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SIX FLAGS ANNOUNCES 20 PERCENT REVENUE GROWTH AND RECORD $22 MILLION ADJUSTED EBITDA FOR THE FOURTH QUARTER 2010

Full Year 2010 revenue rises to $976 million representing seven percent comparable growth

Full Year Adjusted EBITDA increases 50 percent to $295 million


News provided by

Six Flags Entertainment Corporation

Feb 22, 2011, 07:30 ET

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DALLAS, Feb. 22, 2011 /PRNewswire/ -- Six Flags Entertainment Corporation (NYSE: SIX) announced today fourth quarter 2010 revenue of $122 million, representing growth of $21 million or 20 percent over the same period in 2009 while full year 2010 revenue grew $77 million or nine percent to $976 million. Adjusting prior year reporting for the Six Flags Great Escape Lodge and Indoor Waterpark (the "Lodge"), the results of which were consolidated beginning January 1, 2010 due to the adoption of new accounting rules(1), and the current year for fresh start reporting adjustments, revenue grew $19 million or 18 percent in the fourth quarter and $66 million or 7 percent for the full year 2010. Both the quarter and full year revenue growth were primarily attributable to improvements in in-park sales, admission ticket sales and sponsorships fees.

Profitability for the company was strong with Adjusted EBITDA(2) reaching $22 million in the fourth quarter and $295 million for the full year 2010, representing increases of $29 million and $98 million respectively over the same periods in 2009. The growth in Adjusted EBITDA was a result of stronger revenue and lower cash operating costs.

Cash earnings per share(3) for 2010 was $4.64. Since the company emerged from Chapter 11 on April 30, 2010 with a new capital structure, the full year earnings per diluted share and prior year cash earnings per share are not meaningful.

"We are extremely pleased with the excellent revenue and profit we generated for our shareholders in 2010, especially given the company's financial restructuring earlier in the year," said Jim Reid-Anderson, Chairman, President and CEO, Six Flags. "Our success in 2010 is directly attributable to our focused strategy and excellent execution by our employees. We are extremely well-positioned as we enter the 2011 season."

After adjusting for consistent reporting for the Lodge in 2009 and 2010, cash operating expenses declined $13 million or 12 percent in the fourth quarter driven by an ongoing focus on cost elimination. On a comparable basis, for the full year 2010, operating expenses declined $36 million or 6 percent from the prior year.

Due to the seasonality of the business, Free Cash Flow(4) was a negative $22 million in the fourth quarter with Capital Spending and Interest payments offsetting positive Adjusted EBITDA of $22 million. For the full year 2010, the company generated $128 million in Free Cash Flow—an increase of $117 million over 2009 due to higher Adjusted EBITDA of $98 million, lower interest expense and lower capital spending.

The company registered 3.1 million guests in the fourth quarter 2010, a 19 percent increase in attendance due to the success of both its October "Fright Fest" and December "Holiday in the Park" offerings, while full-year attendance of 24.3 million guests grew 4 percent compared to 2009. Per capita guest spending in the fourth quarter 2010 of $39.75 increased $0.57 or nearly 2 percent, and increased to $40.18, a 4 percent or $1.55 increase for the full year.

Net Debt(5) at December 31, 2010 was $784 million compared to $2,242 million at December 31, 2009.

Conference Call

The company will host a conference call today at 8:00 a.m. Central Standard Time (CST) to discuss its fourth quarter and full year 2010 financial results. The teleconference can be accessed live by dialing 1-866-516-4937 in the United States or +1-763-416-8838 from outside the United States and requesting conference ID # 43918488 or the Six Flags Earnings Call.

To hear a replay of the call, dial 1-800-642-1687 or +1-706-645-9291 through March 15, 2011. The call is also available via webcast on the investor relations page of the company's Web site at www.sixflags.com/investors.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation is the world's largest regional theme park company with 19 parks across the United States, Mexico and Canada. Six Flags Over Texas, the company's flagship location, is celebrating its 50th anniversary season in 2011.

