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May 9, 2001

Six Flags Reports First Quarter Results For 2001

Oklahoma City, OK -- Six Flags, Inc. (traded on NYSE: PKS) announced today its results of operations for the quarter ended March 31, 2001 and provided a strong outlook on the year ahead.

In the first quarter of 2001, revenues were $35.2 million, compared to $30.9 million for the first quarter of 2000, representing a 13.8% increase.

Operating costs and expenses, including depreciation and other non-cash charges, were $152.0 million for the 2001 quarter, as compared to $140.9 million for the 2000 quarter. Excluding depreciation and non-cash charges, total operating costs and expenses were $102.4 million in the first quarter of 2001, as compared to $95.7 million for the same period in 2000, representing a 7.1% increase. The increase in operating costs and expenses in the first quarter of 2001 is almost entirely attributable to the inclusion for the 2001 period of two consolidated parks acquired subsequent to the end of the first quarter of 2000. On a same park basis, total operating costs and expenses, excluding depreciation and non-cash charges, were $0.4 million more than the 2000 period.

Adjusted EBITDA, including the Company's share of the EBITDA from the parks accounted for by the equity method, for the 2001 quarter was $(76.1) million compared to $(74.1) million for the first quarter of 2000.

The net loss for the 2001 quarter includes the effect of a one-time loss (in the net amount of $8.3 million) associated with the retirement of approximately $124.7 million out of $125 million principal amount of bonds which had been tendered for in February this year, as well as a one-time non-cash loss (in the net amount of $2.0 million) associated with two interest rate swap agreements which had contained knock-out provisions until amended in February and were subsequently designated as hedging instruments. That one-time loss will be fully amortized over the next four quarters. Absent these two items, the net loss for the 2001 quarter would have been $1.63 per share.

"We are very pleased with the strong beginning of our 2001 season," noted Kieran E. Burke, Chairman and Chief Executive Officer of the Company. "While the first quarter is not itself a meaningful part of full year performance, early indicators are very positive. Year-to-date attendance and revenues, as well as our season pass and group sales performance, are all tracking well toward our targets for these categories. Our capital projects are nearing completion and our marketing programs have been well executed."

"These indicators reflect substantial market excitement and provide a solid basis for our own enthusiasm regarding the 2001 season," concluded Mr. Burke.

Six Flags, Inc. is the world's largest regional theme park company, with thirty-nine parks in markets throughout North America and Europe.