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Six Flags Entertainment Corporation (NYSE: SIX), the world's largest regional theme park company, today announced that second quarter 2012 revenue grew 11 percent or $36 million (about €30 million) over prior year to a record $375 million (about €310 million).
The strong performance was driven by an 11 percent or $20 million (about €16.5 million) increase in ticket revenue and a 12 percent or $17 million (€14 million) increase in in-park sales. Attendance increased by one million guests or 12 percent over prior year. Adjusted EBITDA* for the same period grew 24 percent or $27 million to a record $141 million while cash earnings per share* of $1.78 grew 60 percent compared to the second quarter of 2011.
"Our focused strategy is clearly working. We are delighting our guests with innovative new attractions and great service at an exceptional value," said Jim Reid-Anderson, Chairman, President and CEO. "I am confident our consistent execution will continue to drive growth in cash flow, enable high returns for our shareholders, and further strengthen our financial position."
Guest spending per capita for the quarter of $39.06 declined one percent or $0.30 due to a reduction in admissions revenue per capita. Admissions revenue per capita declined one percent or $0.31 to $21.97 as individual ticket pricing gains were offset by the company's success in growing season pass attendance. In-park revenue per capita for the quarter was $17.08, up slightly over prior year.
For the first six months of the year, revenue increased 10 percent or $41 million to $441,27 million (about €364 million) over the same period in 2011 while Adjusted EBITDA grew 47 percent or $30 million. The company's Adjusted EBITDA for the last twelve months grew to $381 million and Modified EBITDA* for the same period grew to $408 million. Modified EBITDA margin for the last twelve months improved by 320 basis points to 38.7 percent, a new record high for the company and the industry.
Due primarily to strong season pass sales, deferred revenue as of June 30, 2012 grew to $106 million, an increase of $19 million or 22 percent versus June 2011.
Diluted earnings per share was $1.27 in the second quarter and a loss of $0.79 for the first six months of 2012, an improvement of $0.65 or 105 percent and $1.26, respectively.
Cash earnings per share for the last twelve months grew to $4.00, an increase of $0.89 as compared to the prior twelve-month time period. The company believes cash earnings per share is a meaningful metric given the current $1.1 billion accumulated tax loss carryforward and the net depreciation and amortization impacts relating to fresh-start accounting.
Net Debt* as of June 30, 2012 was $828 million compared to $829 million as of June 30, 2011. The company's net leverage ratio declined to an industry low of 2.2 times as of June 30, 2012 from 2.6 times as of June 30, 2011. In the first six months of 2012 the company invested $64 million in new capital, net of property insurance recoveries, paid $64 million in dividends, or $1.20 per share of common stock, and repurchased $98 million or 2.1 million shares of its common stock at an average price of approximately $47 per share.
Adverse weather conditions at the beginning of the season and the ever difficult economic conditions in Europe have negatively impacted the activities...
CORPORATE | Walibi Belgium - Published on September 9, 2013
NewsParcs will do a full coverage of the IAAPA Attractions Expo 2013 in Orlando to have a look at the latest trends and developments of the global theme park industry.