Fresh Start Reporting

In connection with the company's emergence from Chapter 11 on April 30, 2010, and the application of fresh start reporting upon emergence in accordance with FASB ASC Topic 852, "Reorganizations", the results for the eight-month period ended December 31, 2010 (the company is referred to during such period as the "Successor") and the results for the four-month period ended April 30, 2010 (the company is referred to during such period as the "Predecessor") are presented separately. This presentation is required by United States generally accepted accounting principles ("GAAP"), as the Successor is considered to be a new entity for financial reporting purposes, and the results of the Successor reflect the application of fresh start reporting. Accordingly, the company's financial statements after April 30, 2010, are not comparable to its financial statements for any period prior to its emergence from Chapter 11. For illustrative purposes in this earnings release, the company has combined the Successor and Predecessor results to derive combined results for the twelve-month period ended December 31, 2010. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor are not comparable to those of the Predecessor. The financial information accompanying this earnings release provides the Successor and the Predecessor GAAP results for the applicable periods, along with the combined results described above. The company believes that subject to consideration of the impact of fresh start reporting, the combined results provide meaningful information about revenues and costs, which would not be available if the current year periods were not combined to accommodate analysis.

Forward Looking Statements

The information contained in this release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, the potential adverse impact of the Chapter 11 filing on the company's operations, management and employees; customer response to the Chapter 11 filing; and the risk factors or uncertainties listed from time to time in the company's filings with the Securities and Exchange Commission ("SEC"). In addition, important factors, including factors impacting attendance, local conditions, events, disturbances and terrorist activities, risk of accidents occurring at the company's parks, adverse weather conditions, general financial and credit market conditions, economic conditions (including consumer spending patterns), competition, pending, threatened or future legal proceedings and other factors could cause actual results to differ materially from the company's expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2009, its Quarterly Reports for the quarters ended June 30, 2010 and September 30, 2010 and its other filings and submissions with the SEC, each of which are available free of charge on the company's investor relations Web site at  www.sixflags.com/investors and on the SEC's Web site at www.sec.gov. Additional information will also be set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2010, which the company expects to file with the SEC in March 2011.


(1)

Consolidation was required beginning January 1, 2010 pursuant to the Financial Accounting Standards Board Accounting Standards Codification Topic 810, "Consolidation".  Reported results for 2009 have not been adjusted to reflect the consolidation of the Lodge.

(2)

See the following financial statements and Note 4 to those financial statements for a discussion of Adjusted EBITDA and its reconciliation to net income (loss).

(3)

"Cash earnings per share", which is defined as Free Cash Flow divided by the weighted average shares outstanding, is not a U.S. GAAP defined measure. The company believes this measure provides meaningful profitability metrics, given current accumulated tax loss carryforwards and the net depreciations/amortization impacts relating to the revaluation of assets in connection with the company's emergence from Chapter 11.

(4)

See Note 6 to the following financial statements for a discussion and definition of Free Cash Flow.

(5)

Net Debt represents total long-term debt, including current portion, less cash and cash equivalents.

Six Flags Entertainment Corporation

(In Thousands, Except Per Share Amounts)


Statements of Operations Data (1)



Three Months Ended




December 31,




2010



2009




Successor



Predecessor








Revenue



$           121,789



$                 101,119








Costs of products sold



9,408



7,500

Operating expenses (excluding







depreciation, amortization,







stock-based compensation







and loss on disposal of assets)



95,625



106,455

Depreciation



39,807



36,599

Amortization



4,511



285

Stock-based compensation



13,447



635

Loss on disposal of assets



10,599



5,680

Interest expense (net)



19,354



14,917

Equity in (income) loss from







operations of partnerships



343



(952)

Loss on early repurchase of debt



17,536



-

Other income, net



(4,704)



(788)

Restructure costs



5,955



-








Loss from continuing operations before







reorganization items, income taxes and







discontinued operations



(90,092)



(69,212)








Reorganization items, net



2,509



16,165








Loss from continuing operations







before income taxes and discontinued operations



(92,601)



(85,377)

Income tax expense (benefit)



2,634



(2,312)








Loss from continuing operations before







discontinued operations



(95,235)



