Exhibit 99.1
HISTORICAL QUARTERLY FINANCIAL INFORMATION
REFLECTING SIX FLAGS DARIEN LAKE, SIX FLAGS ELITCH GARDENS, ENCHANTED VILLAGE AND WILD WAVES, WATERWORLD CONCORD
AND SIX FLAGS SPLASHTOWN AS DISCONTINUED OPERATIONS
SIX FLAGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
2005 QUARTERLY FINANCIAL STATEMENTS
(UNAUDITED)
Q1 Q2 Q3 Q4 2005
------------- ------------- -------------- --------------- ---------------
Attendance 1,518,000 10,094,000 13,789,000 3,287,000 28,688,000
Revenue:
Theme park admissions $ 23,733,000 180,947,000 259,598,000 54,836,000 519,114,000
Theme park food, merchandise and other 25,764,000 150,122,000 212,068,000 49,689,000 437,643,000
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Total revenue 49,497,000 331,069,000 471,666,000 104,525,000 956,757,000
Operating costs and expenses
Operating expenses 75,268,000 118,562,000 129,925,000 67,042,000 390,797,000
Selling, general and administrative (including
stock-based compensation of $288,000 in Q1,
$166,000 in Q2, $166,000 in Q3 and
$2,174,000 in Q4) 34,015,000 68,007,000 46,081,000 44,735,000 192,838,000
Cost of products sold 4,949,000 29,016,000 39,218,000 10,014,000 83,197,000
Depreciation 30,810,000 31,259,000 32,685,000 32,024,000 126,778,000
Amortization 220,000 220,000 220,000 220,000 880,000
Loss on fixed assets 3,002,000 6,025,000 1,890,000 2,989,000 13,906,000
------------- ------------- -------------- --------------- ---------------
Total operating costs and expenses 148,264,000 253,089,000 250,019,000 157,024,000 808,396,000
------------- ------------- -------------- --------------- ---------------
Income (loss) from operations (98,767,000) 77,980,000 221,647,000 (52,499,000) 148,361,000
Other income (expense)
Interest expense (46,525,000) (47,180,000) (45,951,000) (46,341,000) (185,997,000)
Interest income 1,763,000 1,387,000 1,813,000 (2,513,000) 2,450,000
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 447,000 (1,535,000) (271,000) (9,518,000) (10,877,000)
------------- ------------- -------------- --------------- ---------------
Total other income (expense) (57,055,000) (72,859,000) (69,469,000) (54,138,000) (253,521,000)
------------- ------------- -------------- --------------- ---------------
Income (loss) from continuing operations
before income taxes (155,822,000) 5,121,000 152,178,000 (106,637,000) (105,160,000)
Income tax expense (benefit) 955,000 1,566,000 1,270,000 (86,000) 3,705,000
------------- ------------- -------------- --------------- ---------------
Income (loss) from continuing operations (156,777,000) 3,555,000 150,908,000 (106,551,000) (108,865,000)
Discontinued operations (21,942,000) 7,546,000 44,780,000 (32,457,000) (2,073,000)
------------- ------------- -------------- --------------- ---------------
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 $ (1.74) (0.02) 1.56 (1.20) (1.41)
Discontinued operations (0.24) 0.08 0.48 (0.35) (0.02)
------------- ------------- -------------- --------------- ---------------
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 $ (1.74) (0.02) 1.00 (1.20) (1.41)
Discontinued operations (0.24) 0.08 0.29 (0.35) (0.02)
------------- ------------- -------------- --------------- ---------------
Net income (loss) $ (1.98) 0.06 1.29 (1.55) (1.43)
============= ============= ============== =============== ===============
Attendance:
- ----------
Domestic 911,000 9,022,000 12,419,000 2,759,000 25,111,000
International 607,000 1,072,000 1,370,000 528,000 3,577,000
------------- ------------- -------------- --------------- ---------------
Total 1,518,000 10,094,000 13,789,000 3,287,000 28,688,000
============= ============= ============== =============== ===============
Domestic revenue $ 36,631,000 308,950,000 438,803,000 91,946,000 876,330,000
International revenue 12,866,000 22,119,000 32,863,000 12,579,000 80,427,000
