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News Six Flags earnings grow $13M in first-half 2013

Six Flags earnings grow $13M in first-half 2013

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

A. Lee Graham Reporter   Six Flags Entertainment Corp. of Grand Prairie has announced a record $451 million in revenue for the first six months of 2013, representing a $10 million, or 2 percent, increase over the same period a year earlier. After adjusting 2012 for $3 million of insurance proceeds related to Hurricane Irene, the percentage increases to 3 percent. Adjusted earnings before interest, taxes, depreciation and amortization for the same six-month period was $100 million, a $13 million – or 15 percent – increase after adjusting for insurance proceeds and the 2012 sale of the company’s minority interest in a non-core company investment. “I am pleased with our record year-to-date financial performance, despite cooler temperatures and unprecedented levels of precipitation at our Eastern and Midwestern parks during the second quarter,” said chairman, president and CEO Jim Reid-Anderson in a news release. “Our exciting new attractions and all-time high guest-satisfaction ratings have propelled our performance to new highs,” said Reid-Anderson, who said the company is “on track” to deliver $500 million of modified earnings before interest, taxes, depreciation and amortization, or about $3 of cash earnings per share, by 2015. Total guest spending per capita grew 46 cents, or 1 percent, in the second quarter to $39.52, with admissions revenue per capita increasing 61 cents, or 3 percent, to $22.59 and in-park revenue per capita decreasing 15 cents, or 1 percent, to $16.93. In the first six months of the year, total guest spending per capita grew 36 cents, or 1 percent, to $39.74, with admissions revenue per capita increasing 56 cents, or 3 percent, to $22.62 and in-park revenue per capita decreasing 20 cents, to $17.12. Attendance for the first six months increased 1 percent to 10.7 million guests. Six Flags Entertainment Corp. operates 18 parks across the United States, Mexico and Canada. More information is available at www.sixflags.com.   lgraham@bizpress.net

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