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GAcoaster

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  1. Press Release From Six Flags:

     

    Six Flags Reports Third Quarter Results

    Friday November 9, 8:00 am ET

    - Quarterly Revenue Down 2% Due to Soft July Attendance, Partially Offset by Total Revenue Per Capita Growth

    - Nine Month Revenue Up 2% on Stable Attendance and Total Revenue Per Capita Growth, Despite Fewer Park Operating Days

     

    NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- Six Flags, Inc. (NYSE: SIX - News) today announced operating results for its third quarter and nine months ended September 30, 2007.

     

    Total revenue for the quarter decreased 2% to $465.2 million from $474.2 million in the prior-year quarter. Attendance decreased 0.3 million, or 3%, to 12.0 million from 12.3 million in the prior year. The attendance decrease stems from a difficult July during which attendance dropped 9% compared to the prior year reflecting unfavorable weather primarily at our Texas and Georgia parks, one less Saturday in the operating calendar, and extensive national media coverage of a ride-related accident in late June at the Company's park in Louisville, Kentucky. Prior to these events, attendance for June had increased 10% over the prior year. Following these events, August stabilized at 1% and September increased 8% over the prior year attendance.

     

    Total revenue per capita for the quarter increased by $0.39 (1%) to $38.90, reflecting increased sponsorship revenue. Per capita guest spending increased $0.04 during the quarter to $37.13 as guests spent 3% more in-park, primarily on food and beverages, parking, and games, while per capita spending on admissions was down slightly, reflecting an increased mix of season pass and promotional offer attendance.

     

    The Company's income from continuing operations for the quarter was $89.7 million, compared to income of $127.9 million in the third quarter of 2006, reflecting reduced revenue, $15.3 million of increased costs and expenses primarily from increased advertising ($10.0 million) and park-wide labor ($5.3 million), the cost of settling a class-action labor lawsuit in California (included with other expense in the statement of operations), and an increased loss on the disposal of fixed assets.

     

    "I'm proud of the advances we continue to make at Six Flags despite a temporary setback within the third quarter due to inclement July weather and extensive negative publicity stemming from the accident at our Kentucky park," said Mark Shapiro, Six Flags President and CEO. "With revenue per guest and consumer satisfaction scores at all-time highs and a powerful park-wide capital expansion plan on deck, we are well positioned to deliver on the promise of this company's turnaround in 2008."

     

    Net income applicable to common stock in the third quarter 2007 was $84.2 million, or $0.61 per share - diluted, compared to net income applicable to common stock of $159.3 million, or $1.08 per common share - diluted in the prior-year period, which included $36.8 million (or $0.23 per common share - diluted) of gain from discontinued operations.

     

    Adjusted EBITDA(2) for the quarter was $198.6 million, compared to $216.7 million in the third quarter of 2006, reflecting decreased revenue and increased costs and expenses and a $5.2 million reduction in third-party share of Adjusted EBITDA due to the Company's acquisition in July of the minority interest in Six Flags Discovery Kingdom.

     

    (1) Reported results from continuing operations for all periods presented

    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.

     

    (2) See the following tables and Note 2 to those tables for a discussion

    of EBITDA (Modified), Adjusted EBITDA, and the reconciliation to

    these amounts from net income (loss).

     

    Nine Month Results

     

    For the nine months ended September 30, 2007, total revenue increased $19.3 million, or 2%, to $860.6 million from $841.3 million in the prior-year period.

     

    Total revenue per capita for the nine months compared to the prior-year period increased $0.94 (2%) to $39.02 reflecting increased sponsorship revenue and per capita guest spending. Increased per capita guest spending for the nine months of $0.44 over the prior-year period, or 1%, to $36.91 was driven by increased food and beverages, parking, rentals and games revenue. Attendance for the nine months ended September 30, 2007 was 22.1 million, flat with the prior-year period, despite 53 (2%) fewer park operating days.

