendance for the period increased 1.6 million, or 5.6%, while total revenue per capita increased by 3.6% to $32.49.

 

EBITDA (Modified) was $351.8 million in the 2005 period as compared to $305.3 million in the 2004 period. Adjusted EBITDA for the 2005 period was $304.1 million compared to $259.5 million in 2004. (See note 3 to the following table for a discussion of EBITDA (Modified) and Adjusted EBITDA, and for a reconciliation of these amounts to net income (loss))

 

Three Month Results

 

Revenues for the 2005 third quarter were $559.0 million, compared to $509.0 million for the comparable quarter of 2004, an increase of $50.0 million, or 9.8%. The 2005 performance reflects an increase in attendance of 659,200, or 4.0% and an increase in per capita revenues of 5.5%.

 

EBITDA (Modified) was $303.6 million in the third quarter of 2005 compared to $272.5 million in the 2004 quarter. Adjusted EBITDA for the third quarter of 2005 was $277.3 million compared to $245.3 million in the third quarter of 2004.

 

Outlook

 

Kieran Burke said, "Given our strong nine-month performance and our solid October results, we are confident that we will achieve Adjusted EBITDA for the full year of at least $300 million, including the performance of AstroWorld, representing at least 16% year over year growth. We expect to have full year revenue growth at virtually every park, underscoring the strength of our performance and the soundness of our operating plan.

 

Next year, we will be introducing several exciting new rides and attractions as part of a $125 million capital program that will see thrill and family additions to a number of parks. These additions will include four great new coasters - one each in New Jersey, Montreal, Atlanta and Los Angeles, including our blockbuster Tatsu coaster in Los Angeles and the GOLIATH hypercoaster in Atlanta. We will also debut several family-oriented rides and children's sections in other parks. In addition, we are on track with our plans to open the Six Flags Great Escape Lodge & Indoor Waterpark this winter, which we will manage and in which we will have a 41% ownership interest. This capital program is fully committed, is under construction and will be ready for the 2006 season. These new attractions will build upon the momentum of this season, and, as we continue our focus on excellent guest experience at our parks and solid marketing, should position us to continue our strong performance into 2006. As a result, we anticipate achieving $340 million in Adjusted EBITDA in 2006, with attendance growth of approximately 3.5-4% and revenue growth of approximately 6.5-7%."

 

Sale Process Update

 

Kieran Burke also said "as previously announced, the Board initiated a sale process for the Company that it believes is the best way to deliver full and fair value to all Six Flags stockholders at this time, particularly in light of the Company's strong 2005 broad-based performance. We are pleased with the progress of the sale process. We have received initial bids from a number of capable prospective financial and strategic buyers. We are targeting early December to receive final bids. We remain confident that, unless the sale process is disrupted, we will end up with an attractive transaction that we will be recommending to stockholders before the end of December."

 

Source

[PhishyBrewer]

These impressive results reflect the successful implementation of our investment program, our ongoing guest service initiatives

 

Tool say , "What?" :shock:

[robbalvey]

These additions will include four great new coasters - one each in New Jersey, Montreal, Atlanta and Los Angeles, including our blockbuster Tatsu coaster in Los Angeles

So yet again, Six Flags has managed to announce Tatsu before actually announcing Tatsu.

 

--Robb

[Hercules]

I love reading this crap. I'm such a nerd A business and marketing nerd.