Six Flags Entertainment Corp (SIX)

[MiamiGent]

SIX Six Flags 2nd Quarter Profit Doubles on Strong Ticket Revenue, In-Park Sales
BY Dow Jones & Company, Inc.— 6:47 AM ET 07/24/2012
By Victoria Stilwell and Saabira Chaudhuri

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Six Flags Entertainment Corp.'s (SIX) second-quarter profit more than doubled, surging past Wall Street expectations, as the amusement park operator's revenue was driven by a rise in ticket sales, attendance and in-park sales.

The regional theme-park operator, which emerged from bankruptcy in May 2010, was hit by a heavy debt load and attendance declines during the recession. The company has grown its revenue in recent quarters as both attendance and ticket sales have generally improved.

Six Flags reported a profit of $72.3 million, or $1.27 cents a share, up from a year-earlier profit of $35 million, or 62 cents a share. Its income from continuing operations was $1.34 a share in the most recent quarter versus 64 cents a year ago. Revenue rose 11% to $374.9 million.

Analysts surveyed by Thomson Reuters recently predicted earnings of 62 cents a share on revenue of $352 million.

Operating margin widened slightly to 65.8% from 64.4% as a rise in operating expenses excluding depreciation and amortization was offset by revenue growth.

Attendance improved 12%, or by one million guests. Ticket revenue increased 11% as in-park sales rose 12%.

Shares closed Monday at $52.59 and were inactive in premarket trade. The stock is up 48% in the past 12 months.

Write to Victoria Stilwell at [e-mail] and Saabira Chaudhuri at [e-mail]

(END) Dow Jones Newswires
07-24-12 0647ET