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FOR IMMEDIATE RELEASE
Senior Vice President
Investor Relations and Corporate Communications
Six Flags Delivers Record Full Year 2011 Adjusted EBITDA of $350 Million and Industry-Leading Modified EBITDA Margin of 37.4 Percent
Record Fourth Quarter Revenue and EBITDA Increase 13 Percent and 60 Percent Respectively
GRAND PRAIRIE, Texas February 15, 2012 Six Flags Entertainment Corporation (NYSE: SIX) announced today that Adjusted EBITDA(1) reached a record $350 million for full year 2011, an improvement of $55 million or 19 percent over 2010, primarily as a result of higher guest spending and lower cash operating costs. Full year 2011 Modified EBITDA(2) margin, the most directly comparable measure of the parks performance, reached an industry high of 37.4 percentalso a record high for the companyand represented a 430 basis point improvement over 2010. Revenue for the full year 2011 increased $37 million to $1.0 billion, representing a 4 percent gain primarily due to a $44 million or 5 percent increase in guest spending, offset by a collective $6 million decline in sponsorship, international licensing, management fees and accommodations revenue.
With all-time-high guest satisfaction ratings and record financial performance, our team has delivered an exceptional year for guests and shareholders alike, said Jim Reid-Anderson, Chairman, President and CEO. I am particularly pleased that we achieved our aspirational Adjusted EBITDA target of $350 million in 2011. Our success is directly attributable to a focused business strategy, quality execution and the dedication of our employeesour companys most important asset.
Fourth quarter 2011 Adjusted EBITDA was $35 million, a $13 million or 60 percent improvement over prior year driven by strong revenue growth. Revenue of $138 million increased $16 million or 13 percent. Admissions revenue per capita declined $0.36 or 2 percent to $19.21 due to strong season pass attendance. In-park revenue per capita of $15.61 increased $0.07 while total guest spending per capita of $34.82 declined $0.29 due to the high season pass attendance mix. Guest attendance increased 16 percent to 3.6 million guests. In the quarter, total cash expenses increased $3 million or 3 percent primarily due to higher labor and marketing costs associated with the highly successful expanded Fright Fest and Holiday in the Park offerings.
For the full year 2011, admissions revenue per capita of $22.30 increased $1.24 or 6 percent over 2010 while in-park revenue per capita of $17.03 increased $0.54 or 3 percent. Guest spending per capita for 2011 was $39.33, compared to $37.55 for full year 2010, representing an increase of $1.78 or 5 percent. Full year attendance was 24.3 million guests. Cash expenses decreased $22 million or 3 percent in 2011 primarily due to lower costs associated with marketing, compensation and utility costs.
Cash earnings per share(3) in 2011 was $3.51. Since the company emerged from Chapter 11 on April 30, 2010 with a new capital structure, the comparable prior period cash earnings per share figure is not meaningful. The company believes cash earnings per share is a meaningful metric given the current $1.1 billion accumulated tax loss carryforward and the net depreciation and amortization impacts relating to fresh-start accounting. The 2011 reported loss per share was $0.41.
The following information was filed by Six Flags Entertainment Corp (SIX) on Wednesday, February 15, 2012 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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