EX-99.1
2
si15650068-ex99_1.txt
PRESS RELEASE

                                                                    EXHIBIT 99.1

                                [SIX FLAGS LOGO]

        SIX FLAGS ANNOUNCES FULL-YEAR AND FOURTH QUARTER 2008 RESULTS
        -------------------------------------------------------------

      o     Full Year 2008 Adjusted EBITDA(1) Increases 45% to a Record $275.3
            Million on 5% Revenue Growth and Reduced Costs and Expenses

      o     Full Year 2008 Operating Income More than Triples to $144.0 Million

      o     Positive Free Cash Flow(1) Achieved for Full Year 2008 for the First
            Time in the Company's History

      o     Fourth Quarter Adjusted EBITDA Reaches $5.2 Million and, Excluding
            Certain Non-Cash Items(2), Loss From Continuing Operations Per Share
            Improves to $0.83

New York, NY - March 10, 2009 - Six Flags, Inc. (NYSE: SIX) announced today its
operating results for the year and quarter ended December 31, 2008.(3)

Commenting on the Company's performance, Mark Shapiro, President and Chief
Executive Officer of Six Flags, Inc., said: "The three-year turnaround for Six
Flags required a great deal of patience. I am proud and grateful that the
efforts and commitment of our workforce - some 30,000 strong - resulted in our
best year ever, putting our operations back on solid footing. The remaining
challenge is the inherited balance sheet and we are in comprehensive dialogue
with our lenders to remedy that issue."

For the year ended December 31, 2008, total revenues increased $50.5 million, or
5%, to $1.02 billion from $970.8 million in the prior year. Attendance for the
year was 25.3 million, an increase of 0.4 million, or 2%, compared to 24.9
million in the prior year. The attendance increase was driven by increased paid
admissions, partially offset by planned reductions of approximately 0.5 million
in complimentary and free promotional attendance.

Total revenue per capita for the year increased $1.31, or 3%, to $40.30 from
$38.99 in the prior year, reflecting increased per capita guest spending as well
as growth in sponsorship, licensing and other fees. Increased per capita guest
spending of $0.53, or 1%, to $37.97 from $37.44 in the prior year was driven by
increased rentals, food and beverages, parking, admissions and retail revenues.
Sponsorship, licensing and other fees increased $20.4 million, or 53%, to $59.0
million.

Operating costs and expenses, including cost of sales, depreciation,
amortization, stock-based compensation and loss on disposal of assets, decreased
$55.4 million, or 6%, to $877.3 million for 2008, compared to $932.7 million in
2007. Key planned reductions were achieved in marketing, loss on disposal of
assets, third party services, repairs and maintenance, travel-related expenses,
supplies and seasonal labor.

Income from continuing operations before income taxes was $19.4 million, an
improvement of $252.4 million over the prior year pre-tax loss of $233.0
million. The improved results reflect a net gain on debt extinguishment of
$107.7 million compared to a $13.2 million loss on debt extinguishment for 2007,
increased revenues of $50.5 million, reduced operating costs and expenses of
$55.4 million, a $5.5 million reduction in net other expense, and reduced net
interest expense of $21.5 million. The lower net other expense reflects the 2008
loss related to an interest rate hedge that no longer qualified for hedge
accounting treatment, compared to the prior year's cost of settling a
class-action labor lawsuit in California and costs associated with
implementation of an early retirement plan. The reduced net interest expense
resulted from lower long-term debt and interest rates in 2008.

Adjusted EBITDA for 2008 was $275.3 million, an $85.7 million improvement over
the prior-year's Adjusted EBITDA of $189.6 million, reflecting increased
revenues and reduced cash operating costs and expenses.

Three Month Results

For the fourth quarter of 2008, total revenues of $118.1 million increased 5%
over the prior-year quarter's $112.3 million, while total attendance grew 9%, or
0.3 million. The attendance increase over the prior-year quarter was primarily
due to strong Halloween and Christmas Holiday seasons, driven by an increased
mix of season pass attendance.

Revenue growth for the fourth quarter also reflected growth in sponsorship,
licensing and other fees, which increased $4.1 million over the prior-year
period to $13.8 million. Total revenue per capita decreased 4% to $38.04 in the
fourth quarter of 2008 from $39.45 in the prior-year quarter, reflecting reduced
guest spending due in part to the increased mix of season pass attendees who
tend to spend less in-park.