     

    Total costs and expenses, including cost of sales, depreciation, amortization, stock-based compensation and loss on fixed assets, increased $14.7 million to $752.5 million for the first nine months of 2007 compared to the prior-year period. The key drivers of the change were increased advertising expense ($28.0 million) and park-wide labor ($10.6 million), partially offset by prior-year costs related to the change in management ($13.7 million), a reduced loss on fixed assets ($8.8 million) and lower stock-based compensation ($6.8 million).

     

    Net loss applicable to common stock for the first nine months of 2007 was $142.7 million, or $1.51 per share, compared to a net loss applicable to common stock of $132.4 million, or $1.41 per common share in the prior-year period. The increased net loss of $10.3 million reflects a higher loss from continuing operations ($6.8 million) driven by higher costs and expenses and an increased loss from discontinued operations ($4.6 million), partially offset by the impact of a prior-year change in accounting principles ($1.0 million).

     

    Adjusted EBITDA for the first nine months of 2007 improved by $0.6 million over the prior-year period to $187.7 million.

     

    Cash and Liquidity

     

    As of September 30, 2007, the Company had no balance outstanding on its $275 million revolving credit facility (excluding letters of credit in the amount of $33.3 million) and had $105.4 million in unrestricted cash.

     

    Conference Call

     

    The Company will host a teleconference for analysts and investors today at 8:30 AM Eastern. Participants in the call will include President and Chief Executive Officer, Mark Shapiro, and Executive Vice President and Chief Financial Officer, Jeffrey R. Speed.

     

    The teleconference will be broadcast live to all interested persons as a listen-only Web cast on http://investors.sixflags.com/. The Web cast will be archived for one year.

     

    About Six Flags

     

    Six Flags, Inc. is the world's largest regional theme park company. Founded in 1961, Six Flags is a publicly-traded corporation (NYSE: SIX - News) headquartered in New York City.

     

    Conference Call Notes:

    • Ride and Attractions with low throughput or high maintenance are being removed for a cost savings of $50 million a year
    • Writing off $30 million in rides and equipment being removed
    • Eliminating more full time positions company wide in the 4th quarter--many offered early retirements
    • Wiggles Worlds and Thomas Towns were "homeruns" for the company, bringing in attendance for the parks they were installed in
    • Thursday Night Concerts so popular, they are adding Sunday Night Concerts for 2008
    • Tony Hawk coasters drew people to the parks despite bad weather in the parks they were added
    • Hourly throughput on rides was up and maintenance downtime on rides was down company wide
    • This year (2008) is about thrills and promoting the thrill of Six Flags with new coasters
    • Advertising will be more online (Facebook, Myspace, etc.) and less radio & TV
    • About $30 million less in advertising for 2008
    • More marketing early in the season, less later on
    • Six Flags TV coming to half the parks for 2008, the other half in 2009
    • Plasma screens in queues with programming and commercials to a captive audience
    • Brand recognition and reputation is improving
    • Season being extended into November in several parks, and Holiday in the Park coming to a "Northeast park" for 2008
    • Currently there are no plans to sell any additional parks
    • Possible opportunities for Six Flags to manage parks overseas
  2. Press Release From Cedar Fair:

     

    Cedar Fair Announces 2007 Third Quarter Results

    Tuesday November 6, 8:30 am ET

    -- Third quarter net revenues increase

    -- Improved results in September along with strong showing in October

    -- Management affirms quarterly distribution and updates full year 2007 guidance

     

    SANDUSKY, Ohio, Nov. 6 /PRNewswire-FirstCall/ -- Cedar Fair (NYSE: FUN - News), a leader in regional amusement parks, water parks and active entertainment, today announced results for the third quarter ended September 30, 2007. The 2006 figures include the results of the Paramount Parks since their acquisition from CBS Corporation on June 30, 2006.

