GRAND PRAIRIE -- Despite strong attendance at October Fright Fest and December Holiday in the Park events at its theme parks nationwide, Grand Prairie-based Six Flags Entertainment Corp. posted a wider fourth-quarter loss.
The company reported a loss of $102 million, or $1.85 a share, compared with a loss of $94.3 million, or $1.69 a share in the year-ago quarter. Revenue for the quarter was up 13 percent to $137.6 million.Jim Reid-Anderson, Six Flags chairman and CEO, told Wall Street analysts Wednesday that the company has recorded all-time guest satisfaction ratings and had record performance when looking at cash earnings before costs for interest, taxes and depreciation. He said that reached $350 million in 2011, a 19 percent increase from 2010, a measure that he thinks better reflects how the company is performing.Shares of Six Flags (ticker: SIX) closed at $46.44, down 98 cents.In 2011, the company introduced a new ticket pricing structure and marketing campaign, as well as new rides and attractions at most of its parks.At Six Flags Over Texas in Arlington, the company spent $10 million to rebuild its popular Texas Giant wooden roller coaster for its 50th anniversary.Reid-Anderson said most of its parks will introduce new rides and attractions again this year.At Six Flags Over Texas, two unique shows are being added, park President Steve Martindale said. Those include iLuminate, a musical/dance performance featuring state-of-the-art costumes equipped with electroluminescent wires and LEDs to provide a "full sensory experience" for guests, and Aga Boom, a physical comedy act by former Cirque du Soleil performers.Both shows will run daily June 9 through Aug. 12. Martindale said he could not yet comment on other planned attractions.At Six Flags Hurricane Harbor, workers have started building Dive Bomber, a five-story drop tower slide. Guests will step into a capsule and be released when an operator presses a button, Martindale said. Riders will reach speeds up to 40 mph.Six Flags Entertainment Corp. said attendance was up at its 19 regional theme parks in 2011, and parkgoers spent more money while they were there.In the quarter, admission revenue dropped 2 percent to $19.21 per person, because of greater use of season passes. In-park guest spending dipped 29 cents per person to $34.82. For the year, admission revenue increased 6 percent to $22.30 a person. In-park guest spending was $39.33 a person, compared with $37.55 in 2010.For all of 2011, the company reported a loss of $22.6 million on $1 billion in revenue as 24.3 million guests entered its parks. In 2010, the company reported a $598.9 million profit.As of Dec. 31, the company said it had $231 million cash on hand.Six Flags Over Texas opens March 3. It will be open weekends through May 13, and daily March 10 through March 18 for spring break. Six Flags Hurricane Harbor begins its summer season May 12.Sandra Baker, 817-390-7727Twitter: @SandraBakerFWSTHave more to add? News tip? Tell us
