Six Flags Entertainment Corporation, the world’s largest regional theme park company, announced today that first quarter 2013 revenue rose to a record high $88 million, representing a $21 million or 32 percent increase over prior year, or 38 percent increase after adjusting 2012 for $3 million of insurance proceeds related to Hurricane Irene. The Adjusted EBITDA1 loss of $38 million for the first three months of 2013 improved $12 million compared to prior year after adjusting for the insurance proceeds and the 2012 sale of the company’s minority interest in dcp2. For the twelve-month period ending March 31, 2013, Adjusted EBITDA reached $390 million while Modified EBITDA3 margin improved to 39.1 percent—both record highs for the company.
“We delivered another record performance in attendance, revenue and cash flow thanks to strong execution by the entire Six Flags team,” said Jim Reid-Anderson, Chairman, President and CEO. “We will continue to delight our guests with enhanced offerings across all of our parks as we focus on achieving our aspirational target of $500 million of Modified EBITDA or nearly $6 of cash earnings per share by 2015.”
Attendance in the first quarter increased 525,000 or 41 percent to 1.8 million guests. Approximately half of the 525,000 attendance gain resulted from an operating calendar shift due to some schools scheduling their spring breaks in March this year versus April 2012.
Excluding the Hurricane Irene insurance proceeds received in the first quarter 2012, total guest spending per capita grew $1.41 or 4 percent in the quarter to $40.83. Admissions revenue per capita increased $1.32 or 6 percent to $22.80 and in-park revenue per capita increased $0.09 to $18.03.
The company also continued its successful trend of upselling guests to season passes for the 2013 season, and largely as a result of this initiative, deferred revenue as of March 31, 2013 grew to $92 million, an increase of $27 million or 41 percent compared to March 31, 2012.
Cash earnings per share4 for the twelve-month period ending March 31, 2013 was $4.50, which represented an increase of $1.16 per share or 35 percent compared to the prior twelve-month period ending March 31, 2012. The first quarter 2013 reported loss per share of $1.23 was an improvement of $0.88 per share compared to the first quarter 2012.
The company repurchased $404 million or 6.1 million shares of its stock between January 1, 2013 and April 19, 2013, representing more than 11 percent of the outstanding shares as of December 31, 2012. As of April 19, 2013, 47.8 million shares were outstanding.