Six Flags Reports Third Quarter Performance Through Mid-August

[GAcoaster]

Press Release From Six Flags:

 

Six Flags Reports Third Quarter Performance Through Mid-August

Thursday August 14, 11:25 am ET

Company Maintains All-Time High Guest Satisfaction Ratings

 

NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Six Flags, Inc. (NYSE: SIX - News) announced today that with just over two weeks remaining in its full-time operating season, revenues for its third quarter through August 12, 2008 have increased approximately 7.6%, or $23.5 million, over the prior-year period on fewer park operating days. The revenue increase is attributable to attendance growth of 5.1%, or 407,000, to 8.43 million guests and a 2.4%, or $0.92, increase in total revenue per capita to $39.55. Guest spending, which excludes sponsorship, licensing, and other fees, grew by 1.6%, or $0.60, for the period to $38.56.

 

The quarter-to-date growth in revenues is on top of the Company's performance for the first six months of 2008, which included 5% growth in both revenues and total revenue per capita compared to the first six months of 2007, bringing the Company's year to date revenue growth to 6.1% or $43.1 million.

 

Commenting on the performance, Mark Shapiro, President and Chief Executive Officer, said: "This is a terrific start for the quarter and it demonstrates that the Company's strategic, multi-year commitment to improving the quality of our guest experience and expanding our core business can bring about sustained long-term growth."

 

While the results for the Company's third quarter will ultimately reflect a loss of two operating days at the end of September at each of its parks compared to the prior-year quarter, the Company expects to recover the lost attendance from those days in the fourth quarter, including the benefit of a favorable Halloween season calendar with the holiday falling on a Friday this year compared to a Wednesday in 2007.

 

Guest Satisfaction Results

 

The Company's commitment to quality is measured by its guest approval ratings, which for the month of July 2008 -- historically the most significant month in the operating season -- remained at or above all-time highs, maintaining or exceeding last year's record scores according to Delta Market Research, Inc. Guests rated Six Flags highest on safety, park cleanliness and overall product. These results reflect input from guests at 12 Six Flags branded locations.

 

Key areas in which guests rated the performance of Six Flags parks at or above all-time high levels included:

 

-- Ride Safety

-- Park Cleanliness

-- Enforcement of No Smoking Policy

-- Enforcement of Code of Conduct Policy

-- Employee Service

-- Speed of Lines

-- Rides the Whole Family Can Do Together

-- Value for the Money

-- Overall Satisfaction

 

 

"The quality of our in-park experience and the value of our overall entertainment offering continue to resonate with our guests, particularly among those in search of the ultimate regional family outing in the midst of a difficult economy," said Mark Shapiro, Six Flags President and CEO. "Six Flags is taking advantage of the unique sampling opportunity in this environment and restoring faith with our consumer base."

 

In addition to the specific in-park measurements, 77% of guests stated that they definitely will recommend Six Flags to a friend.