EXHIBIT 99.1
SIX FLAGS NEWS
- --------------------------------------------------------------------------------
FOR: SIX FLAGS, INC.
CONTACT: Jim Dannhauser, Chief Financial Officer
122 East 42nd Street
New York, NY 10168
(212) 599-4693
KCSA Robert Greenberg/ Joseph A. Mansi
CONTACTS: (212) 896-1265 / (212) 896-1205
rgreenberg@kcsa.com/ jmansi@kcsa.com
------------------- ---------------
FOR IMMEDIATE RELEASE
---------------------
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
- - - - -
NEW YORK, MARCH 3, 2004 - Six Flags, Inc. (NYSE: PKS and PKS-B)
announced today its results of operations for the fourth quarter and full year
ended December 31, 2003.
The results reflect the Company's adoption of FASB Interpretation No.
46 ("FIN 46"). Under FIN 46, the results of Six Flags Over Georgia, Six Flags
White Water Atlanta, Six Flags Over Texas and Six Flags Marine World are now
consolidated in the financial statements of the Company. Previously, those parks
had been reported as unconsolidated operations under the equity method of
accounting. Prior period results are also presented as if the adoption of FIN 46
had then been in place in order to provide meaningful year over year
comparisons. (1) The adoption of FIN 46 did not change previously reported net
income. However, gross revenues and gross expenses (including minority interest
expense) did change by equivalent amounts. Unless otherwise indicated, financial
amounts reflected herein are expressed in accordance with FIN 46.
FULL YEAR RESULTS
- -----------------
Revenues in 2003 were $1.24 billion, representing a 0.5% decrease
from 2002 revenues. The decrease resulted from a 1.8% decline in attendance,
offset by a 1.4% increase in total per capita revenues. On a same-park basis,
excluding from both periods the results of the New Orleans park, which was
acquired in late August 2002, revenues were down $28.8 million (2.3%) in 2003,
with attendance down 3.8% and per capita revenues up 1.6%.
- ----------------
(1) A separate financial table is included at the end of this release
presenting the results of operations as they would have been reported had
FIN 46 not been adopted.
11501 Northeast Expressway, Oklahoma City, Oklahoma 73131
Tel: 405-475-2500 Fax: 405-475-2555
122 East 42nd Street, 49th Floor, New York, New York 10168
Tel: 212-599-4690, Fax: 212-949-6203
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 2
Operating costs and expenses, including depreciation and amortization
and non-cash compensation, were $1,050.4 million in 2003, as compared to $998.9
million in 2002.
Operating costs and expenses, excluding depreciation and amortization
and non-cash compensation, were $863.8 million in 2003, as compared to $816.6
million for 2002, an increase of $47.2 million (5.8%). If the expenses of the
New Orleans park were excluded from both periods, the cash expense increase
would have been $31.4 million (3.9%).
EBITDA (Modified) was $372.9 million in 2003 as compared to $425.6
million in 2002 (2). Adjusted EBITDA for 2003, excluding the interests of third
parties in EBITDA from the parks previously accounted for by the equity method,
was $331.2 million in 2003, as compared to $382.6 million in 2002 (3).
The net loss for 2003 was $61.7 million. In 2002, the net loss was
$105.7 million, $44.6 million before the cumulative effect of a change in
accounting principle recognized in 2002. There was a loss on debt retirement in
2003 of $27.6 million, $17.1 million net of the tax benefit. A similar loss of
$29.9 million, $18.5 million net of tax benefit, was incurred in 2002. Under
prior treatment, these losses would have been considered extraordinary items.
Absent those net losses, and the effect of the change in accounting principle,
the loss was $44.6 million in 2003 and $26.1 million in 2002. Net loss
applicable to common stock was $83.7 million in 2003, as compared to $127.7
million in 2002, $66.6 million in 2002 excluding the cumulative effect of a
change in accounting principle.
DISCUSSION AND OUTLOOK
- ----------------------
Kieran E. Burke, Chairman and Chief Executive Officer of Six Flags,
said, "We have previously commented on our 2003 season. These reported results
are in line with performance expectations we provided last November.
