Six Flags' second-quarter operating income drops to $32.15 million

By Caroline Salls

Pittsburgh, Aug. 14 - Six Flags, Inc.'s income from operations declined to $32.15 million in the quarter ended June 30 from $69.26 million for the same period of 2008, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The company posted $302.08 million of revenues for the latest quarter, down from $345.68 million at June 30, 2008.

The net loss for the three months ended June 30 was $98.64 million, down from $113.47 million of net income reported for the three months ended June 30, 2008.

Six Flags reported a $79.17 million loss from operations for the first six months of 2009 on $353.98 million in revenues, compared with a $26.99 million loss from operations for the first six months of 2008 on $413.91 million in revenues.

According to the 10-Q, the decline in revenues was driven by an overall negative macroeconomic environment, including a decline in group sales, the effect of the swine flu outbreak on its Mexico City and Texas parks, the impact of adverse weather compared to the prior-year period and the negative publicity surrounding Six Flags' restructuring and ultimate Chapter 11 filing.

The net loss for the first half of this year was $239.44 million, widening from a $38.68 million net loss for the first half of last year.

The company 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.