Six Flags second-quarter operating income declines to $32.15 million

By Caroline Salls

Pittsburgh, Aug. 3 - Six Flags, Inc. reported $32.15 million of income from operations for the quarter ended June 30 on $302.08 million in revenues, according to a company news release.

The figures showed a decline from the $69.26 million of operating income posted in the quarter ended June 30, 2008 on $345.68 million in revenues.

The net loss for the second quarter of 2009 was $116.18 million, declining significantly from the $92.91 million net income for the same period of 2008.

According to the release, the decline in revenues primarily reflected reduced attendance and guest spending, which 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.

"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," president and chief executive officer Mark Shapiro said in the release.

"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."

Meanwhile, the company recorded a $70.17 million loss from operations for the first six months of 2009 on $353.98 million in revenues, compared with a $26.99 million operating loss posted for the first six months of 2008 on $413.91 million in revenues.

The net loss for the first half of this year was $256.98 million, widening from a $58.65 million net loss for the first half of 2008.

Six Flags had $128.84 million in cash and cash equivalents at June 30, down from $210.33 million at Dec. 31, 2008.

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

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