     

    Net revenues for the quarter ended September 30, 2007, which included additional operating days when compared with the prior year's third quarter, increased 5%, or $25.4 million, to $567.5 million from $542.1 million in 2006. Net income for the quarter was $54.1 million, or $0.98 per diluted limited partner unit, versus net income of $132.9 million, or $2.42 per diluted limited partner unit, a year ago. The decrease in net income is largely attributable to two non-cash items totaling $70.5 million. The first item is a non-cash charge for impairment of assets relating to the Geauga Lake restructuring previously announced. The second item is an increase to provision for taxes, which is a non-cash item that is expected to substantially reverse in the fourth quarter.

     

    Consolidated adjusted EBITDA for the quarter, which management believes is a meaningful measure of the company's park-level operating results, increased $5.8 million to $291.4 million from $285.5 million for the same period a year ago. See the attached table for a reconciliation of adjusted EBITDA to net income.

     

    "While attendance trends were soft through August, operating results during the month of September improved," said Dick Kinzel, Cedar Fair chairman, president and chief executive officer. "The increase in revenues for the third quarter of 2007 is due to a 5% improvement in in-park guest per capita spending across all of the parks and an increase in out-of-park revenues, including resort hotels, of 4%, or $2.2 million. This was offset somewhat by a decrease in attendance of 1%, or 150,000 visits, primarily in our southern and western regions."

     

    Kinzel explained the operating results for the fiscal quarter ended September 30, 2007, benefited from additional operating days when compared with the third fiscal quarter ended September 24, 2006. During this additional week the Company's seasonal amusement parks were open weekends only, while the year-round properties (Knott's Berry Farm, Castaway Bay and Star Trek: The Experience) were in operation for the full week. "The additional operating days in 2007 provided a benefit to revenues in the quarter of approximately $14 million as well as an additional 304,000 guest visits," said Kinzel. "In general, we are pleased with the strength in our in-park guest per capita spending during the third quarter at all of our parks. The 5% increase in guest spending was more than enough to offset the decrease in attendance on a comparable operating period, excluding the impact of additional operating days in 2007."

     

    Nine month results (same-park basis)

     

    Through September 30, 2007, net revenues on a same-park basis, excluding the benefit of the acquisition and corporate costs, increased 4%, or $20.7 million, to $503.2 million from a year ago. The increase in revenues on a same-park basis is due to a 5% increase in per capita spending across all parks and an increase of 3%, or $2.1 million, in out-of-park revenues. This was offset slightly by a decrease in combined attendance of 1%, or 122,000 visits.

     

    Kinzel noted that on a same-park basis, the additional operating days provided a benefit to revenues for the period of approximately $8 million as well as an additional 166,000 guest visits. Excluding the impact of the additional operating days, the improvement in revenues of approximately $13 million for the first nine months of the year on a same-park basis was a result of increased in-park per capita spending across all of the parks, which more than offset the decrease in attendance for the same period.

     

    Adjusted EBITDA for the first nine months of 2007, on a same-park basis, increased $20.7 million to $205.4 million compared with $184.8 million for the same period a year ago. "The increase in cash flows through the first nine months of the year is attributable to improved operating results in our northern and western regions as well as the benefit of additional operating days during the third fiscal quarter," said Kinzel.

     

    Nine month results (combined basis)

     

    On a combined basis, including the newly acquired parks and corporate costs, net revenues for the first nine months of 2007 were $871.5 million compared with $711.5 million in 2006. During this time the parks entertained 19.6 million visitors, with average in-park guest per capita spending of $40.62. Out-of-park revenues during this same period totaled $90.4 million.

     

    Adjusted EBITDA through September 30, 2007, including the newly acquired parks, increased $31.6 million to $331.0 million. After depreciation, amortization, a $39.2 million non-cash charge for impairment of assets, and other non-cash costs, operating income for this period, on a combined basis, was $174.2 million. The non-cash impairment charge incurred during the period was necessary to properly account for the change in strategy at our Geauga Lake property in Aurora, Ohio. "Over the past four years of operations, we determined that the market demand was not sufficient to support the park as it was structured," said Kinzel. "We plan to market the excess property and have identified assets to be relocated to other locations, to be sold and/or disposed. Our goal in the near future will be to operate a profitable water park at Geauga Lake while generating value from the relocated rides and available land."