(83,065)








Income (loss) from discontinued operations



50



(32,464)








Net Loss



$           (95,185)



$                (115,529)








Less: Net loss attributable to







 noncontrolling interests



891



-








Net loss attributable to







 Six Flags Entertainment Corporation



$           (94,294)



$                (115,529)








Net loss applicable to Six Flags Entertainment







 Corporation common stockholders



$           (94,294)



$                (115,529)








Per share - basic and diluted:







    Loss from continuing operations







      applicable to Six Flags Entertainment







      Corporation common stockholders



$               (3.38)



$                      (0.85)

    Loss from discontinued operations







      applicable to Six Flags Entertainment







      Corporation common stockholders



$                 0.00



$                      (0.33)








Net loss applicable to Six Flags Entertainment







  Corporation common stockholders



$               (3.38)



$                      (1.18)








Weighted average shares







 outstanding - basic and diluted



27,857



98,054

Six Flags Entertainment Corporation

(In Thousands, Except Per Share Amounts)


Statements of Operations Data (1)



Four Months Ended



Eight Months Ended



Twelve Months Ended




April 30,



December 31,



December 31,




2010



2010



2010


2009




Predecessor (2)



Successor



Combined


Predecessor













Revenue



$                     128,077



$                 847,812



$             975,889


$          898,932













Costs of products sold



12,132



66,965



79,097


75,296

Operating expenses (excluding












depreciation, amortization,












stock-based compensation












and loss on disposal of assets)



162,526



415,961



578,487


603,838

Depreciation



45,373



106,315



151,688


140,735

Amortization



302



12,034



12,336


972

Stock-based compensation



718



18,668



19,386


2,597

Loss on disposal of assets



1,923



11,727



13,650


11,135

Interest expense (net)



74,134



53,842



127,976


105,435

Equity in (income) loss from












operations of partnerships



(594)



1,372



778


(3,122)

Loss on early repurchase of debt



-



18,493



18,493


-

Other (income) expense, net



(802)



956



154


17,304

Restructure costs



-



37,417



37,417


-













Income (loss) from continuing operations before












reorganization items, income taxes and












discontinued operations



(167,635)



104,062



(63,573)


(55,258)













Reorganization items, net



(819,473)



7,479



(811,994)


101,928













Income (loss) from continuing operations












before income taxes and discontinued operations



651,838



96,583



748,421


(157,186)

Income tax expense



112,648



11,177



123,825


2,902













Income (loss) from continuing operations before












discontinued operations



539,190



85,406



624,596


(160,088)













Income (loss) from discontinued operations



9,759



(565)



9,194


(34,007)













Net income (loss)



$                     548,949



84,841



$             633,790


$        (194,095)













Less: Net income attributable to












 noncontrolling interests



(76)



(34,788)



(34,864)


(35,072)













Net income (loss) attributable to












 Six Flags Entertainment Corporation



$                     548,873



$                   50,053



$             598,926


$        (229,167)













Net income (loss) applicable to Six Flags Entertainment












 Corporation common stockholders



$                     548,873



$                   50,053



$             598,926


$        (245,509)













Per share - basic and diluted:












    Income (loss) from continuing operations












      applicable to Six Flags Entertainment












      Corporation common stockholders



$                           5.50



$                       1.83





$              (2.16)

    Income (loss) from discontinued operations












      applicable to Six Flags Entertainment












      Corporation common stockholders



$                           0.10



$                      (0.02)





$              (0.35)













Net income (loss) applicable to Six Flags Entertainment












  Corporation common stockholders



$                           5.60



$                       1.81





$              (2.51)

























Weighted average shares












 outstanding - basic and diluted



98,054



27,650



N/A


97,720

The following table sets forth a reconciliation of net loss to Adjusted EBITDA and Free Cash Flow for the

periods shown (in thousands):





Three Months Ended




December 31,




2010




2009




Successor




Predecessor









Net loss



$            (95,185)




$               (115,529)

(Income) loss from discontinued operations



(50)




32,464

Income tax expense (benefit)



2,634




(2,312)

