Six Flags takes big hit in latest figures

Six Flags has released its first financial report since declaring chapter 11 bankruptcy in June. The data for the second quarter and six-month period ending June 30, 2009, shows that the company has been severely affected by the Swine Flu outbreak and recent economic turmoil.

Three-month round up

The three-month data shows a 13 per cent decrease in total revenues, falling to $302.1 million from last year's high of $345.7 million. EBITDA (earnings before interest, taxes, depreciation and amortization or enterprise multiple) data shows a 36 per cent drop, or $31.3 million, to $56.3 million during this period.

Attendance for the three months dropped 8 per cent, with last year's figure of 8.6 million dropping to 8 million. Per capita spending was down to $36.7, which is a 4 per cent drop from $38.34 seen in the prior year.

Six-month round up

Six-month revenues dropped 14 per cent to $354 million, a decrease of $59.9 million from last year's figure. EBITDA results followed suit, with a reduction of $39.1 million felt, bringing the total to -$4.6 million.

Attendance for this period was 9.2 million, which is a reduction of 9 per cent from the 10.1 million who visited in the first half of 2008. Per capita spending fell 5 per cent to $36.44 over the six-month period.

"Our decline in performance is a reflection of all that surrounds Six Flags -- a severe recession, a balance sheet restructuring process, the swine flu pandemic, adverse foreign currency impact at our international parks and miserable weather, particularly at our east coast parks", Mark Shapiro, President and Chief Executive Officer of Six Flags, said.

"The trends of our July business have improved, but nowhere near enough to put us back on pace to match last year's full-season record setting performance", Mr Shapiro added.

Photo: Six Flags Magic Mountain