"The 2003 season was on the whole very disappointing," Mr. Burke
continued. "We experienced a significant attendance decline caused by a
persistent economic slowdown and very poor weather in a number of markets in the
first part of the season. However, we did experience a significantly improved
performance trend in the latter part of the season, with park operating revenue
increasing by 5.3% from the end of July through November 2, the end of our core
operating season. This provides an encouraging sign as we move into 2004.
- ---------------------------
(2),(3) See notes 3 & 4 to the following tables for a discussion of EBITDA
(Modified) and Adjusted EBITDA.
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 3
"To date this year, we have had very limited operations at our parks,
which are just commencing weekend operations. Those parks in operation are
performing in line with expectations. In addition, while it is still very early,
we are pacing in line with our targets for season pass sales and hard ticket
group bookings.
"We anticipate generating Adjusted EBITDA of $345-350 million in
2004. This is based on expected revenue growth of 4-5%, driven by attendance
growth of approximately 2.5% and a per capita spending increase of approximately
2%.
"Our capital program for 2004 entails an expenditure of approximately
$75 million. This includes marketable rides and attractions at a number of
parks, an investment in park revenue opportunities, as well as expenditures for
general park appearance and guest amenities.
"In late 2003 and early 2004, we concluded a series of financing
transactions pursuant to which we retired our nearest maturing public debt,
expanded our term loan and secured a relaxation of our bank loan covenants. We
expect to remain comfortably in compliance with these covenants. We have no
public debt maturity before the $375 million notes due 2009. We continue to have
ample liquidity and financing in place and, with an expected cash interest
expense of approximately $195 million and a capital expenditure program of $75
million, expect to generate meaningful free cash flow this year."
Six Flags, Inc. is the world's largest regional theme park company,
with thirty-nine parks in markets throughout North America and Europe.
The information contained in this news release, other than historical
information, consists of forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act. These statements may involve risks and uncertainties that could cause
actual results to differ materially from those described in such statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Important factors, including
factors impacting attendance, such as local conditions, events, disturbances and
terrorist activities, risks of accidents occurring at the Company's parks,
adverse weather conditions, general economic conditions, consumer spending
patterns, and other factors could cause actual results to differ materially from
the Company's expectations. Reference is made to a more complete discussion of
forward-looking statements and applicable risks contained under the captions
"Special Note on Forward-Looking Statements" and "Business - Risk Factors" in
the Company's Annual Report on Form 10-K for the year ended December 31, 2002,
which is available free of charge on the Company's website (www.sixflags.com).
This release and prior releases are available on the Company's Worldwide Web
site at www.sixflags.com.
You may register to receive Six Flags, Inc. future press releases or to download
a complete Digital Investor Kit(TM) including press releases, regulatory filings
and corporate materials by clicking on the "Digital Investor Kit(TM)" icon at
www.kcsa.com.
(Tables to follow)
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 4
SIX FLAGS, INC.
