EXHIBIT 99.1
HISTORICAL QUARTERLY FINANCIAL INFORMATION
REFLECTING FRONTIER CITY, WHITE WATER BAY, WYANDOT LAKE
AND WATERWORLD SACRAMENTO AS DISCONTINUED OPERATIONS
SIX FLAGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
2004 QUARTERLY FINANCIAL STATEMENTS
(UNAUDITED)
Q1 Q2 Q3 Q4 2004
--------------- --------------- --------------- ---------------- ----------------
Attendance 1,212,000 10,653,000 15,579,000 3,535,000 30,979,000
Revenue:
Theme park admissions $ 19,285,000 180,943,000 268,296,000 53,227,000 521,751,000
Theme park food, merchandise
and other 21,379,000 155,736,000 227,681,000 50,546,000 455,342,000
--------------- --------------- --------------- ---------------- ----------------
Total revenue 40,664,000 336,679,000 495,977,000 103,773,000 977,093,000
Operating costs and expenses
Operating expenses 74,888,000 126,625,000 133,495,000 74,066,000 409,074,000
Selling, general and administrative 35,085,000 72,920,000 54,897,000 30,048,000 192,950,000
Noncash compensation
(primarily selling,
general and administrative) 161,000 161,000 160,000 161,000 643,000
Cost of products sold 3,792,000 29,694,000 40,352,000 7,770,000 81,608,000
Depreciation 33,762,000 33,741,000 34,430,000 37,380,000 139,313,000
Amortization 326,000 327,000 323,000 217,000 1,193,000
--------------- --------------- --------------- ---------------- ----------------
Total operating costs and expenses 148,014,000 263,468,000 263,657,000 149,642,000 824,781,000
--------------- --------------- --------------- ---------------- ----------------
Income (loss) from operations (107,350,000) 73,211,000 232,320,000 (45,869,000) 152,312,000
Other income (expense)
Interest expense (52,208,000) (49,577,000) (46,668,000) (47,221,000) (195,674,000)
Interest income 283,000 442,000 1,852,000 1,440,000 4,017,000
Minority interest in loss (earnings) 7,354,000 (23,236,000) (25,814,000) 4,010,000 (37,686,000)
Early repurchase of debt (25,177,000) (6,195,000) (490,000) (5,869,000) (37,731,000)
Other expense (2,913,000) (1,478,000) (14,804,000) (8,198,000) (27,393,000)
--------------- --------------- --------------- ---------------- ----------------
Total other income (expense) (72,661,000) (80,044,000) (85,924,000) (55,838,000) (294,467,000)
--------------- --------------- --------------- ---------------- ----------------
Income (loss) from
continuing operations
before income taxes (180,011,000) (6,833,000) 146,396,000 (101,707,000) (142,155,000)
Income tax expense (benefit) (66,233,000) (2,391,000) 96,902,000 3,087,000 31,365,000
--------------- --------------- --------------- ---------------- ----------------
Income (loss) from
continuing operations (113,778,000) (4,442,000) 49,494,000 (104,794,000) (173,520,000)
Discontinued operations, net of tax (291,041,000) (2,384,000) 6,873,000 (4,737,000) (291,289,000)
--------------- --------------- --------------- ---------------- ----------------
Net income (loss) $ (404,819,000) (6,826,000) 56,367,000 (109,531,000) (464,809,000)
=============== =============== =============== ================ ================
Net income (loss)
applicable to common stock $ (410,312,000) (12,318,000) 50,874,000 (115,021,000) (486,777,000)
=============== =============== =============== ================ ================
Weighted average number
of shares outstanding - basic: 93,018,000 93,042,000 93,042,000 93,042,000 93,036,000
=============== =============== =============== ================ ================
Weighted average number
of shares outstanding - diluted: 93,018,000 93,042,000 106,831,000 93,042,000 93,036,000
=============== =============== =============== ================ ================
Net income (loss) per
average common share
outstanding - basic:
Income (loss) from
continuing operations $ (1.28) (0.11) 0.47 (1.19) (2.10)
Discontinued
operations, net of tax (3.13) (0.02) 0.08 (0.05) (3.13)
--------------- --------------- --------------- ---------------- ----------------
Net income (loss) $ (4.41) (0.13) 0.55 (1.24) (5.23)
=============== =============== =============== ================ ================
Net income (loss) per average
common share outstanding - diluted:
Income (loss)
from continuing operations $ (1.28) (0.11) 0.46 (1.19) (2.10)
Discontinued operations, net of tax (3.13) (0.02) 0.07 (0.05) (3.13)
--------------- --------------- --------------- ---------------- ----------------
Net income (loss) $ (4.41) (0.13) 0.53 (1.24) (5.23)
=============== =============== =============== ================ ================
Attendance:
- -----------
Domestic 821,000 9,618,000 14,213,000 2,877,000 27,529,000
International 391,000 1,035,000 1,366,000 658,000 3,450,000
--------------- --------------- --------------- ---------------- ----------------
Total 1,212,000 10,653,000 15,579,000 3,535,000 30,979,000
=============== =============== =============== ================ ================
Domestic revenue $ 33,368,000 317,207,000 467,797,000 90,643,000 909,015,000
