Six Flags Revenue Up in 2Q11

Monday, Jul 25, 2011  |  Updated 9:02 AM CDT
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Six Flags Revenue Up in 2Q11

Six Flags Over Texas

Photo of the new Texas Giant at Six Flags Over Texas within the Arlington landscape.

Six Flags Entertainment Corp. on Monday posted a second-quarter profit and a 5 percent revenue increase as more people were admitted to its theme parks and spent more on amenities.

Six Flags reported net income of nearly $35 million, or 62 cents per share, for the three months ended June 30.

The net income figure from the same quarter a year ago -- more than $743 million -- was not directly comparable because of the company's emergence from bankruptcy protection in April 2010. The bankruptcy left Six Flags with a new corporate structure that affects the way it reports financial numbers. Six Flags did not report a per-share net income figure for the year-ago period.

Six Flags said its revenue grew 5 percent to $338.7 million from $321.3 million in the year-ago period.

Admissions revenue at the company's chain of 19 parks in the U.S., Mexico and Canada rose 9 percent to $183.6 million, and in-park revenue rose 4 percent to $140.7 million. That category includes food, merchandise and other items.

Those gains were partly offset by a 26 percent decline in much smaller revenue category: sponsorship, licensing and other fees. That total fell to $10.6 million from $14.3 million in the year-ago period.

Six Flags said the 8.2 million guests at its parks in the latest quarter spent an average $22.28 per person on admissions. In-park spending averaged $17.08, up 4 percent.

The company, based in Grand Prairie, Texas, said its net debt as of June 30 was $829 million, down from $896 million at the end of March.

Its shares rose 23 cents to $35.68 in morning trading.

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