YEARS AND QUARTERS ENDED
DECEMBER 31, 2003 AND 2002
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
STATEMENT OF OPERATIONS DATA Year Ended December 31, Quarter ended December 31,
(Unaudited)
-------------------------------- ---------------------------------
2003 2002 2003 2002
---- ---- ---- ----
Revenue(1)............................................... $ 1,236,669 $ 1,242,280 $ 112,979 $ 103,354
Costs and expenses (excluding depreciation and
non-cash compensation) ............................. 863,758 816,648 136,921 118,272
Depreciation............................................. 185,026 171,632 49,160 43,804
Amortization............................................. 1,505 1,412 465 373
Non-cash compensation expense............................ 101 9,256 25 1,761
-------------- --------------- --------------- ----------------
Income (loss) from operations ........................... 186,279 243,332 (73,592) (60,856)
Interest expense (net)................................... (214,539) (230,705) (54,295) (55,673)
Minority interest........................................ (35,997) (36,760) 3,930 3,291
Early repurchase of debt................................. (27,592) (29,895) - -
Other income (expense)................................... (2,997) (6,038) (1,656) (4,074)
-------------- --------------- --------------- ----------------
Loss before income taxes................................. (94,846) (60,066) (125,613) (117,312)
Income tax benefit ...................................... (33,133) (15,422) (46,103) (47,140)
-------------- --------------- --------------- ----------------
Loss before cumulative effect of change in
accounting principle................................ (61,713) (44,644) (79,510) (70,172)
Cumulative effect of change in accounting
principle........................................... - (61,054) - -
Net loss ................................................ $ (61,713) $ (105,698) $ (79,510) $ (70,172)
Net loss applicable to common stock ..................... $ (83,683) $ (127,668) $ (85,001) $ (75,663)
============== =============== =============== ================
Net loss per share - basic and diluted .................. $ (0.90) $ (1.38) $ (0.92) $ (0.82)
OTHER DATA:
Net loss per share before loss on early
repurchase of debt and cumulative
effect of change in accounting
principle (2)....................................... $ (0.72) $ (0.52) $ (0.92) $ (0.82)
EBITDA (Modified) (3) ................................... $ 372,911 $ 425,632 $ (23,942) $ (14,918)
Adjusted EBITDA(3)....................................... $ 331,209 $ 382,649 $ (21,389) $ (13,284)
Average weighted shares outstanding - basic
and diluted......................................... 92,617 92,511 92,617 92,616
Net cash provided by operating activities................ 171,684 198,784
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 5
BALANCE SHEET DATA December 31, 2003 December 31, 2002
-------------------- -----------------------
Total assets.............................................. $ 4,674,716 $ 4,364,988
Current portion of long-term debt ........................ 25,358 38,355
Long-term debt (excluding current portion
and debt called for prepayment) .......................... 2,359,844 2,315,241
Mandatorily redeemable preferred stock.................... 281,119 279,993
Total stockholders' equity ............................... 1,362,050 1,359,692
- --------------------------------------------
(1) Revenues and expenses of international operations are converted into
dollars on a current basis as provided by accounting principles generally
accepted in the United States ("GAAP").
(2) In April 2002, the FASB issued Statement No. 145 that eliminated the
extraordinary loss classification on early debt extinguishments, which had
been shown net of the related tax benefit. Consistent with that Statement,
the accompanying statements of operations data present the costs as a
pre-tax item under the line item "Early repurchase of debt." The per share
data presented under the caption "Other Data" shows the loss before
extraordinary item that would have existed prior to the adoption of this
Statement. For the year ended December 31, 2002, the per share amount is
also shown before cumulative effect of an accounting change. For the year
ended December 31, 2003, the amount of the early repurchase loss was
$27,592,000 with a related tax benefit of $10,484,000. For the year ended
December 31, 2002, the amount of the early repurchase loss was $29,895,000,
with a related tax benefit of $11,360,000.
(3) Following the adoption of FIN 46, EBITDA (Modified) is defined as net loss
before cumulative effect of a change in accounting principle, income tax
benefit, other expense, early repurchase of debt (formerly extraordinary
loss), minority interest, interest expense (net), depreciation and
amortization and non-cash compensation. Adjusted EBITDA is defined as
EBITDA (Modified) minus the interest of third parties in EBITDA of the four
parks that are less than wholly owned. The Company believes that EBITDA
(Modified) and Adjusted EBITDA (collectively, the "EBITDA-Based Measures")
provide useful information to investors regarding the Company's operating
performance and its capacity to incur and service debt and fund capital
expenditures. The Company believes that the EBITDA-Based Measures are used
by many investors, equity analysts and rating agencies as a measure of
performance. In addition, Adjusted EBITDA is approximately equal to
"Consolidated Cash Flow" as defined in the indentures relating to the
Company's senior notes. Neither of the EBITDA-Based Measures is defined by
GAAP and neither should be considered in isolation or as an alternative to
net income (loss), net cash provided by (used in) operating, investing and
financing activities or other financial data prepared in accordance with
GAAP or as an indicator of the Company's operating performance.
The following table sets forth a reconciliation of net loss to EBITDA
(Modified) and Adjusted EBITDA for the periods shown (in thousands).