International revenue 7,296,000 19,472,000 28,180,000 13,130,000 68,078,000
--------------- --------------- --------------- ---------------- ----------------
Total revenue $ 40,664,000 336,679,000 495,977,000 103,773,000 977,093,000
=============== =============== =============== ================ ================
EBITDA Reconciliation (1)
- ---------------------
Net income (loss) $ (404,819,000) (6,826,000) 56,367,000 (109,531,000) (464,809,000)
Discontinued Operations 291,041,000 2,384,000 (6,873,000) 4,737,000 291,289,000
Income tax expense (benefit) (66,233,000) (2,391,000) 96,902,000 3,087,000 31,365,000
Other expense 2,913,000 1,478,000 14,804,000 8,198,000 27,393,000
Early repurchase of debt 25,177,000 6,195,000 490,000 5,869,000 37,731,000
Minority interest (7,354,000) 23,236,000 25,814,000 (4,010,000) 37,686,000
Interest expense (net) 51,925,000 49,135,000 44,816,000 45,781,000 191,657,000
Amortization 326,000 327,000 323,000 217,000 1,193,000
Depreciation 33,762,000 33,741,000 34,430,000 37,380,000 139,313,000
Noncash compensation 161,000 161,000 160,000 161,000 643,000
--------------- --------------- --------------- ---------------- ----------------
EBITDA (modified) (73,101,000) 107,440,000 267,233,000 (8,111,000) 293,461,000
Third party interest
in EBITDA of certain parks 5,983,000 (24,607,000) (27,185,000) 2,767,000 (43,042,000)
--------------- --------------- --------------- ---------------- ----------------
Adjusted EBITDA $ (67,118,000) 82,833,000 240,048,000 (5,344,000) 250,419,000
=============== =============== =============== ================ ================
(1) EBITDA (Modified), a non-GAAP measure, is defined as net income (loss)
before discontinued operations, income tax expense (benefit), other
expense, early repurchase of debt (formerly an extraordinary loss),
minority interest in earnings (losses), interest expense (net),
amortization, depreciation, and noncash compensation. Adjusted EBITDA,
also a non-GAAP measure, is defined as EBITDA (Modified) minus the
interests of third parties in EBITDA of the four parks and one hotel that
are less than wholly owned. The Company believes that EBITDA (Modified)
and Adjusted EBITDA (collectively, "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), income (loss) from continuing operations, 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. EBITDA (Modified) and Adjusted
EBITDA as defined herein may differ from similarly titled measures
presented by other companies.
HISTORICAL QUARTERLY FINANCIAL INFORMATION
REFLECTING FRONTIER CITY, WHITE WATER BAY, WYANDOT LAKE
AND WATERWORLD SACRAMENTO AS DISCONTINUED OPERATIONS
SIX FLAGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
2005 QUARTERLY FINANCIAL STATEMENTS
(UNAUDITED)
Q1 Q2 Q3 Q4 2005
----------------- ---------------- ---------------- ----------------- ------------------
Attendance 1,501,000 11,215,000 16,269,000 3,505,000 32,490,000
Revenue:
Theme park admissions $ 23,427,000 195,751,000 298,106,000 57,285,000 574,569,000
Theme park food, merchandise
and other 26,114,000 164,811,000 247,989,000 52,683,000 491,597,000
----------------- ---------------- ---------------- ----------------- ------------------
Total revenue 49,541,000 360,562,000 546,095,000 109,968,000 1,066,166,000
Operating costs and expenses
Operating expenses 82,165,000 134,063,000 150,488,000 74,533,000 441,249,000
Selling, general and
administrative 35,599,000 73,119,000 51,176,000 45,318,000 205,212,000
Noncash compensation
(primarily selling, general
and administrative) 288,000 166,000 166,000 2,174,000 2,794,000
Cost of products sold 4,887,000 31,733,000 45,988,000 10,154,000 92,762,000
Depreciation 34,484,000 34,918,000 36,552,000 35,779,000 141,733,000
Amortization 223,000 222,000 222,000 222,000 889,000
----------------- ---------------- ---------------- ----------------- ------------------
Total operating costs and
expenses 157,646,000 274,221,000 284,592,000 168,180,000 884,639,000
----------------- ---------------- ---------------- ----------------- ------------------
Income (loss) from operations (108,105,000) 86,341,000 261,503,000 (58,212,000) 181,527,000
Other income (expense)
Interest expense (46,525,000) (47,181,000) (45,962,000) (46,342,000) (186,010,000)
Interest income 1,763,000 1,387,000 1,813,000 (2,514,000) 2,449,000
Minority interest
in loss (earnings) 6,563,000 (25,531,000) (25,060,000) 4,234,000 (39,794,000)
Early repurchase of debt (19,303,000) -- -- -- (19,303,000)
Other expense (2,901,000) (7,782,000) (2,188,000) (13,020,000) (25,891,000)
----------------- ---------------- ---------------- ----------------- ------------------
Total other income (expense) (60,403,000) (79,107,000) (71,397,000) (57,642,000) (268,549,000)
----------------- ---------------- ---------------- ----------------- ------------------
Income (loss) from continuing
operations before income taxes (168,508,000) 7,234,000 190,106,000 (115,854,000) (87,022,000)
Income tax expense (benefit) 955,000 1,566,000 1,270,000 (86,000) 3,705,000