     

    Interest expense for the first nine months of 2007 increased $60.4 million to $110.6 million due to the acquisition of the Paramount Parks from CBS in June of 2006. A provision for taxes of $57.0 million was recorded in 2007 to account for the tax attributes of our corporate subsidiaries and PTP taxes. To determine the interim period income tax provision or benefit of corporate subsidiaries the Company applies an estimated annual effective tax rate to year-to-date income or loss. In 2007, certain elements in the effective tax rate calculation had a disproportionate impact on the rate and resulted in a significant variation in the customary relationship between the provision for taxes and income before taxes. This is expected to substantially reverse in the fourth quarter. This situation has arisen as a result of the Company's structuring of the Paramount Parks as a tax efficient corporate acquisition along with the substantial seasonality of the underlying business operations. Cash taxes paid or payable are not impacted by these interim tax provisions and are estimated to be between $15-18 million for the 2007 calendar year.

     

    After interest expense and provision for taxes, net income for the nine- months ended September 30, 2007, totaled $4.5 million, or $0.08 per diluted limited partner unit. For the nine-months ended September 24, 2006, the company reported net income of $117.5 million, or $2.14 per diluted limited partner unit. "Given the significant decrease in net income for the period, I believe it is important to reiterate how we operate and manage our business," said Kinzel. "Our focus is to generate adequate cash flow through our daily operations to cover all cash requirements and to support our quarterly distribution payments while continuing to re-invest in our properties for the long-term. When reviewing net income, it is important to consider the non- cash accounting line items that are also included in this amount that have no impact on our cash flow requirements for capital expenditures and distribution payments. This is why we believe adjusted EBITDA is a meaningful measure of park-level operating profitability. When reviewing and discussing free cash flow we use adjusted EBITDA as a beginning point, but also take into consideration cash payments made for interest, taxes, capital expenditures and, finally, distributions. After reviewing projected cash flow, we feel confident in our ability to meet our cash flow requirements, including distributions."

     

    October Operations

     

    For the month of October, successful execution of late season programs across our parks, along with favorable weather conditions in the Company's northern region resulted in an increase in revenue of 11%, or $8.6 million, from the same period a year ago. This increase was the result of a 9% increase in attendance, or 160,000 visits, a 2% increase in average in-park guest per capita spending, and an increase in out-of-park revenues of 8%, or $494,000.

     

    Outlook and Financial Strength

     

    Kinzel updated the outlook for the full year, estimating revenues between $960-$980 million and adjusted EBITDA between $325-$335 million. He emphasized the company finished the quarter in sound financial condition, with sufficient liquidity and strong cash flow from operations. "We remain in solid shape to invest capital in our parks as planned, while maintaining our regular quarterly cash distributions to our unitholders."

     

    Kinzel concluded by noting that virtually all of Cedar Fair's revenues from its seasonal amusement parks, water parks, and other seasonal resort facilities are realized during a 130 to 140-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Only Knott's Berry Farm, Castaway Bay and Star Trek: The Experience are open year-round, with Knott's Berry Farm operating at its highest level of attendance during the third and fourth quarters of the year.

     

    Management will host a conference call with analysts today, November 6, 2007, at 2:00 p.m. Eastern Time, which will be web cast live in "listen only" mode via the Cedar Fair web site (www.cedarfair.com). It will also be available for replay starting at approximately 5:00 p.m. ET, Tuesday, November 6, 2007, until 11:59 p.m. ET, Tuesday, November 20, 2007. In order to access the replay of the earnings call, please dial 1-877-519-4471 followed by the access code 9333116.

