0 Members and 1 Guest are viewing this topic.
...Profits for the quarter ended June 30 were $743.5 million, up from a loss of $121.6 million a year ago. For the 2010 quarter, that worked out to profits of $7.47 a share for April and 40 cents a share for the two months that ended in June. That compares with a loss of $1.25 a share for the comparable three-month period a year ago. The gain was due in part to debt reduction stemming from the bankruptcy initiated by the predecessor company -- Six Flags Inc. –- on June 13, 2009....But the company has put too much of its marketing muscle behind "Mr. Six" –- the company's balding pitch man -- and relied too much on long term discounting, said Alexander "Al" Weber Jr., who moved last week from interim chief executive to chief operating officer.Future marketing messages will shift away from the diminutive Mr. Six to ads that "showcase the product," he said. ...Weber said the company plans to move to a “more strategic discount plan.”“We want to drive attendance the right way, without discounting on an ongoing basis,” Reid-Anderson said. “This is a great company that had a bad balance sheet. I think the company has a really good future.”
Financial Release<< BackSix Flags Announces Strong Second Quarter 2010 Results-- Revenues increased by 7% for Q2 and the first six months of 2010(1) driven by increases in attendance and sponsorship-- Q2 Adjusted EBITDA increased 68% to $94.7 million driven by top line growth and effective cost management-- Strong liquidity position, including cash balance of $210 million as of August 1st with no revolver drawn, enables $25 million pay down of first lien term loan-- Six Flags emerges from bankruptcy with approximately one-third of the annual financing cost burden (approximately $75 million) and over $1 billion in federal NOLs-- New management team in place focused on theme park excellence and shareholder value creation DALLAS, Aug 16, 2010 /PRNewswire via COMTEX/ -- Six Flags Entertainment Corporation (NYSE: SIX) announced today its consolidated operating results for the second quarter and six months ended June 30, 2010(2)."Our strong revenue and profitability in the quarter and year to date are a reflection of Six Flags' strong brand equity and the operational excellence of this superb team," said Jim Reid-Anderson, Chairman, President and Chief Executive Officer. "We are well positioned to leverage our base business momentum for long term success.""I am honored to be a part of this great company, and I am pleased with the strong results we delivered in the second quarter," said Alexander Weber, Jr., Chief Operating Officer. "Six Flags has a renewed focus on its core theme park business. We remain committed to delivering a clean, safe and fun guest experience with new and exciting attractions for customers of all ages."...
And third, we can get a better bang for the buck by analyzing the value proposition of each capital investment. For example, our Glow In The Park parade over the five parks that present the parade, we spent approximately $7.5 million in capital. It's a magnificent event, but it is a night parade and must be schedule at night when guests have already left the park as well as requiring the park to stay open longer than tradition schedule suggests. We see this is as just one small example where we can improve the efficiency and effectiveness by deploying our capital differently.
I don't see gate prices increasing much...but I bet season passes see quite a price increase next year...or may be honored at only one park for the regular price. Platinum level, more money, more parks.
Maybe if they kept the park open after 10pm they wouldn't have the parade problem.
Quote from: B-mac on August 16, 2010, 07:15:00 PMMaybe if they kept the park open after 10pm they wouldn't have the parade problem.Well I thought the parade runs at 9 doesn't it? So I don't even really understand what they are trying to say. Unless they want to be like Disney and close at 7pm in the summer for no reason.
The funny thing is this. When he was at Paramount Parks, Al Weber was a strong believer in the theory that if you can increase the length of a guest visit, you can get them to spend more money and therefore make more money.I read his Glow In The Park comment as saying that the parade is NOT keeping the guests in the park to see it, and is therefore not effective, as too many guests have already left by then...
I personally think that the only flaw with the Glow in the Park Parade is that it isn't long enough, and could stand to be more spectacular. It's a good parade, but to truly stop that 9PM "beat the traffic" rush, it needs more. It definitely doesn't disappoint those who stay to watch...but it definitely could be a better draw. Closing earlier is definitely NOT the answer. Guests were pretty unhappy about that in my personal experience.
Topic: Q2 SIX RESULTS (Read 5061 times)
