Higher Admissions Boost Q2 Revenue For Six Flags
GRAND PRAIRIE (AP) - 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.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