------------- ------------- -------------- --------------- ---------------
Total revenue $ 49,497,000 331,069,000 471,666,000 104,525,000 956,757,000
============= ============= ============== =============== ===============
EBITDA Reconciliation (1)
- ---------------------
Net income (loss) $ (178,719,000) 11,101,000 195,688,000 (139,008,000) (110,938,000)
Discontinued Operations 21,942,000 (7,546,000) (44,780,000) 32,457,000 2,073,000
Income tax expense (benefit) 955,000 1,566,000 1,270,000 (86,000) 3,705,000
Other expense (447,000) 1,535,000 271,000 9,518,000 10,877,000
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 45,793,000 44,138,000 48,854,000 183,547,000
Loss on fixed assets 3,002,000 6,025,000 1,890,000 2,989,000 13,906,000
Amortization 220,000 220,000 220,000 220,000 880,000
Depreciation 30,810,000 31,259,000 32,685,000 32,024,000 126,778,000
Stock-based compensation 288,000 166,000 166,000 2,174,000 2,794,000
------------- ------------- -------------- --------------- ---------------
EBITDA (modified) (64,447,000) 115,650,000 256,608,000 (15,092,000) 292,719,000
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 $ (59,104,000) 88,899,000 230,328,000 (12,078,000) 248,045,000
(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 and extraordinary loss),
minority interest in earnings (losses), interest expense (net),
amortization, depreciation, and stock-based 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 SIX FLAGS DARIEN LAKE, SIX FLAGS ELITCH GARDENS, ENCHANTED VILLAGE AND WILD WAVES, WATERWORLD CONCORD
AND SIX FLAGS SPLASHTOWN AS DISCONTINUED OPERATIONS
SIX FLAGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
2006 QUARTERLY FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended
Q1 Q2 Q3 2006
-------------- ------------- -------------- -----------------
Attendance 1,150,000 8,625,000 12,316,000 22,091,000
Revenue:
Theme park admissions $ 19,877,000 176,629,000 259,950,000 456,456,000
Theme park food, merchandise and other 22,204,000 148,373,000 214,289,000 384,866,000
-------------- ------------- -------------- ---------------
Total revenue 42,081,000 325,002,000 474,239,000 841,322,000
Operating costs and expenses
Operating expenses 84,670,000 130,961,000 131,919,000 347,550,000
Selling, general and administrative (including
stock-based compensation of $9,063,000 in
Q1, $1,712,000 in Q2 and $2,277,000 in Q3) 58,519,000 84,239,000 57,925,000 200,683,000
Noncash compensation (primarily selling,
general and administrative) - - - -
Cost of products sold 4,011,000 28,333,000 38,274,000 70,618,000
Depreciation 32,273,000 32,094,000 33,754,000 98,121,000
Amortization 219,000 220,000 220,000 659,000
Loss on fixed assets 18,578,000 706,000 820,000 20,104,000
-------------- ------------- -------------- ---------------
Total operating costs and expenses 198,270,000 276,553,000 262,912,000 737,735,000
-------------- ------------- -------------- ---------------
Income (loss) from operations (156,189,000) 48,449,000 211,327,000 103,587,000
Other income (expense)
Interest expense (48,811,000) (50,931,000) (51,468,000) (151,210,000)
Interest income 1,010,000 355,000 1,163,000 2,528,000
Minority interest in loss (earnings) 8,977,000 (23,462,000) (30,917,000) (45,402,000)
Equity in operations of partnerships (128,000) (190,000) (144,000) (462,000)
Other expense (32,000) (11,272,000) (232,000) (11,536,000)
-------------- ------------- -------------- ---------------
Total other income (expense) (38,984,000) (85,500,000) (81,598,000) (206,082,000)
-------------- ------------- -------------- ---------------
Income (loss) from continuing operations before
income taxes, discontinued operations and
cumulative effect of a change in accounting principle (195,173,000) (37,051,000) 129,729,000 (102,495,000)
Income tax expense 167,000 2,035,000 1,783,000 3,985,000