----------------- ---------------- ---------------- ----------------- ------------------
Income (loss) from
continuing operations (169,463,000) 5,668,000 188,836,000 (115,768,000) (90,727,000)
Discontinued operations (9,256,000) 5,433,000 6,852,000 (23,240,000) (20,211,000)
================= ================ ================ ================= ==================
Net income (loss) $ (178,719,000) 11,101,000 195,688,000 (139,008,000) (110,938,000)
================= ================ ================ ================= ==================
Net income (loss)
applicable to common stock $ (184,212,000) 5,609,000 190,195,000 (144,500,000) (132,908,000)
================= ================ ================ ================= ==================
Weighted average number
of shares outstanding - basic: 93,104,000 93,107,000 93,107,000 93,124,000 93,110,000
================= ================ ================ ================= ==================
Weighted average number
of shares
outstanding - diluted: 93,104,000 93,108,000 154,051,000 93,124,000 93,110,000
================= ================ ================ ================= ==================
Net income (loss) per average
common share
outstanding - basic:
Income (loss) from
continuing operations $ (1.88) 0.00 1.97 (1.30) (1.21)
Discontinued operations (0.10) 0.06 0.07 (0.25) (0.22)
----------------- ---------------- ---------------- ----------------- ------------------
Net income (loss) $ (1.98) 0.06 2.04 (1.55) (1.43)
================= ================ ================ ================= ==================
Net income (loss) per average
common share
outstanding - diluted:
Income (loss) from
continuing operations $ (1.88) 0.00 1.25 (1.30) (1.21)
Discontinued operations (0.10) 0.06 0.04 (0.25) (0.22)
----------------- ---------------- ---------------- ----------------- ------------------
Net income (loss) $ (1.98) 0.06 1.29 (1.55) (1.43)
================= ================ ================ ================= ==================
Attendance:
- -----------
Domestic 894,000 10,143,000 14,899,000 2,977,000 28,913,000
International 607,000 1,072,000 1,370,000 528,000 3,577,000
----------------- ---------------- ---------------- ----------------- ------------------
Total 1,501,000 11,215,000 16,269,000 3,505,000 32,490,000
================= ================ ================ ================= ==================
Domestic revenue $ 36,675,000 338,443,000 513,232,000 97,389,000 985,739,000
International revenue 12,866,000 22,119,000 32,863,000 12,579,000 80,427,000
----------------- ---------------- ---------------- ----------------- ------------------
Total revenue $ 49,541,000 360,562,000 546,095,000 109,968,000 1,066,166,000
================= ================ ================ ================= ==================
EBITDA Reconciliation (1)
- ---------------------
Net income (loss) $ (178,719,000) 11,101,000 195,688,000 (139,008,000) (110,938,000)
Discontinued Operations 9,256,000 (5,433,000) (6,852,000) 23,240,000 20,211,000
Income tax expense (benefit) 955,000 1,566,000 1,270,000 (86,000) 3,705,000
Other expense 2,901,000 7,782,000 2,188,000 13,020,000 25,891,000
Early repurchase of debt 19,303,000 -- -- -- 19,303,000
Minority interest (6,563,000) 25,531,000 25,060,000 (4,234,000) 39,794,000
Interest expense (net) 44,762,000 45,794,000 44,149,000 48,856,000 183,561,000
Amortization 223,000 222,000 222,000 222,000 889,000
Depreciation 34,484,000 34,918,000 36,552,000 35,779,000 141,733,000
Noncash compensation 288,000 166,000 166,000 2,174,000 2,794,000
----------------- ---------------- ---------------- ----------------- ------------------
EBITDA (modified) (73,110,000) 121,647,000 298,443,000 (20,037,000) 326,943,000
Third party interest
in EBITDA of certain parks 5,343,000 (26,751,000) (26,280,000) 3,014,000 (44,674,000)
----------------- ---------------- ---------------- ----------------- ------------------
Adjusted EBITDA $ (67,767,000) 94,896,000 272,163,000 (17,023,000) 282,269,000
================= ================ ================ ================= ==================
(1) EBITDA (Modified), a non-GAAP measure, is defined as net income (loss)
before discontinued operations, income tax expense (benefit), other
expense, early repurchase of debt (formerly an extraordinary loss),
minority interest in earnings (losses), interest expense (net),
amortization, depreciation, and noncash compensation. Adjusted EBITDA,
also a non-GAAP measure, is defined as EBITDA (Modified) minus the
interests of third parties in EBITDA of the four parks and one hotel that
are less than wholly owned. The Company believes that EBITDA (Modified)
and Adjusted EBITDA (collectively, "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), income (loss) from continuing operations, 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. EBITDA (Modified) and Adjusted
EBITDA as defined herein may differ from similarly titled measures
presented by other companies.