YEAR ENDED THREE MONTHS ENDED
--------------------------------- ------------------------------
DECEMBER 31, DECEMBER 31,
--------------------------------- ------------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
Net income (loss) $ (61,713) $ (105,698) $ (79,510) $ (70,172)
Cumulative effect of an accounting change -- 61,054 -- --
Income tax benefit (33,133) (15,422) (46,103) (47,140)
Other expense 2,997 6,038 1,656 4,074
Early repurchase of debt (formerly extraordinary loss) 27,592 29,895 -- --
Minority interest 35,997 36,760 (3,930) (3,291)
Interest expense (net) 214,539 230,705 54,295 55,673
Amortization 1,505 1,412 465 373
Depreciation 185,026 171,632 49,160 43,804
Non-cash compensation 101 9,256 25 1,761
------------ ------------ ------------ ------------
EBITDA (Modified) 372,911 425,632 (23,942) (14,918)
Third party interest in EBITDA of certain parks(a) (41,702) (42,983) 2,553 1,634
------------ ------------ ------------ ------------
Adjusted EBITDA $ 331,209 $ 382,649 $ (21,389) $ (13,284)
============ ============ ============ ============
(a) Represents interest of third parties in EBITDA of Six Flags Over Georgia,
Six Flags Over Texas, Six Flags White Water Atlanta and Six Flags Marine
World.
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 6
The Company does not at this time have reliable estimates for its income tax
benefit and other expense for the year ending December 31, 2004. This
information would be required to provide an estimate of the Company's net loss
for that year. Because the net loss information is not available, the Company
has set forth in the following table a reconciliation of the expected income
from operations to the expected EBITDA (Modified) and the expected Adjusted
EBITDA for 2004. Since the EBITDA-Based Measures are calculated before income
taxes and other expense, the absence of estimates with respect to these items
does not affect the expected EBITDA-Based Measures presented. Expected interest
expense, net for 2004 is approximately $205,000,000 and expected debt retirement
(formerly extraordinary loss) is approximately $25,177,000.
Year Ending
-----------
December 31, 2004
-----------------
(in thousands)
Income from operations 184,700
Depreciation 204,000
Amortization 1,500
Non-cash compensation 750
----------------
EBITDA (Modified) 390,950
Third party interest in EBITDA of less
than wholly-owned parks 43,450
----------------
Adjusted EBITDA 347,500
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 7
SIX FLAGS, INC.
YEARS AND QUARTERS ENDED
DECEMBER 31, 2003 AND 2002
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
PRESENTED AS IF FIN 46 HAD NOT BEEN ADOPTED(5)
STATEMENT OF OPERATIONS DATA Year Ended December 31, Quarter ended December 31,
(Unaudited) (Unaudited)
-------------------------------- -------------------------------
2003 2002 2003 2002
---- ---- ---- ----
Revenue(1)............................................... $ 1,038,425 $ 1,037,933 $ 91,375 $ 82,771
Costs and expenses (excluding depreciation and
non-cash compensation) ............................. 736,921 689,171 117,309 99,374
Depreciation............................................. 162,494 150,437 43,483 38,523
Amortization............................................. 1,505 1,412 465 373
Non-cash compensation expense............................ 101 9,256 25 1,761
------------- ------------- ------------- -------------
Income (loss) from operations ........................... 137,404 187,657 (69,907) (57,260)
Interest expense (net)................................... (212,368) (228,066) (53,853) (55,128)
Equity (loss) in operations of theme parks............... 10,271 15,664 (488) (1,112)
Early repurchase of debt................................. (27,592) (29,895) - -
Other income (expense)................................... (2,571) (5,426) (1,376) (3,811)
------------- ------------- ------------- -------------
Loss before income taxes................................. (94,856) (60,066) (125,624) (117,311)
Income tax benefit ...................................... (33,143) (15,422) (46,114) (47,139)
------------- ------------- ------------- -------------
Loss before cumulative effect of change
in accounting principle............................. (61,713) (44,644) (79,510) (70,172)
Cumulative effect of change in accounting
principle........................................... - (61,054) - -
Net loss ................................................ $ (61,713) $ (105,698) $ (79,510) $ (70,172)
Net loss applicable to common stock ..................... $ (83,683) $ (127,668) $ (85,003) $ (75,663)
============= ============= ============= =============
Net loss per share - basic and diluted .................. $ (0.90) $ (1.38) $ (0.92) $ (0.82)
OTHER DATA:
Net loss per share before loss on early
repurchase of debt and cumulative
effect of change in accounting
principle........................................... $ (0.72) $ (0.52) $ (0.92) $ (0.82)
EBITDA (Adjusted) from Consolidated Operations(4)........ $ 301,504 $ 348,762 $ (25,934) $ (16,603)
Adjusted EBITDA including Unconsolidated
Operations(4)....................................... $ 331,209 $ 382,649 $ (21,389) $ (13,284)
Average weighted shares outstanding - basic
and diluted......................................... 92,617 92,511 92,617 92,616
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 8
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(1) Revenues and expenses of international operations are converted into
dollars on a current basis as provided by accounting principles generally
accepted in the United States ("GAAP").