Mr. Shapiro added: "While the economic environment continued to tighten in the
fourth quarter, our business remained resilient. Six Flags has effectively
positioned itself as an affordable close-to-home entertainment destination for
the entire family. With paid attendance, length of stay and in-park spending
increases in 2008, it is clear that consumer confidence in our brand and the
guest experience has returned."

Excluding the non-cash items resulting from the change in the Company's income
tax valuation allowance and the mark-to-market charge related to an interest
rate hedge that ceased to be an "effective hedge" for accounting purposes, the
Company's loss from continuing operations in the fourth quarter of 2008 was
$75.4 million, an improvement of $51.2 million over the prior-year quarter's
loss of $126.6 million. Including the non-cash items, the Company recorded a
loss of $201.2 million from continuing operations in the fourth quarter of 2008.

The improved operating results, excluding the non-cash charges, reflect revenue
growth of $5.7 million and a reduction of $27.1 million in operating costs and
expenses, which decreased from $183.0 million in the prior-year fourth quarter
to $155.9 million for the fourth quarter of 2008, reflecting primarily a
reduction in the loss on disposal of assets. Also included in the change in net
income from continuing operations for the fourth quarter was a $7.3 million
reduction in net interest expense, reflecting less long-term debt and lower
interest rates compared to the fourth quarter of 2007.

Adjusted EBITDA for the fourth quarter of 2008 improved by $3.3 million, or
165%, to $5.2 million compared to $1.9 million for the prior-year quarter,
driven primarily by the Company's revenue growth.

Cash and Liquidity

As of December 31, 2008, the Company had $210.3 million in unrestricted cash and
$1.5 million available (after reduction for outstanding letters of credit of
approximately $29.4 million) on its $275 million revolving credit facility.

The Company's Preferred Income Redeemable Shares ("PIERS") are required to be
redeemed for cash on August 15, 2009 for $287.5 million plus accrued and unpaid
dividends, which totaled $15.6 million at December 31, 2008. The Company does
not expect to have sufficient cash to redeem the PIERS at their redemption date.
The PIERS redemption is just one component of the comprehensive restructuring of
the balance sheet that the Company is pursuing. Accordingly, the Company's 2008
Annual Report on Form 10-K will include the disclosure of risk factors
associated with the Company's liquidity, pending PIERS maturity and the
restructuring effort.

Conference Call

The Company will host a teleconference for analysts and investors on Monday,
March 16, 2008 at 9:00 AM Eastern. Participants in the call will include
President and Chief Executive Officer, Mark Shapiro, and Executive Vice
President and Chief Financial Officer, Jeffrey R. Speed.

The teleconference will be broadcast live to all interested persons as a
listen-only Web cast on http://investors.sixflags.com/. The Web cast will be
archived for one year.

About Six Flags

Six Flags, Inc. is the world's largest regional theme park company with 20 parks
across the United States, Mexico and Canada, and soon will be expanding beyond
North America with destinations in Dubai and Qatar. Since 1961, hundreds of
millions of families have trusted Six Flags to combine friendly-clean-fast-safe
service with affordable, value-packed thrills, record-shattering roller coasters
and special events like the Summer Concert Series, Fright Fest and Holiday in
the Park. Six Flags' wide array of entertainment options reaches all
demographics - families, teens, tweens and thrill seekers alike - featuring
themed attractions based on skateboarding legend Tony Hawk, the ultimate
daredevil Evel Knievel, movie franchises The Dark Knight and The Mummy; as well
as world-renowned, kid-friendly brands including Looney Tunes, the Justice
League of America, The Wiggles and Thomas the Tank Engine.

Six Flags continues to develop new avenues for growth, acquiring ownership and
management of Dick Clark Productions, producer of such perennial television hits
as the American Music Awards, the Golden Globe Awards, the Academy of Country
Music Awards, Dick Clark's New Year's Rockin' Eve and So You Think You Can
Dance. 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, and the Quarterly Reports on Form 10-Q for the
first three quarters of 2008, which are 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)  See the following tables and Notes 4 and 6 to the tables for a discussion
of Adjusted EBITDA and Free Cash Flow and their reconciliation to net income
(loss).