     

    Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Partnership owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Amusement parks in the company's Northern Region include two in Ohio: Cedar Point, consistently voted "Best Amusement Park in the World" in Amusement Today polls and Kings Island; as well as Canada's Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigan's Adventure, MI. In the Southern Region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knott's Berry Farm; Great America; and Gilroy Gardens, which is managed under contract. Also included in that region is Star Trek: The Experience, a Las Vegas-based interactive adventure.

     

    Some of the statements contained in this news release constitute forward- looking statements. These statements may involve risk and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership 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 general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership's expectations. In addition, risks and uncertainties concerning the acquisition of the Paramount Parks include, but are not limited to the ability of the Partnership to combine the operations and take advantage of growth, savings and synergy opportunities.

     

    Sounds like good news and the market seems to like it. Cedar Fair stock has been taking a big hit lately, and they rebounded a bit today with this report.

     

    This is an interesting quote: "Our goal in the near future will be to operate a profitable water park at Geauga Lake while generating value from the relocated rides and available land"

    So I guess the old GL side of the lake is being sold off.

     

    Let's see what Six Flags has to say on Friday...

  3. Press Release From Cedar Fair:

     

    Cedar Fair Announces Capital Expenditures for 2008 Season

    Monday November 5, 3:16 pm ET

    Program Highlighted by $21 Million Coaster at Canada's Wonderland

     

    SANDUSKY, Ohio, Nov. 5 /PRNewswire-FirstCall/ -- Cedar Fair Entertainment Company (NYSE: FUN - News), a publicly traded leader in regional amusement parks, water parks and active entertainment, has announced plans for a record high $88 million in exciting new family attractions, roller coasters, thrill rides and general improvements for the 2008 season at its parks across the United States and in Canada.

     

    Dick Kinzel, chairman, president and chief executive officer, reported that the 2008 improvement program will be highlighted by Behemoth, a $21 million record-breaking roller coaster at Canada's Wonderland, Toronto. "Behemoth will smash all Canadian roller coaster records as Canada's tallest, fastest and longest coaster. At 230 feet tall, Behemoth will forever change the skyline at Canada's Wonderland and will become one of the great roller coasters that Cedar Fair is known for."

     

    Riders on Behemoth will board never-before-seen open-air trains that feature unobstructed views of the coaster's 5,300 feet of steel tubular track. Featuring an 85-degree first drop, banked twists, turns and massive hills that will give riders extreme "airtime," Behemoth will be the largest investment in the history of Canada's Wonderland.

     

    In addition to Behemoth, four other exciting roller coasters will make their marks across the United States in 2008 within the Cedar Fair family of parks.

     

    Rising 161 feet above the landscape and commanding the sky at Kings Dominion in Doswell, Virginia will be Dominator, the park's 14th roller coaster. Riders will experience a sense of freedom and excitement as their feet dangle freely below on "floorless" coaster trains that travel just inches above the steel track. At 4,210 feet, Dominator will be the longest floorless roller coaster in the world and will feature five inversions, including the tallest roller coaster vertical loop ever built.

     

    At Dorney Park in Allentown, Pennsylvania, guests will "be possessed" by VooDoo, an inverted steel scream machine that launches riders both forward and backward underneath a 185-foot-tall, U-shaped steel track. VooDoo riders will twist 360 degrees as they ascend one end of the massive structure while rising at a 90-degree angle in reverse at the opposite end.

     

    "First Class" thrills will truly be delivered to guests at Knott's Berry Farm in Buena Park, California with the debut of Pony Express. Riders will saddle up on one of two, 12-passenger trains, riding "horseback" as they are launched forward at the beginning of the ride. Featuring low-to-the-ground maneuvers, hairpin turns and steep banks, Pony Express will be ready to thrill riders in the Ghost Town section of the park.

