Six Flags 3rd Quarter Income Down 16% Due To 12% Attendance Drop

New York -- Six Flags, Inc. (NYSE: SIX) the world's largest theme park company reported Thursday that 3rd quarter income fell 16 percent after attendance dropped 12 percent.

Six Flags' net income for the quarter was $164.7 million, compared to $195.7 million in the third quarter of 2005.

Total revenue per capita for the quarter compared to the prior-year period increased by $4.32, or 13 percent, to $37.89. Six Flags said the increase is a result of their implementation of initiatives designed to foster a family-friendly environment and a more diversified entertainment offering within its theme parks.

Total revenue for the quarter compared to the prior-year period declined 1%, from $546.1 million to $540.7 million. The increase in per capita revenue was offset by the 12 percent decline in attendance.

"During this transition year we have been focused on rebuilding the trust of our family guests," said Mark Shapiro, President and CEO of Six Flags. "We are pleased that our base is responding positively as evidenced by the fact that spending remains strong, attendance stabilized in the quarter, and revenues grew in October - all in the face of reduced media and bad weather when compared to 2005."

The company also noted that the same period a year ago included $5.5 million in revenue and 400,000 in attendance from its theme park in New Orleans, which remains closed due to Hurricane Katrina damage.

Per capita guest spending, which excludes sponsorship and other revenues not related to guest spending, increased $3.92, or 12%, to $36.27 from $32.35 in the third quarter 2005, as guests continued to spend more on admissions, food and beverage, merchandise, rentals and parking.

Shares of Six Flags closed up 18 cents for the day and added another 29 cents or 5.2 percent to close at $5.90 in after hours trading.