Restructure costs



5,955




-

Reorganization items, net



2,509




16,165

Other income, net



(4,704)




(788)

Loss on early repurchase of debt



17,536




-

Equity in (income) loss from








operations of partnerships



343




(952)

Interest expense (net)



19,354




14,917

Loss on disposal of assets



10,599




5,680

Amortization



4,511




285

Depreciation



39,807




36,599

Stock-based compensation



13,447




635

Impact of Fresh Start valuation adjustments (3)



888




-









Modified EBITDA (4)



17,644




(12,836)

Third party interest in EBITDA








 of certain operations (5)



4,156




5,403









Adjusted EBITDA (4)



$              21,800




$                   (7,433)

Cash paid for interest (net)



(24,855)




(8,447)

Capital expenditures (net of property insurance recoveries)



(18,381)




(24,720)

Cash taxes



(1,002)




(515)









Free Cash Flow (6)



$            (22,438)




$                 (41,115)










































The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA and Free Cash Flow for the

periods shown (in thousands):




Four Months Ended



Eight Months Ended



Twelve Months Ended



April 30,



December 31,



December 31,



2010



2010



2010


2009



Predecessor (2)



Successor



Combined


Predecessor





























Net income (loss)



$            548,949




$                   84,841




$              633,790


$        (194,095)

(Income) loss from discontinued operations



(9,759)




565




(9,194)


34,007

Income tax expense



112,648




11,177




123,825


2,902

Restructure costs



-




37,417




37,417


-

Reorganization items, net



(819,473)




7,479




(811,994)


101,928

Other (income) expense, net



(802)




956




154


17,304

Loss on early repurchase of debt



-




18,493




18,493


-

Equity in (income) loss from














operations of partnerships



(594)




1,372




778


(3,122)

Interest expense (net)



74,134




53,842




127,976


105,435

Loss on disposal of assets



1,923




11,727




13,650


11,135

Amortization



302




12,034




12,336


972

Depreciation



45,373




106,315




151,688


140,735

Stock-based compensation



718




18,668




19,386


2,597

Impact of Fresh Start valuation adjustments (3)



-




4,562




4,562


-















Modified EBITDA (4)



(46,581)




369,448




322,867


219,798

Third party interest in EBITDA














 of certain operations (5)



2,745




(30,571)




(27,826)


(22,599)















Adjusted EBITDA (4)



$            (43,836)




$                 338,877




$              295,041


$          197,199

Cash paid for interest (net)



(35,754)




(43,611)




(79,365)


(83,811)

Capital expenditures (net of property insurance recoveries)



(37,125)




(42,286)




(79,411)


(97,894)

Cash taxes



(4,005)




(4,068)




(8,073)


(4,606)















Free Cash Flow (6)



$          (120,720)




$                 248,912




$              128,192


$            10,888

Balance Sheet Data

(In Thousands)


Balance Sheet Data


April 30, 2010 (2)


December 31, 2010


12/31/2009








Cash and cash equivalents







 (excluding restricted cash)


$                     54,510


$         187,061


$      164,830

Total assets


2,809,866


2,733,253


2,907,652








Current portion of long-term debt


34,677


32,959


439,826

Long-term debt (excluding current







 portion)


1,009,233


938,195


1,966,754








Redeemable noncontrolling interests


446,449


441,655


355,933

Mandatory redeemable preferred







 stock


-


-


306,650








Total stockholders' equity / (deficit)


811,010


868,163


(584,174)

















(1)  Revenues and expenses of international operations are converted into U.S. dollars on an average basis as provided by GAAP.


(2)  Previously reported amounts have changed on the Predecessor financials.  These changes are primarily related to

     classifications between income tax expense and reorganization items, net, and a related increase in predecessor goodwill.

     There were no changes to net income, earnings per share or total stockholder's equity / (deficit).


(3) Amounts recorded as valuation adjustments and included in reorganization items for the month of April 2010 that would have

     been included in Modified EBITDA and Adjusted EBITDA, had fresh start reporting not been applied.  Balance consists primarily

     of an insurance claim received after emergence from bankruptcy that was recorded at its fair value as a contingent asset for fresh

     fresh start reporting.