     

    The Thunderhawk roller coaster will swoop down at Michigan's Adventure in Muskegon, Michigan and will be the largest capital expenditure in the park's history. Riders will be suspended from a steel track as they climb a 105-foot-tall lift hill and drop 86 feet to the ground at a top speed of 50 mph. Thunderhawk's swooping turns, heart-pounding inversions and the nothing-below-your-chair-but-air trains will thrill guests all summer long.

     

    Family attractions and a new thrill ride will debut at three of Cedar Fair's parks.

     

    The Company's flagship park, Cedar Point in Sandusky, Ohio, will debut several attractions geared toward family-friendly fun. A brand-new children's area, featuring seven rides and a family lounge with quiet areas for feeding, resting and changing, will replace the former Peanuts Playground.

     

    Also, the Sandcastle Suites hotel, located on the tip of the Cedar Point Peninsula, will undergo a complete interior renovation.

     

    The surf will be up at Carowinds in Charlotte, North Carolina with an expansion of Boomerang Bay, a 20-acre waterpark adjacent to the rides and coasters of Carowinds. The highlight of the addition will be Bondi Beach, a 600,000-gallon wave action pool that simulates fun on the high seas.

     

    Finally, at California's Great America in Santa Clara, California, guests will flip for a new thrill ride that will give a whole new meaning to "head- over-heels." Riders will be seated stadium-style in two rows of 20 riders each on a gondola that rotates 360 degrees. The gondola will lift off the ground as it's flipped, turned and tumbled during its ride cycle.

     

    To complement the new thrill ride, California's Great America will also debut a new ice-skating show, featuring talented skaters, intricate skating maneuvers and music that will have the audience moving.

     

    "We strongly believe that we have an excellent overall entertainment package lined up at all of our parks for the 2008 season," said Kinzel. "We are committed to enhancing the guest experience with new shows, thrill rides and family attractions that everyone can enjoy."

     

    Kinzel concluded by noting the company will host a conference call with analysts to discuss the Company's third quarter results tomorrow, November 6, 2007, at 2:00 p.m. Eastern Time. This call will be web cast live in "listen only" mode via the Cedar Fair web site (www.cedarfair.com). It will also be available for replay starting at approximately 5:00 p.m. ET, Tuesday, November 6, 2007, until 11:59 p.m. ET, Tuesday, November 20, 2007. In order to access the replay of the earnings call, please dial 1-877-519-4471 followed by the access code 9333116.

     

    Cedar Fair Entertainment Company (NYSE: "FUN") is a publicly traded partnership headquartered in Sandusky, Ohio. The Partnership, which owns and operates eleven amusement parks, six outdoor water parks, one indoor water park and five hotels, is one of the largest regional amusement park operators in the world. Its parks are located in Ohio, California, North Carolina, Virginia / District of Columbia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also owns and operates Star Trek: The Experience, an interactive adventure located in Las Vegas, and operates the Gilroy Gardens Family Theme Park in Gilroy, California under a management contract. Cedar Fair's flagship park, Cedar Point, has been voted the "Best Amusement Park in the World" for ten consecutive years in a prestigious annual poll conducted by Amusement Today newspaper.

  4. There are stairways to the top, but they're all off limits areas.

     

    I don't think I'd have the guts to walk on those catwalks anyway....they look a little weathered at this point. :mellow:

  5. Remember, at the time it was built it was the state of the art thrill ride, and there were HUGE lines!

     

    Everyone always bashes it, but it did it's job, getting people wet and making huge splashes. Yes, the Arrow versions and INTAMIN versions are more impressive, but they cost a LOT more and hadn't been invented at the time.

  6. It takes us a while to do them because we both work full time jobs (I actually work a full time job AND a part time job). We also want to be as thorough as possible. Between the two of us we have (literally) thousands of pictures to sort through for each spotlight, and that takes time.

     

    We try do do one every 10 days, but with the past couple we did they were bigger than average, and with a couple that were release at the same time, it took longer than usual.

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