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Theme Park Supplier's News of the Week #12 Bolliger Mabillard, MAURER Rides, ETF Ride Systems, Lo-...

World Waterpark Association Success for WWA's 33th Symposium and Trade Show

Hong Kong Disneyland to introdoce Iron Man Experience First major Marvel attraction planned in 2016

Theme Park Supplier's News of the Week #11 Zamperla, Simworx, Electrosonic, Vortex

Theme Park Industry News Roundup #6 Liseber, Universal Parks and Resorts, IAAPA, Herschend ...

Premier Rides wins €8 million contract with Plopsa Gr... New launch coaster to open at Holiday Park in 2014

Theme Park Industry News Roundup #5 Tokyo Disney Resort, Merlin, European Star Awards

Record anniversary edition for Euro Attractions Show More than 8,500 attendees on a record exhibit floor

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NEWPublished on October 21, 2013 Theme Park Supplier's News of the Week #12

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581 articles published » See all articles

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Six Flags Delivers Record Full Year 2011 Adjusted

EBITDA of $350 Million

Update : 20/02/12 - 20h02 Published by François Mayné the 17 February 2012, Corporate.

Six Flags Entertainment Corporation (NYSE: SIX) announced that Adjusted EBITDA reached a record $350 million (about €266 million) for full year 2011, an improvement of $55 million or 19 percent over 2010, primarily as a result of higher guest spending and lower cash operating costs.

Full year 2011 Modified EBITDA margin, the most directly comparable measure of the parks' performance, reached an industry high of 37.4 percent - also a record high for the company- and represented a 430 basis point improvement over 2010.

Revenue for the full year 2011 increased $37 million to $1.0 billion (about €759.5 million), representing a 4 percent gain primarily due to a $44 million or 5 percent increase in guest spending, offset by a collective $6 million decline in sponsorship, international licensing, management fees and accommodations revenue.

"With all-time-high guest satisfaction ratings and record financial performance, our team has delivered an exceptional year for guests and shareholders alike," said Jim Reid-Anderson, Chairman, President and CEO. "I am particularly pleased that we achieved our aspirational Adjusted EBITDA target of $350 million in 2011. Our success is directly attributable to a focused business strategy, quality execution and the dedication of our employees—our company's most important asset."

Fourth quarter 2011 Adjusted EBITDA was $35 million, a $13 million or 60 percent improvement over prior year driven by strong revenue growth. Revenue of $138 million increased $16 million or 13 percent. Admissions revenue per capita declined $0.36 or 2 percent to $19.21 due to strong season pass attendance. In-park revenue per capita of $15.61 increased $0.07 while total guest spending per capita of $34.82 declined $0.29 due to the high season pass attendance mix. Guest attendance increased 16 percent to 3.6 million guests. In the quarter, total cash expenses increased $3 million or 3 percent primarily due to higher labor and marketing costs associated with the highly successful expanded Fright Fest and Holiday in the Park offerings.

For the full year 2011, admissions revenue per capita of $22.30 increased $1.24 or 6 percent over 2010 while in-park revenue per capita of $17.03 increased $0.54 or 3 percent. Guest spending per capita for 2011 was $39.33, compared to $37.55 for full year 2010, representing an increase of $1.78 or 5 percent. Full year attendance was 24.3 million guests. Cash expenses decreased $22 million or 3 percent in 2011 primarily due to lower costs associated with marketing, compensation and utility costs.

Free Cash Flow was $193 million for full year 2011, an increase of $65 million or 51 percent. Capital expenditures, net of property insurance recoveries, were $91 million for full year 2011.

Net Debt as of December 31, 2011 was $726 million, compared to $784 million as of December 31, 2010, a reduction of $58 million. In the fourth quarter the company repurchased $18.5 million or approximately 452,000 shares of its stock. During 2011 the company repurchased $60 million of its common stock, paid a $30 million arbitration settlement, incurred $25 million of debt refinancing fees and issued $10 million of dividends. The company had $231 million of cash on hand as of December 31, 2011 and a net debt to Adjusted EBITDA ratio of 2.1 times as compared to 2.7 times as of December 31, 2010.

Recently Announced Events

In December 2011 the company entered into a new $1.135 billion credit facility that, assuming current LIBOR rates, reduces annual cash interest costs by more than $13 million, provides the company incremental financial flexibility, and extends maturities to 2018.

In January 2012 the company's Board of Directors authorized a four-year, $250 million share repurchase plan.

In February 2012 the company increased its quarterly dividend from $0.06 to $0.60 per common share, representing an annual dividend of $2.40 per share.

- - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Europa-Park
(10 articles found)

Europa-Park chooses popular French IP to create an indoor themed area including MACK Rides coaster read more

This is a first in the history of Europa-Park. The German theme park, owned by the Mack family since 1975, has chosen to work with an intellectual...

NEW | Europa-Park - Published on June 11, 2013

Europa-Park: A family success story that's all about passion! read more

“Managing a theme park means writing a story, respecting a tradition and constantly questioning oneself, looking for new ideas and ways to i...

FEATURE | Europa-Park - Published on March 15, 2013

Themed Entertainment Association to hold its 10th TEA Summit and Thea Awards Gala April 4-6 read more

The Themed Entertainment Association (TEA), an international organization that represents the interests of more than 7,500 members working in...

EVENT | Europa-Park - Published on March 6, 2013

New attendance record for Europa-Park in 2012 read more

The German theme park Europa-Park has surpassed in 2012 the 4.5 million visitors for the first time, confirming its position as the first seasonal park in the world. This outcome is therefore highly satisfactory for the Mack...

CORPORATE | Europa-Park - Published on January 9, 2013

Europa-Park purchases a hundred-year old carousel read more

The German theme park Europa-Park has just purchased a carousel-lounge of 1909 from Ecomusée d'Alsace, a museum located in Ungersheim in North-East of France. The latter had declared its intention to separate from this carousel-lounge ...

NEW | Europa-Park - Published on April 29, 2012

WODAN Timburcoaster - Interview with Clair Hain Jr. President of Great Coasters International read more

During our coverage of the WODAN Timburcoaster media event at Europa-Park (Rust, Germany), we had the opportunity to meet Clair Hain Jr, President...

FEATURE | Europa-Park - Published on April 19, 2012

Europa-Park opens WODAN Timburcoaster - Interview with Roland Mack read more

Nearly 400 members of the press and special guests - including the racing driver Ralf Schumacher and Miss Germany 2012 - were invited last Wednesday...

NEW | Europa-Park - Published on April 2, 2012

Europa Park welcomed more than 4 million visitors in 2011 and prepares 2012 read more

Europa-Park stated that its 37th season has been once again a great success with an attendance exceeding well over four million visitors in...

NEW | Europa-Park - Published on January 11, 2012

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