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SIX FLAGS ANNOUNCES 20 PERCENT REVENUE GROWTH AND RECORD $22 MILLION ADJUSTED EBITDA FOR THE FOURTH QUARTER 2010
Full Year 2010 revenue rises to $976 million representing seven percent comparable growth
Full Year Adjusted EBITDA increases 50 percent to $295 million
Dallas, TX February 22, 2011 Six Flags Entertainment Corporation (NYSE: SIX) announced today fourth quarter 2010 revenue of $122 million, representing growth of $21 million or 20 percent over the same period in 2009 while full year 2010 revenue grew $77 million or nine percent to $976 million. Adjusting prior year reporting for the Six Flags Great Escape Lodge and Indoor Waterpark (the Lodge), the results of which were consolidated beginning January 1, 2010 due to the adoption of new accounting rules(1), and the current year for fresh start reporting adjustments, revenue grew $19 million or 18 percent in the fourth quarter and $66 million or 7 percent for the full year 2010. Both the quarter and full year revenue growth were primarily attributable to improvements in in-park sales, admission ticket sales and sponsorships fees.
Profitability for the company was strong with Adjusted EBITDA(2) reaching $22 million in the fourth quarter and $295 million for the full year 2010, representing increases of $29 million and $98 million respectively over the same periods in 2009. The growth in Adjusted EBITDA was a result of stronger revenue and lower cash operating costs.
Cash earnings per share(3) for 2010 was $4.64. Since the company emerged from Chapter 11 on April 30, 2010 with a new capital structure, the full year earnings per diluted share and prior year cash earnings per share are not meaningful.
The following information was filed by Six Flags Entertainment Corp (SIX) on Tuesday, February 22, 2011 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.
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