-------------- ------------- -------------- ---------------
Income (loss) from continuing operations before
discontinued operations and cumulative effect of
a change in accounting principle (195,340,000) (39,086,000) 127,946,000 (106,480,000)
Discontinued operations (44,669,000) (501,000) 36,798,000 (8,372,000)
-------------- ------------- -------------- ---------------
Income (loss) before cumulative effect (240,009,000) (39,587,000) 164,744,000 (114,852,000)
of a change in accounting principle
Cumulative effect of a change in accounting principle (1,038,000) - - (1,038,000)
============== ============= ============== ===============
Net income (loss) $ (241,047,000) (39,587,000) 164,744,000 (115,890,000)
============== ============= ============== ===============
Net income (loss) applicable to common stock $ (246,540,000) (45,079,000) 159,252,000 (132,367,000)
============== ============= ============== ===============
Weighted average number of shares
outstanding - basic: 93,906,000 94,321,000 94,352,000 94,194,000
============== ============= ============== ===============
Weighted average number of shares
outstanding - diluted: 93,906,000 94,321,000 155,229,000 94,194,000
============== ============= ============== ===============
Net income (loss) per average common share
outstanding - basic:
Income (loss) from continuing operations $ (2.14) (0.47) 1.30 (1.31)
Discontinued operations (0.48) (0.01) 0.39 (0.09)
Cumulative effect of a change in accounting principle (0.01) 0.00 0.00 (0.01)
-------------- ------------- -------------- ---------------
Net income (loss) $ (2.63) (0.48) 1.69 (1.41)
============== ============= ============== ===============
Net income (loss) per average common share
outstanding - diluted:
Income (loss) from continuing operations $ (2.14) (0.47) 0.85 (1.31)
Discontinued operations (0.48) (0.01) 0.23 (0.09)
Cumulative effect of a change
in accounting principle (0.01) 0.00 0.00 (0.01)
-------------- ------------- -------------- ---------------
Net income (loss) $ (2.63) (0.48) 1.08 (1.41)
============== ============= ============== ===============
Attendance:
- ----------
Domestic 688,000 7,603,000 10,983,000 19,274,000
International 462,000 1,022,000 1,333,000 2,817,000
-------------- ------------- -------------- ---------------
Total 1,150,000 8,625,000 12,316,000 22,091,000
============== ============= ============== ===============
Domestic revenue $ 30,965,000 299,849,000 434,861,000 765,675,000
International revenue 11,116,000 25,153,000 39,378,000 75,647,000
-------------- ------------- -------------- ---------------
Total revenue 42,081,000 325,002,000 474,239,000 841,322,000
============== ============= ============== ===============
EBITDA Reconciliation (1)
- ---------------------
Net income (loss) $ (241,047,000) (39,587,000) 164,744,000 (115,890,000)
Cumulative effect of a change 1,038,000 - - 1,038,000
in accounting principle
Discontinued Operations 44,669,000 501,000 (36,798,000) 8,372,000
Income tax expense (benefit) 167,000 2,035,000 1,783,000 3,985,000
Other expense 32,000 11,272,000 232,000 11,536,000
Equity in operations of partnerships 128,000 190,000 144,000 462,000
Minority interest (8,977,000) 23,462,000 30,917,000 45,402,000
Interest expense (net) 47,801,000 50,576,000 50,305,000 148,682,000
Loss on fixed assets 18,578,000 706,000 820,000 20,104,000
Amortization 219,000 220,000 220,000 659,000
Depreciation 32,273,000 32,094,000 33,754,000 98,121,000
Stock-based compensation 9,063,000 1,712,000 2,277,000 13,052,000
-------------- ------------- -------------- ---------------
EBITDA (modified) (96,056,000) 83,181,000 248,398,000 235,523,000
Third party interest in EBITDA of certain parks 7,860,000 (24,565,000) (31,699,000) (48,404,000)
-------------- ------------- -------------- ---------------
Adjusted EBITDA $ (88,196,000) 58,616,000 216,699,000 187,119,000