(4)  “Adjusted EBITDA”, a non-GAAP measure, is defined as the Company’s consolidated income (loss) from continuing operations:

     (i) excluding the cumulative effect of changes in accounting principles, fresh start accounting valuation adjustments,

     discontinued operations, income tax expense or benefit, reorganization items, restructure costs, other income or expense,

     gain or loss on early extinguishment of debt, equity in operations of partnerships, interest expense (net), amortization, depreciation,

     stock-based compensation, gain or loss on disposal of assets, interests of third parties in the Adjusted EBITDA of properties

     that are less than wholly owned by the Company (consisting of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White

     Water Atlanta and Six Flags Great Escape Lodge & Indoor Waterpark, and (ii) plus the Company’s share of the Adjusted

     EBITDA of dick clark productions, inc.  The Company believes that Adjusted EBITDA provides useful information to investors

     regarding the Company’s operating performance and its capacity to incur and service debt and fund capital expenditures.  The

     Company believes that Adjusted EBITDA is useful to investors, equity analysts and rating agencies as a measure of the Company's

     performance.  The Company uses Adjusted EBITDA in its internal evaluation of operating effectiveness and decisions regarding the

     allocation of resources.  In addition, Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined

     in the Company’s secured credit facilities, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from

     equity investees that is not distributed to the Company in cash on a net basis and has limitations on the amounts of certain

     expenses that are excluded from the calculation.  Adjusted EBITDA is not defined by GAAP and should not be considered

     in isolation or as an alternative to net income (loss), income (loss) from continuing operations, net cash provided by (used in) operating,

     investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company's

     operating performance.  Adjusted EBITDA as defined herein may differ from similarly titled measures presented by other companies.


    "Modified EBITDA", a non-GAAP measure,  is defined as Adjusted EBITDA plus the interests of third parties in the Adjusted EBITDA

    of the properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta, Six Flags

    Over Texas, the Lodge plus the Company's interest in the Adjusted EBITDA of dick clark productions, inc.).  The Company believes

    that Modified EBITDA is useful in the same manner as Adjusted EBITDA, with the distinction of representing a measure that can be

    more readily compared to other companies that do not have interests of third parties in any of their properties or equity investments.

    Modified EBITDA is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), income

    (loss) from continuing operations, net cash provided by (used in) operating, investing and financing activities or other financial data

    prepared in accordance with GAAP or as an indicator of the Company's operating performance.  Modified EBITDA as defined

    herein may differ from similarly titled measures presented by other companies.


(5)  Represents interests of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White

     Water Atlanta and the Lodge, plus our interest in the Adjusted EBITDA of dick clark productions, which are less than wholly owned.


(6)  Free Cash Flow, a non-GAAP measure, is defined as Adjusted EBITDA less (i) cash paid for interest expense net of interest income

     receipts, (ii) capital expenditures net of property insurance recoveries (which includes $8.0 million of proceeds, in the third quarter,

     related to the final settlement of an insurance claim for Six Flags New Orleans), and (iii) cash taxes.  The Company has excluded

     from the definition of Free Cash Flow the $70.3 million in post-petition interest paid to the holders of the Six Flags Operations notes

     that were extinguished in April 2010, the deferred financing costs related to the Company's new debt of $41.8 million incurred

     in the second quarter of 2010, and the deferred financing costs related to the Company's debt refinancing of $11.8 million incurred

     in the fourth quarter of 2010, due to the unusual nature of these items.  The Company believes that Free Cash Flow is useful to

     investors, equity analysts and rating agencies as a performance measure.  The Company uses Free Cash Flow in its internal

     evaluation of operating effectiveness and decisions regarding the allocation of resources.  Free Cash Flow is not defined by GAAP

     and should not be considered in isolation or as an alternative to net income (loss), income (loss) from continuing operations, net

     cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP

     or as an indicator of the Company's operating performance.  Free Cash Flow as defined herein may differ from similarly titled

     measures presented by other companies.

SOURCE Six Flags Entertainment Corporation

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