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Six Flags reports fourth quarter growth

Posted: March 11, 2008 11:42 p.m.
Updated: May 13, 2008 5:02 a.m.
 
Six Flags, Inc. released its fourth quarter and annual results earlier this week, reporting a general increase in both revenue and attendance.

The New York-based company's total revenue for the fourth quarter of 2007 increased 7 percent to $112.1 million from $104.3 million the prior-year quarter, according to the financial release.

Overall attendance for its 21 theme parks, which includes Six Flags Magic Mountain in Valencia, increased by 4 percent to 2.8 million from 2.7 million in the prior-year quarter. The company attributes the rise in attendance to an improved December performance compared to the prior-year quarter.

In the statement, Mark Shapiro, Six Flags President and CEO, said, "We are very well-positioned for the 2008 season with a much anticipated new ride and attraction package, a compelling value proposition and an economic climate that should play into our favor as families seek entertainment alternatives that are affordable and close to home."

For the year ended Dec. 31, 2007, total revenue increased $27.1 million, or 3 percent, to $972.8 million from $945.7 million in the prior year, according to the report.

Attendance for 2007 was 24.9 million, up 0.1 million compared to 2006 despite 40 fewer park operating days.

Outlook for 2008
Aside from the statistics on the increase in revenue and attendance, Shapiro offered an outlook for 2008.

"The Six Flags product and brand are re-emerging," he said in a statement. "The season is underway and despite a tightening economy, we remain cautiously optimistic - first quarter attendance has good momentum; season pass sales are up strong double digits; our corporate sponsorship business continues to gain traction; and our strategic expansion into Dubai provides for yet another promising revenue stream."

Local Changes
Locally, Six Flags Magic Mountain is updating the roller coaster X into X2, Xtreme to the Second Power by way of a $10 million revamp that includes new trains that are 10,000 pounds lighter. The ride is set to open Memorial Day.

The park also anticipates opening of another children's area in the first week of June. Known as Thomas Town, the train ride will be based on the character Thomas the Tank Engine.

The Sky Tower will be converted into a Magic Mountain Sky Tower Museum and a cyber cafe, a Cold Stone Creamery and a second Johnny Rocket's are also being added.

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