(2)  The certain non-cash items were an income tax charge of $110.8 million
due to an increase in the Company's valuation allowance for deferred tax
assets that are derived from the Company's carry forward of income tax net
operating losses and a mark to market charge of $15.0 million related to an
interest rate hedge that ceased to be an "effective hedge" for accounting
purposes.  See Note 2 to the tables for a discussion of the use of this
measure.

(3)  Reported results from continuing operations for all periods presented
exclude park operations in Buffalo, New York; Columbus, Ohio; Concord,
California; Denver, Colorado; Houston, Texas; Oklahoma City, Oklahoma;
Sacramento, California; and Seattle, Washington.  These parks have been
classified as discontinued operations.  As of April 6, 2007, the sales of all
of the above-named parks were completed.  Also excluded from continuing
operations for all periods are results from our park in New Orleans,
Louisiana, which has been closed since August 2005 due to damage caused by
Hurricane Katrina.  During the 2008 second quarter, the Company decided that
it will not resume operations in New Orleans and has classified the park as a
discontinued operation.




                                 Six Flags, Inc.
            Three and Twelve Months Ended December 31, 2008 and 2007
                    (In Thousands, Except Per Share Amounts)

Statements of Operations Data (1) Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ---------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Revenue $ 118,051 $ 112,329 $1,021,298 $ 970,825 Costs and expenses (excluding depreciation, amortization, stock-based compensation and loss on disposal of assets) 117,708 113,606 713,845 743,007 Depreciation 34,801 34,886 138,406 136,657 Amortization 223 274 1,203 1,249 Stock-based compensation (99) 6,296 6,202 12,525 Loss on disposal of assets 3,311 27,899 17,692 39,243 --------- --------- --------- --------- Income from operations (37,893) (70,632) 143,950 38,144 --------- --------- --------- --------- Interest expense (net) 41,157 48,504 176,174 197,643 Minority interest in earnings (596) (1,421) 40,728 39,684 Equity in operations of partnerships (562) (66) 806 502 Net (gain) loss on debt extinguishment - 27 (107,743) 13,210 Other expense 13,780 6,816 14,627 20,122 --------- --------- --------- --------- Income (loss) from continuing operations before income taxes (91,672) (124,492) 19,358 (233,017) Income tax expense (109,521) (2,087) (116,630) (6,203) --------- --------- --------- --------- Loss from continuing operations (201,193) (126,579) (97,272) (239,220) Discontinued operations 74 (309) (15,691) (13,939) --------- --------- --------- --------- Net loss $(201,119) $(126,888) $(112,963) $(253,159) ========= ========= ========= ========= Net loss applicable to common stock $(206,612) $(132,381) $(134,933) $(275,129) ========= ========= ========= ========= Per share - basic and diluted: Loss from continuing operations $ (2.12) $ (1.39) $ (1.23) $ (2.76) Discontinued operations $ 0.00 $ (0.00) $ (0.16) $ (0.14) --------- --------- --------- --------- Net loss $ (2.12) $ (1.39) $ (1.39) $ (2.90) ========= ========= ========= ========= SUPPLEMENTAL INFORMATION: Income (loss) from continuing operations excluding certain non-cash items (2) (75,379) 28,542 ========= ========= Per share - basic and diluted Income (loss) from continuing operations excluding certain non-cash items (2) $ (0.83) $ 0.07 ========= =========
Balance Sheet Data (In Thousands) Balance Sheet Data December 31, 2008 December 31, 2007 ----------------- ----------------- Cash and cash equivalents (excluding restricted cash) $ 210,332 $ 28,388 Total assets 3,030,845 2,945,319 Current portion of long-term debt 253,970 18,715 Long-term debt (excluding current portion) 2,112,272 2,239,073 Redeemable minority interests 414,394 415,350 Mandatory redeemable preferred stock 302,382 285,623 Total stockholders' deficit (443,825) (252,620) Leverage Ratio (3) 5.39 N/A Restricted Subsidiary Leverage Ratio (3) 3.81 N/A
Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ---------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Other Data: Adjusted EBITDA (4) $ 5,153 $ 1,947 $ 275,254 $ 189,632 Weighted average shares outstanding - basic and diluted 97,433 94,977 96,950 94,747 Net cash provided by (used in) operating activities $ (57,672) $ (55,696) $ 66,929 $ (36,157) The following table sets forth a reconciliation of net income loss to Adjusted EBITDA and Free Cash Flow for the periods shown (in thousands): Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ---------------------- 2008 2007 2008 2007 --------- --------- --------- --------- Net loss $(201,119) $(126,888) $(112,963) $(253,159) Discontinued operations (74) 309 15,691 13,939 Income tax expense 109,521 2,087 116,630 6,203 Other expense 13,780 6,816 14,627 20,122 Net (gain) loss on debt extinguishment - 27 (107,743) 13,210 Equity in operations of partnerships (562) (66) 806 502 Minority interest in earnings (596) (1,421) 40,728 39,684 Interest expense (net) 41,157 48,504 176,174 197,643 Loss on disposal of assets 3,311 27,899 17,692 39,243 Amortization 223 274 1,203 1,249 Depreciation 34,801 34,886 138,406 136,657 Stock-based compensation (99) 6,296 6,202 12,525 Third party interest in EBITDA of certain operations (5) 4,810 3,224 (32,199) (38,186) --------- --------- --------- --------- Adjusted EBITDA $ 5,153 $ 1,947 $ 275,254 $ 189,632 Cash paid for interest (net) and debt issuance costs (39,282) (63,891) (167,166) (215,573) Capital expenditures (net of property insurance recoveries) (6,409) (23,014) (90,251) (114,132) Cash dividends and taxes (604) (7,864) (12,230) (25,891) --------- --------- --------- --------- Free Cash Flow (6) $ (41,142) $ (92,822) $ 5,607 $(165,964) ========= ========= ========= =========
NOTES (1) Revenues and expenses of international operations are converted into U.S. dollars on a current basis as provided by U.S. generally accepted accounting principles ("GAAP"). (2) The certain non-cash items were an income tax charge of $110.8 million due to an increase in the Company's valuation allowance for deferred tax assets that are derived from the Company's carry forward of income tax net operating losses and a mark to market charge of $15.0 million related to an interest rate hedge that ceased to be an "effective hedge" for accounting purposes. The Company believes that the earnings per share information excluding these items is useful to its investors and analysts who could use the information to reconcile between expectations for the period and actual results. (3) Under the terms of the $400,000,000 12 1/4% Senior Notes of Six Flags Operations, Inc. ("New Notes"), we must disclose on a quarterly basis the Leverage Ratio and Restricted Subsidiary Leverage Ratio, both as defined in the terms of the New Notes. (4) Adjusted EBITDA, a non-GAAP measure, is defined as income (loss) from continuing operations before discontinued operations, income tax expense (benefit), other (income) expense, net (gain) loss on debt extinguishment, equity in operations of partnerships, minority interest in earnings (losses), interest expense (net), amortization, depreciation stock-based compensation, (gain) loss on disposal of assets minus interests of third parties in EBITDA of the four parks (see Note 5 below), plus our interest in the Adjusted EBITDA of one hotel and Dick Clark Productions, which are less than wholly owned. The Company believes that Adjusted EBITDA provides 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 Adjusted EBITDA is 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. Adjusted EBITDA is not defined by GAAP and should not 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. Adjusted EBITDA as defined in this release may differ from similarly titled measures presented by other companies. (5) Represents interest of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta, and Six Flags Discovery Kingdom (formerly Six Flags Marine World, the minority interest in which we purchased in July 2007), plus our interest in the Adjusted EBITDA of one hotel and Dick Clark Productions, which are less than wholly owned. (6) Free Cash Flow, a non-GAAP measure, is defined as Adjusted EBITDA less (i) cash paid for interest expense, net of interest income receipts, and debt issuance costs (ii) capital expenditures net of property insurance recoveries and (iii) cash dividends and taxes. The Company believes that Free Cash Flow is used by many investors, equity analysts and rating agencies as a measure of performance. Free Cash Flow is not defined by GAAP and should not 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. Free Cash Flow as defined in this this release may differ from similarly titled measures presented by other companies.

The following information was filed by Six Flags Entertainment Corp (SIX) on Tuesday, March 10, 2009 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.

View differences made from one year to another to evaluate Six Flags Entertainment Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Six Flags Entertainment Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account