(4) Prior to the adoption of FIN 46, EBITDA (Adjusted) from Consolidated
Operations was defined as net loss before cumulative effect of a change in
accounting principle, income tax expense, other expense, early repurchase
of debt (formerly extraordinary loss), equity in operations of theme parks,
interest expense (net), depreciation and amortization and non-cash
compensation. Adjusted EBITDA including Unconsolidated Operations was
defined as EBITDA (Adjusted) from Consolidated Operations plus (i) the
Company's equity in operations of its four unconsolidated parks and (ii)
depreciation and amortization expense and third-party interest and other
non-operating expenses associated with those parks. The Company believes
that EBITDA (Adjusted) from Consolidated Operations and Adjusted EBITDA
including Unconsolidated Operations (collectively, the "EBITDA-Based
Measures") provide useful information to investors regarding the Company's
operating performance and its capacity to incur and service debt and fund
capital expenditures. The Company believes that the EBITDA-Based Measures
are used by many investors, equity analysts and rating agencies as a
measure of performance. In addition, restrictive covenants in the Company's
senior credit facility contain financial ratios based on EBITDA (Adjusted)
from Consolidated Operations. Adjusted EBITDA including Unconsolidated
Operations is approximately equal to "Consolidated Cash Flow" as defined in
the indentures relating to the Company's senior notes. Neither of the
EBITDA-Based Measures is defined by GAAP and neither should be considered
in isolation or as an alternative to net income (loss), net cash provided
by (used in) operating, investing and financing activities or other
financial data prepared in accordance with GAAP or as an indicator of the
Company's operating performance.
The following table sets forth a reconciliation of net loss to EBITDA
(Adjusted) from Consolidated Operations and Adjusted EBITDA including
Unconsolidated Operations for the periods shown (in thousands).
YEAR ENDED THREE MONTHS ENDED
---------------------------- --------------------------
DECEMBER 31, DECEMBER 31,
---------------------------- --------------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Net income (loss) $ (61,713) $ (105,698) $ (79,510) $ (70,172)
Cumulative effect of an accounting change -- 61,054 -- --
Income tax benefit (33,143) (15,422) (46,114) (47,139)
Other expense 2,571 5,426 1,376 3,811
Early repurchase of debt (formerly extraordinary
loss) 27,592 29,895 -- --
(Equity) loss in operations of theme parks (10,271) (15,664) 488 1,112
Interest expense (net) 212,368 228,066 53,853 55,128
Amortization 1,505 1,412 465 373
Depreciation 162,494 150,437 43,483 38,523
Non-cash compensation 101 9,256 25 1,761
---------- ---------- ---------- ----------
EBITDA (Adjusted) from Consolidated Operations 301,564 348,762 (25,934) (16,603)
Equity (loss) in operations of unconsolidated
theme parks 10,271 15,664 (488) (1,112)
Depreciation and amortization of unconsolidated
theme parks 17,233 15,623 4,585 3,888
Third party interest and other non-operating
expenses of unconsolidated theme parks 2,141 2,600 448 543
---------- ---------- ---------- ----------
Adjusted EBITDA including Unconsolidated
Operations $ 331,209 $ 382,649 $ (21,389) $ (13,284)
========== ========== ========== ==========
SIX FLAGS REPORTS FULL YEAR 2003 PERFORMANCE
MARCH 3, 2004
PAGE 9
(5) The following sets forth a reconciliation of the statement of operations
data for the periods presented after giving effect to the adoption by the
Company of FIN 46 to the information presented in the foregoing table showing
the statement of operations data for such periods as if FIN 46 had not been
adopted.
