EXHIBIT 99.1
[SIX FLAGS LOGO]
SIX FLAGS ANNOUNCES FIRST QUARTER REVENUES
------------------------------------------
o Revenues Increase 35% Reflecting Easter Holiday Shift
o Guest Spending Per Capita Increases 13% on Across the Board
Spending Growth
o Total Revenue Per Capita Reaches Record $47.11 Driven by
Healthy In-park Guest Spending and Increased Sponsorship and
International Fees
o No Quarterly Dividend to be Declared on PIERS
New York, NY - April 17, 2008 - Six Flags, Inc. (NYSE: SIX) announced today its
revenues, attendance and per capita guest spending for the first quarter of
2008. Mark Shapiro, President and Chief Executive Officer of Six Flags, Inc.,
stated: "Our first quarter performance confirms that a re-energized Six Flags is
clearly resonating with families in search of high-quality entertainment that is
affordable and close to home."
Total revenues of approximately $68 million increased 35% over the prior-year
quarter, while total attendance grew by 19% to over 1.4 million. Attendance was
positively impacted by the timing of Easter, which shifted from the second
quarter in 2007 to the first quarter in 2008. First quarter results historically
represent up to approximately 5% of the Company's full year attendance.
Revenues for the first quarter also reflected increases in per capita guest
spending, which grew $4.51 to $38.95, a 13% increase over the per capita guest
spending of $34.44 for the first quarter of 2007. Guest spending increases were
across the board, reflecting higher admissions, food and beverage, rentals,
retail, games, parking and other revenues.
"The increases we're witnessing in revenues per guest are a direct result of the
investments we've made and the improvements we're delivering to our guests as
part of the overall in-park experience," noted Shapiro.
Revenue growth was also driven by sponsorship and international fees, which
increased $3.3 million to $11.1 million for the first quarter. This growth,
combined with the increased guest spending, resulted in a 13% increase in total
revenue per capita to $47.11 in the current quarter from $41.51 in the first
quarter of 2007.
Regarding the current state of the economy and its potential impact on the
upcoming season, Shapiro added: "With the cost of airline tickets going up and
the hassle and frustration of air travel increasing, we believe Six Flags is
well-positioned to be a preferred entertainment option this summer."
PIERS Dividend
The Company also announced that its Board of Directors decided not to declare
and pay a quarterly dividend on its outstanding Preferred Income Equity
Redeemable Securities ("PIERS") for the quarter ending May 15, 2008, each such
PIERS representing one one-hundredth of a share of the Company's 7 1/4%
Convertible Preferred Stock.
Under the terms of the PIERS, dividends are not required to be paid currently
and any unpaid dividends accumulate without interest. The Board's decision not
to declare and pay the May 15, 2008 dividend does not violate any covenants
under any of the Company's debt agreements. The Company's deficit in
stockholders' equity,(1) the overall state of the credit markets and the fact
that unpaid dividends accumulate on an interest-free basis, were factors that
the Board considered in reaching its decision not to declare and pay the
quarterly dividend. The Board will continue to evaluate all facts and
circumstances, including relevant legal restrictions, prior to any future PIERS
payments.
As it enters its core operating season, the Company reiterated that it has ample
cash and liquidity to fund its current operating needs and is comfortably in
compliance with the one financial covenant included in its $275 million
revolving credit facility. As of March 31, 2008, the Company had approximately
$13 million in unrestricted cash and $131 million available (after reduction for
outstanding letters of credit of approximately $29 million) on its $275 million
revolving credit facility.
About Six Flags
Six Flags, Inc. is the world's largest regional theme park company with 21 parks
across the United States, Mexico and Canada. Founded in 1961, Six Flags has
provided world class entertainment for millions of families with cutting edge,
record-shattering roller coasters and appointment programming with events like
the popular Thursday and Sunday Night Concert Series. Now 47 years strong, Six
Flags is recognized as the preeminent thrill innovator while reaching to all
demographics - families, teens, tweens and thrill seekers alike - with themed
attractions based on the Looney Tunes characters, the Justice League of America,
skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank Engine. Six
Flags, Inc. is a publicly-traded corporation (NYSE:SIX) headquartered in New
York City.
Forward Looking Statements:
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.
These risks and uncertainties include, among others, Six Flags' success in
implementing its new business strategy. Although Six Flags 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, risk of accidents
occurring at Six Flags' parks, adverse weather conditions, general economic
conditions (including consumer spending patterns), competition, pending,
threatened or future legal proceedings and other factors could cause actual
results to differ materially from Six Flags' expectations. Reference is made to
a more complete discussion of forward-looking statements and applicable risks
contained under the captions "Cautionary Note Regarding Forward-Looking
Statements" and "Risk Factors" in Six Flags' Annual Report on Form 10-K for the
year ended December 31, 2007, which is available free of charge on Six Flags'
website http://www.sixflags.com.
# # #
Media Contact: Sandra Daniels - (212) 652-9360
Investor Relations: William Schmitt - (203) 682-8200
- --------------------
(1) As disclosed in its 2007 Annual Report on Form 10-K, the Company adopted
EITF Topic D-98 "Classification and Measurement of Redeemable Securities," as
amended at the March 12, 2008 meeting of the Emerging Issues Task Force. The
adoption of this accounting pronouncement required a $382.4 million non-cash
reduction to stockholders' equity, resulting in a $252.6 million stockholders'
deficit as of December 31, 2007.