Top-News
Mittwoch,
22.07.2015 14:05
von
PR Newswire
| Aufrufe: 84
Another Record Performance at Six Flags
Wirtschaftsnachrichten (Symbolbild).
pixabay.com
PR Newswire
GRAND PRAIRIE, Texas, July 22, 2015
GRAND PRAIRIE, Texas, July 22, 2015 /PRNewswire/ -- Six Flags Entertainment Corporation (NYSE: SIX), the world's largest regional theme park company, today announced another record financial performance in the second quarter of 2015 as revenue grew $10 million or 3 percent to $386 million and Adjusted EBITDA1 grew $4 million or 3 percent to $149 million. Comparisons to prior year were adversely impacted by foreign exchange rate translations from the company's parks in Mexico and Canada and on a constant currency2 basis, revenue grew $14 million or 4 percent and Adjusted EBITDA grew $5 million or 4 percent.
For the first six months of 2015, revenue grew $21 million or 5 percent to $471 million, and Adjusted EBITDA grew $9 million or 9 percent to $111 million. On a constant currency basis, revenue for the first six months of 2015 grew $27 million or 6 percent and Adjusted EBITDA grew $11 million or 11 percent.
"We have delivered yet another record quarter and year-to-date performance," said Jim Reid-Anderson, Chairman, President and CEO. "Our innovative new attractions have received rave reviews, guest satisfaction scores remain at all-time highs, season pass and pricing initiatives are working well and we are highly encouraged by the trends in our business. With strong momentum across all of our parks and a 32 percent increase in our Active Pass Base, we are very well positioned as we head into the back half of the year and work toward achieving our long-term target of $600 million of Modified EBITDA by 2017."
For the twelve months ending June 30, 2015, revenue increased $88 million or 8 percent to $1.2 billion, Adjusted EBITDA increased $42 million or 10 percent to $448 million, and Cash EPS3 increased $0.62 or 28 percent to $2.85. The company's record-high trailing twelve months Modified EBITDA4 and Modified EBITDA minus Capex margins of 40.7 percent and 32.6 percent, respectively, remain the highest in the theme park industry, helping drive the cash earnings growth.
Attendance in the second quarter increased 9 percent to 8.9 million guests, and year-to-date attendance grew 9 percent to 10.4 million guests. Attendance gains were driven by a strong response to new attractions and by increased visitation of season pass holders and members.
The company's Active Pass Base, which represents the total number of guests who have purchased a season pass or who are enrolled in the company's membership program, increased 32 percent from June 30, 2014 to June 30, 2015. The significant increase in the Active Pass Base is in line with the company's overall strategy to upsell guests to multi-visit passes as season pass holders and members are the company's most valuable guests, generating higher revenue and cash flow than a single day guest and providing an excellent full-year hedge against inclement weather.
Deferred revenue of $149 million increased by $20 million or 16 percent over June 30, 2014 primarily due to incremental sales of season passes and memberships.
Total guest spending per capita for the second quarter was $41.55, which was down $2.18 or 5 percent as compared to the second quarter of 2014 primarily due to the substantially higher mix of season pass holder and member attendance. Admissions per capita decreased 7 percent to $23.35 and in-park spending per capita decreased 2 percent to $18.20, also primarily due to attendance mix. For the first six months of 2015, guest spending per capita declined 4 percent. On a constant currency basis, second quarter and year-to-date guest spending per capita decreased $1.71 or 4 percent and $1.26 or 3 percent, respectively.
Diluted earnings per share for the second quarter was $0.67, which was flat to prior year.
In the first half of 2015, the company invested $70 million in new capital, paid $98 million in dividends, or $0.52 per common share per quarter, and repurchased $21 million of its common stock. Net Debt5 as of June 30, 2015 was $1,371 million, which translates to a 3.1 times net leverage ratio.
Previous Announcement
On June 30, 2015 the company announced it had completed the refinancing of its bank credit facilities, including increasing the amount of its Term Loan B from $569 million to $700 million and increasing the amount of its revolving credit facility from $200 million to $250 million. The company intends to use approximately $120 million of the incremental proceeds for general corporate purposes, including share repurchases. As of June 30, 2015, the company had approximately $278 million available for stock repurchases under its share repurchase plan previously authorized by the board of directors.
Conference Call
At 8:00 a.m. Central Time today, July 22, 2015, the company will host a conference call to discuss its second quarter 2015 financial performance. The call is accessible either through the Six Flags Investor Relations website at www.sixflags.com/investors or by dialing 1-855-889-1976 in the United States or +1-937-641-0558 outside the United States and requesting the Six Flags earnings call. A replay of the call will be available by dialing 1-855-859-2056 or +1-404-537-3406 through July 29, 2015.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world's largest regional theme park company with $1.2 billion in revenue and 18 parks across the United States, Mexico and Canada. For 54 years, Six Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks and unique attractions. For more information, visit www.sixflags.com.
