OUCH, they took a beating yesterday. The stock ramped up until afterhours trading whacked it back down to 6 bucks on this news from
http://biz.yahoo.com/rb/070315/sixflags_results.html?.v=1I've said it before and I'll say it again, this is a make or break year for Six Flags. Investors will being hanging Shapiro if the parks don't succeed. This is why I'll stress again that while these initiatives may sound familiar, this time I truly feel they mean it and will stick to it because honestly, they don't have a choice.
Six Flags loss widens, shares fall
Thursday March 15, 6:01 pm ET
NEW YORK (Reuters) - Theme park operator Six Flags Inc. (NYSE:SIX - News) said on Thursday its fourth-quarter net loss widened due to lower attendance during the off-season and the writing down of the value of some parks it is selling.
Six Flags has been restructuring its operations since a shake-up of its board and top management after investor Daniel Snyder won a long-running battle for control of the company in 2005.
Its shares fell more than 5 percent in after-hours trading.
The company reported a net loss of $189.7 million, or $2.07 per share, compared with a loss of $139 million, or $1.55 per share, in the year-ago quarter.
Excluding results from parks it is selling, Six Flags reported a loss from continuing operations of $1.12 per share. Wall Street was expecting a loss of $1.18, on average, according to Reuters Estimates.
Revenue was flat at $104 million for the quarter, but below analysts' average forecast of $109 million.
Attendance at its parks fell 16 percent to 2.7 million from the same quarter a year ago.
After the change of control, Six Flags has been looking to sell up to nine of its amusement parks, and moving to focus on families and boosting promotional partnerships.
In January, it agreed to sell three water parks and four theme parks for $312 million.
This year is shaping up better, Chief Executive Mark Shapiro indicated in a statement on Thursday, citing season pass sales up 32 percent over the same time last year.
Six Flags shares were trading at $6.12 after hours, after closing up 18 cents at $6.48 on the New York Stock Exchange.
Topic: Six Flags Loss Widens (Read 1121 times)