STATEMENT OF OPERATIONS DATA YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
--------------------------------------- ---------------------------------------------
2003 ADJUSTMENT 2003(W/O) 2002 ADJUSTMENT 2002 (W/O)
---- ---------- --------- ---- ---------- ---------
(after FIN 46) (before FIN 46) (after FIN 46) (before FIN 46)
Revenue(1).............................. $ 1,236,669 (198,244) 1,038,425 $ 1,242,280 (204,347) 1,037,933
Costs and expenses (excluding
depreciation and non-cash
compensation) ........................ 863,758 (126,837) 736,921 816,648 (127,477) 689,171
Depreciation.............................. 185,026 (22,532) 162,494 171,632 (21,195) 150,437
Amortization............................ 1,505 -- 1,505 1,412 -- 1,412
Non-cash compensation expense........... 101 -- 101 9,256 -- 9,256
------------- ------------- ------------- ------------- ------------- -------------
Income (loss) from operations .......... 186,279 (48,875) 137,404 243,332 (55,675) 187,657
Interest expense (net).................. (214,539) 2,171 (212,368) (230,705) 2,639 (228,066)
Equity (loss) in operations of theme parks -- 10,271 10,271 15,664 15,664
Minority interest....................... (35,997) 35,997 -- (36,760) 36,760 --
Early repurchase of debt................ (27,592) -- (27,592) (29,895) -- (29,895)
Other income (expense).................. (2,997) 426 (2,571) (6,038) 612 (5,426)
------------- ------------- ------------- ------------- ------------- -------------
Loss before income taxes................ (94,846) (10) (94,856) (60,066) -- (60,066)
Income tax benefit ..................... (33,133) (10) (33,143) (15,422) -- (15,422)
Loss before cumulative effect of change
in accounting principle.............. (61,713) -- (61,713) (44,644) -- (44,644)
STATEMENT OF OPERATIONS DATA QUARTER ENDED DECEMBER 31, QUARTER ENDED DECEMBER 31,
-------------------------- --------------------------
2003 ADJUSTMENT 2003(W/O) 2002 ADJUSTMENT 2002 (W/O)
---- ---------- --------- ---- ---------- ---------
(after FIN 46) (before FIN 46) (after FIN 46) (before FIN 46)
Revenue(1).............................. $ 112,979 (21,604) 91,375 $ 103,354 (20,583) 82,771
Costs and expenses (excluding
depreciation and non-cash
compensation) ....................... 136,921 (19,612) 117,309 118,272 (18,898) 99,374
Depreciation............................ 49,160 (5,677) 43,483 43,804 (5,281) 38,523
Amortization............................ 465 -- 465 373 - 373
Non-cash compensation expense........... 25 -- 25 1,761 - 1,761
------------- ------------- ------------- ------------- ------------- -------------
Income (loss) from operations .......... (73,592) 3,685 (69,907) (60,856) 3,596 (57,260)
Interest expense (net).................. (54,295) 442 (53,853) (55,673) 545 (55,128)
Equity (loss) in operations of theme
parks................................ - (488) (488) - (1,112) (1,112)
Minority interest....................... 3,930 (3,930) - 3,291 (3,291) -
Early repurchase of debt................ - - - - - -
Other income (expense).................. (1,656) 280 (1,376) (4,074) 263 (3,811)
------------- ------------- ------------- ------------- ------------- -------------
Loss before income taxes................ (125,613) (11) (125,624) (117,312) 1 (117,311)
Income tax benefit ..................... (46,103) (11) (46,114) (47,140) 1 (47,139)
Loss before cumulative effect of change in
accounting principle.................... (79,510) - (79,510) (70,172) - (70,172)
# # #