Premier Parks Reports Record Third Quarter

Oklahoma City, OK -- November 8, 1999 -- Premier Parks Inc. announced its results of operations for the third quarter and nine month periods ended September 30, 1999.

Revenues for the third quarter were $471.7 million in 1999, compared to $435.1 million in the comparable quarter of 1998, representing an increase of 8.4 percent. Operating costs and expenses (including depreciation and other non-cash charges) were $260.9 million for the 1999 quarter, as compared to $241.3 million for the 1998 quarter.

Adjusted EBITDA for the 1999 quarter, including the Company's share of the EBITDA from the partnership parks, was $286.2 million as compared to $243.5 million for the third quarter of 1998, representing a 17.5 percent increase.

Since the Company acquired Walibi (its current European operations) and Six Flags at the end of the first quarter of 1998, their results are fully reflected in the third quarter of both years.

For the nine months ended September 30, 1999, revenues were $858.9 million, compared to reported revenues of $734.1 million for the comparable period in 1998. Pro forma for the acquisition of Six Flags and Walibi, both of which closed at the end of the first quarter of 1998, revenues for the nine month 1998 period would have been $758.5 million. Revenues for the 1999 period increased by $100.4 million (13.2 percent) over the pro forma 1998 revenues. Operating costs and expenses (including depreciation and other non-cash charges) were $625.6 million for the first nine months of 1999, as compared to $492.2 million (actual) and $594.9 million (pro forma) for 1998. Excluding depreciation and non-cash charges, total operating costs and expenses were $500.9 million (actual) in 1999 (including $10.9 million related to the 1999 acquisitions) and $494.2 million (pro forma) in 1998.

Adjusted EBITDA for the 1999 nine month period was $397.2 million as compared to $344.3 million (actual) (which does not include the first quarter of Six Flags and Walibi) and $281.2 million (pro forma) in the prior year period, representing a $116.0 million (41.2 percent) increase in adjusted EBITDA for the nine months over the pro forma prior year period.

"We are extremely pleased with our operating results," stated Kieran E. Burke, Chairman and Chief Executive Officer of Premier Parks. "They reflect the continuation of the strong market reaction to our parks for our entire operating season. For the nine months, our wholly-owned parks (excluding Marine World, Six Flags Over Georgia, Six Flags Over Texas and the three parks acquired this year) experienced an attendance increase of 4.0 million people - an increase of 15.2 percent over the prior year on a same park basis. The parks acquired this year are performing in line with our expectations.

"For the nine months, reported revenues rose $82.1 million as compared to pro forma revenues for the prior year period (excluding $18.4 million of revenues from the two wholly-owned parks acquired this year). We are quite pleased that EBITDA from these operations (after corporate overhead) rose $86.2 million on this $82.1 million increase, reflecting the excellent progress we have achieved in continued expense reduction and control.

"This strong performance has continued since the close of the quarter. Through October 31, when all but three of our parks have concluded their operating seasons, our wholly-owned parks (excluding those acquired this year) have achieved a total attendance increase of 4.4 million - a single year increase of 15.4 percent; park-level revenues are up over $85 million - an increase of approximately 11.5 percent. Within this powerful total performance are several exceptional specific park numbers. The four newly branded Six Flags parks (including Marine World) achieved an attendance increase of 1.2 million (21 percent), park level revenue growth of $46.9 million (36 percent) and per capita spending growth of 12.5 percent. At the wholly-owned original Six Flags Parks, park level-revenues are up 8.2 percent. Six Flags Fiesta Texas, located in San Antonio, Texas, achieved an attendance increase of 961,000 (68 percent) and a revenue increase of $15.6 million (41 percent). Six Flags

St. Louis achieved an attendance increase of 503,000 (32.5 percent) and a revenue increase of $8.6 million (19 percent), reflecting the strong reaction to the addition of a new water park at the facility. In addition, our European parks performed quite well, with attendance up over 1 million (37 percent) through October 31.

"These strong performances not only position us well to achieve our full year performance targets, but also underscore several significant elements about our business - the benefit of our broad geographic diversity, the power of our brands and licensed characters and the enduring performance capacity of our parks.

"We are also pleased to have successfully concluded our new bank loan syndication. The new facilities provide us the funds to accomplish our recently announced transaction with Time Warner, which is expected to close later this month, and enhance operational liquidity. With these facilities in place, we have no near term maturities in our debt structure. With the exception of an issue of notes maturing in December 1999, which has been covenant defeased and for which the funds for complete repayment have been in escrow since April 1998, we have a total of $2.5 million of principal payments due in the next twelve months, no maturing debt until 2006, and scheduled bank amortization payments beginning only in 2004."