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FOR IMMEDIATE RELEASE
Senior Vice President
Investor Relations and Corporate Communications
Another Record Year for Six Flags in 2012
Adjusted EBITDA(1) Climbs 9 Percent to $383 Million and Cash EPS(2) Grows 23 Percent to $4.33
GRAND PRAIRIE, Texas February 20, 2013 Six Flags Entertainment Corporation (NYSE: SIX), the worlds largest regional theme park company, today announced another record year of financial results as it generated a company-high $383 million of Adjusted EBITDA in 2012, representing a $32 million or 9 percent increase over 2011. After adjusting for the September 2012 divestiture of its minority interest in dick clark productions(3), the companys comparable 2012 Adjusted EBITDA increased $38 million or 11 percent over prior year. Free Cash Flow(4) grew $40 million to $233 million while Cash Earnings Per Share increased 23 percent or $0.82 to $4.33.
Excellent execution of our strategy has been a key factor in driving our third successive year of record performance, said Jim Reid-Anderson, Chairman, President and CEO. Guests recognize that we are providing innovative rides and attractions, superb service, and great value for their money. We are well-positioned as we enter the 2013 season and remain focused on delivering our aspirational target of $500 million of Modified EBITDA by 2015, which equates to almost $6 of cash earnings per share.
Annual attendance grew 6 percent to 25.7 million, driven by the companys success in upselling guests to season passes. Higher penetration of season pass sales is a key initiative because season pass holders, over the course of an entire season, generate higher revenue and cash flow than single day visitors.
Revenue for the year increased 6 percent, or $57 million, to $1,070 million. Approximately $35 million of the revenue growth came from higher admissions revenue and another $24 million from higher in-park sales.
Total guest spending per capita in 2012 increased slightly over prior year to $39.41 despite the higher mix of season pass holder attendance. Admissions per capita for the year increased 0.5 percent or $0.11 to $22.41 while in park spending per capita was flat at $17.00.
Modified EBITDA(5) in 2012 was $416 million and Modified EBITDA margin improved to an industry high of 38.9 percentan increase of 153 basis points over 2011.
Diluted earnings per share for 2012 was $6.38 as compared to a loss of $0.41 in 2011. Both the fourth quarter and full year net income and earnings per share amounts were favorably impacted by the partial reversal of a net operating loss carryforward valuation allowance. Adjusting for the $237 million valuation reserve reversal, 2012 earnings per share was $2.10.
Fourth quarter 2012 revenue grew 5 percent to $144 million due to a 3 percent increase in attendance and a 2 percent increase in total revenue per capita. Guest spending per capita was up 3 percent to $35.82, which included a 4 percent or $0.72 increase in admissions per capita and a 2 percent or $0.28 increase in in-park revenue per capita. Fourth quarter attendance was 3.7 million.
Adjusted EBITDA in the fourth quarter was $30 milliona decline of $5 million due to the absence of EBITDA associated with the companys minority interest in dick clark productions, which was divested at the end of the third quarter 2012. On a comparable basis, Adjusted EBITDA grew 2 percent in the fourth quarter.
During the year, the company invested $98 million in new capital, net of property insurance recoveries and returned $380 million to shareholders by paying $148 million in dividends and repurchasing $232 million or 4.2 million shares of its common stock at an average price of $54.59 per share. In the fourth quarter, the company paid $52 million in dividends, or $0.90 per share, and repurchased $134 million or 2.2 million shares of its common stock.
The following information was filed by Six Flags Entertainment Corp (SIX) on Wednesday, February 20, 2013 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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