Forward Looking Statements
The information contained in this release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, (i) the adequacy of cash flows from operations, available cash and available amounts under our credit facilities to meet our future liquidity needs, (ii) our ability to roll out our capital enhancements in a timely and cost effective manner, (iii) our ability to improve operating results by implementing strategic cost reductions, and organizational and personnel changes without adversely affecting our business, (iv) our operations and results of operations, and (v) the risk factors or uncertainties listed from time to time in the company's filings with the Securities and Exchange Commission ("SEC"). In addition, important factors, including factors impacting attendance, such as local conditions, contagious diseases, events, disturbances and terrorist activities; recall of food, toys and other retail products sold at our parks; risk of accidents occurring at the company's parks or other parks in the industry and adverse publicity concerning our parks or other parks in the industry; inability to achieve desired improvements and financial performance targets set forth in our aspirational goals; adverse weather conditions such as excess heat or cold, rain and storms; general financial and credit market conditions; economic conditions (including customer spending patterns); changes in public and consumer tastes; construction delays in capital improvements or ride downtime; competition with other theme parks and other entertainment alternatives; dependence on a seasonal workforce; unionization activities and labor disputes; laws and regulations affecting labor and employee benefit costs, including increases in state and federally mandated minimum wages, and healthcare reform; pending, threatened or future legal proceedings and the significant expenses associated with litigation; cyber security risks and other factors could cause actual results to differ materially from the company's expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized and actual results could vary materially. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the company's Annual and Quarterly Reports on Forms 10-K and 10-Q, and its other filings and submissions with the SEC, each of which are available free of charge on the company's investor relations website at www.sixflags.com/investors and on the SEC's website at www.sec.gov.
| Footnotes | |||
| | (1) | See the following financial statements and Note 3 to those financial statements for a discussion of Adjusted EBITDA and its reconciliation to net income (loss). | |
| | | | |
| | (2) | Constant Currency calculations assume prior year results are translated at current year foreign exchange rates. | |
| | | | |
| | (3) | Cash EPS (or Cash Earnings Per Share), which is defined as Free Cash Flow, as described in Note 6 to the following financial statements, divided by the weighted average basic shares outstanding, is not a U.S. GAAP defined measure. The company believes this measure provides meaningful profitability metrics, given current accumulated tax loss carryforwards. | |
| | | | |
| | (4) | See Note 3 to the following financial statements for a discussion of Modified EBITDA and its reconciliation to net income (loss). | |
| | | | |
| | (5) | Net Debt represents total long-term debt, including current portion, and any short-term bank borrowings, less cash and cash equivalents. | |
| SIX FLAGS ENTERTAINMENT CORPORATION | |||||||||||||||
| | |||||||||||||||
| Statement of Operations Data (1) | |||||||||||||||
| | | | | | | | | | |||||||
| | Three Months Ended | | Six Months Ended | ||||||||||||
| (Amounts in thousands, except per share data) | June 30, 2015 | | June 30, 2014 | | June 30, 2015 | | June 30, 2014 | ||||||||
| Theme park admissions | $ | 206,998 | | $ | 205,428 | | $ | 247,544 | | $ | 240,138 | ||||
| Theme park food, merchandise and other | 161,419 | | 151,772 | | 189,644 | | 177,739 | ||||||||
| Sponsorship, licensing and other fees | 13,676 | | 15,543 | | 25,118 | | 23,721 | ||||||||
| Accommodations revenue | 3,972 | | 3,808 | | 8,914 | | 8,671 | ||||||||
| Total revenue | 386,065 | | 376,551 | | 471,220 | | 450,269 | ||||||||
| Operating expenses (excluding depreciation and amortization shown separately below) | 132,771 | | 126,531 | | 216,133 | | 208,159 | ||||||||
| Selling, general and administrative expense (excluding depreciation, amortization and stock-based compensation shown separately below) | 50,994 | | 54,420 | | 83,274 | | 83,395 | ||||||||
| Costs of products sold | 34,182 | | 31,348 | | 41,367 | | 37,591 | ||||||||
| Depreciation | 24,925 | | 25,511 | | 51,062 | | 52,540 | ||||||||
| Amortization | 657 | | 665 | | 1,315 | | 1,330 | ||||||||
| Stock-based compensation | 4,408 | | 5,740 | | 26,715 | | 11,099 | ||||||||
| Loss on disposal of assets | 1,567 | | 781 Werbung Mehr Nachrichten zur Six Flags Entertainment Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||||||||||
