FOR IMMEDIATE RELEASE
Senior Vice President
Investor Relations and Corporate Communications
Fifth Consecutive Record Year at Six Flags
Revenue Grows 19 Percent and Adjusted EBITDA(1) Grows 30 Percent in Fourth Quarter 2014
GRAND PRAIRIE, Texas — February 18, 2015 — Six Flags Entertainment Corporation (NYSE: SIX), the world’s largest regional theme park operator, today announced its fifth consecutive year of record financial performance as it posted a company-high $1.2 billion in revenue, an increase of $66 million or 6 percent over 2013. The company generated full-year 2014 Adjusted EBITDA1 of $439 million, also a new record that represented an increase of $35 million or 9 percent over 2013.
“I have never been more confident in our strategy and the long-term prospects for our company than I am today,” said Jim Reid-Anderson, Chairman, President and CEO. “Guest satisfaction scores have reached another all-time high and employee morale is better than ever. We are extremely well-positioned as we enter the 2015 season with a 25 percent gain in our Active Pass Base, and we remain laser-focused on delivering our next long-term financial target of $600 million of Modified EBITDA by 2017.”
Fourth quarter 2014 Adjusted EBITDA improved $11 million or 30 percent to a record $46 million, generated from a $29 million or 19 percent increase in revenue. The strong revenue growth was primarily driven by a 3 percent increase in guest spending and a 15 percent increase in attendance as the company expanded both its highly-popular Fright Fest® Halloween event and its family-favorite Holiday in the Park® event, including the introduction of Holiday in the Park events at two additional parks during the quarter.
Despite a higher mix of season pass visitation during the fourth quarter, total guest spending per capita increased $0.96 or 3 percent to $38.95, which included a 6 percent or $1.20 increase in admissions per capita and a 1 percent or $0.24 decline in in-park revenue per capita.
For the fourth quarter 2014, Cash Earnings Per Share was $0.25, up $0.10 or 67 percent over the same period in 2013.
Full year 2014 revenue grew 6 percent to $1.2 billion primarily due to a 7 percent increase in admissions revenue, a 3 percent increase in sales inside the parks, and fees related to the company’s initiatives to expand its brand in growing international markets. Early in 2014, the company announced two partnerships to develop Six Flags-branded theme parks outside North America-one in the Middle East and another in China.
As a result of pricing initiatives and the introduction of new and enhanced offerings in the parks, total guest spending per capita in 2014 grew $2.79 or 7 percent over the prior year to $42.97. Admissions per capita for the year increased $1.99 or 9 percent to $25.02 while in-park spending per capita grew $0.80 or 5 percent to $17.95.
Full year Cash Earnings Per Share2 of $2.63 represented an increase of $0.18.
Modified EBITDA3 for the year was $477 million, an increase of $33 million or 7 percent, and Modified EBITDA margin improved to a new industry high of 40.6 percent. Return on Invested Capital increased to 15 percent in 2014, from 14 percent in 2013.
Diluted earnings per share for the quarter ended December 31, 2014 was a loss of $0.37 and diluted earnings per share for the year ended December 31, 2014 was $0.77. Income Before Income Taxes included $46 million and $119 million in stock-based compensation charges for the fourth quarter and full year 2014, respectively, relating to both the actual achievement in 2014 and probable achievement in 2015 of certain targets of Project 500-a long-term incentive compensation program established by the company’s board in August 2011. Excluding the Project 500 stock-based compensation charge, diluted earnings per share for the quarter ended December 31, 2014 was a loss of $0.07 and diluted earnings per share for the year ended December 31, 2014 was $1.53, up 30 percent.
Total attendance for the year was 25.6 million guests, which represented a 2 percent decline that was primarily due to extended school calendars in the first half of 2014 relating to the harsh 2013/2014 winter. The company generated 4 percent attendance
The following information was filed by Six Flags Entertainment Corp (SIX) on Wednesday, February 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.