Six Flags net loss improves to $115.53 million for year ended Dec. 31

By Caroline Salls

Pittsburgh, March 5 - Six Flags Inc. reported a $115.53 million net loss for the year ended Dec. 31 on $101.85 million in revenues, according to a company news release.

In comparison, the company posted a $203.49 million net loss for the year ended Dec. 31, 2008 on $118.05 million in revenues.

According to the release, the decrease in revenues is attributable to a 6% decrease in attendance coupled with a 5% decrease in total revenue per capita.

Six Flags said the attendance reduction was driven by a decline in group sales, reflecting cutbacks in outings by companies, schools and other organizations, as well as reduced complimentary and free promotional tickets.

The reduction in total revenue per capita reflects decreased guest spending on admissions, food and beverages, games and merchandise and other in-park offerings, as well as decreased licensing and other fees.

Revenues for 2009 were also impacted by a decline in international licensing and other fees of $16.9 million compared to the prior year.

The company said its 2009 results "reflect the overall impacts of the negative macroeconomic environment," as well as the company's bankruptcy filing and the adverse weather compared to the previous year period.

In addition, Six Flags said attendance at parks in Mexico and Texas was adversely affected by the second-quarter outbreak of the swine flu.

Meanwhile, Six Flags reported a $194.1 million net loss on $912.86 million in revenues for the quarter ended Dec. 31, compared with a $79.09 million net loss for the quarter ended Dec. 31, 2008 on $1.021 billion in revenues.

The company had $164.83 million in cash and cash equivalents at Dec. 31, down from $210.33 million Dec. 31, 2008.

Six Flags, a regional theme park company based in New York, filed for bankruptcy on June 13, 2009 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-12019.

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