<PAGE>
EXHIBIT A
KCSA
PUBLIC RELATIONS
WORLDWIDE NEWS
-------------------------------------------------------------------------------
PUBLIC & INVESTOR RELATIONS, CORPORATE & MARKETING COMMUNICATIONS
FOR: SIX FLAGS, INC.
CONTACT: James F. Dannhauser, Chief Financial Officer
122 East 42nd Street
New York, NY 10168
(212) 599-4693
KCSA Joseph A. Mansi / Sarah Shepard
CONTACT: (212) 896-1205 / (212) 896-1236
[email protected] / [email protected]
--------------- -----------------
FOR IMMEDIATE RELEASE
---------------------
SIX FLAGS REPORTS THIRD QUARTER AND NINE MONTH RESULTS
AND CONFIRMS FULL YEAR OUTLOOK
- - - - -
THIRD QUARTER REVENUES UP 10.5%; ADJUSTED EBITDA UP 7.8%
- - - - -
FULL YEAR ADJUSTED EBITDA INCREASE EXPECTED TO SURPASS 10%
- - - - -
FOUR RE-BRANDED PARKS CONTINUE TO OUTPERFORM, WITH EXPECTED FULL YEAR GAINS
OF 42% IN ATTENDANCE, 65% IN REVENUES AND 16% IN PER CAPITA SPENDING
NEW YORK, NOVEMBER 8, 2000 - Six Flags, Inc. (the "Company") (NYSE: PKS and
PKSPrA) announced today its results of operations for the three and nine months
ended September 30, 2000.
Revenues for the 2000 third quarter were $547.4 million, compared to
$495.4 million for the comparable quarter of 1999, representing a 10.5%
increase. Adjusted EBITDA for the third quarter, including the Company's share
of the EBITDA from the partnership parks, was $334.4 million as compared to
$310.1 million for the third quarter of 1999, representing a 7.8% increase.
These increases were driven by gains at the consolidated parks for the quarter
of approximately 4.7% in aggregate attendance and of approximately 8.2%
domestically in per capita spending. Revenue growth for the quarter would have
been approximately $13.0 million higher had European currency exchange rates
remained at 1999 levels.
Kieran E. Burke, Chairman and Chief Executive Officer, stated, "We are
very pleased with the third quarter results and our ability to rebound strongly
from the extremely difficult weather and continued decline in European
currencies we experienced in the first half of the year. These results
demonstrate the strength of our brand and the resiliency of our operating
strategies."
(more)
<PAGE>
SIX FLAGS REPORTS/2
Operating costs and expenses (including depreciation and other non-cash
charges) for the 2000 third quarter were $285.2 million, as compared to $260.9
million for the 1999 third quarter. Excluding depreciation and non-cash charges,
total operating costs and expenses were $235.7 million in the third quarter of
2000, as compared to $219.4 million for the same period in 1999, representing a
7.4% increase.
If the Company's German park, which was acquired in November 1999, had
been owned during both periods, revenues in the 2000 quarter would have
increased by $25.9 million over 1999 levels, while cash operating costs and
expenses in the 2000 quarter would have only been $0.2 million higher than in
1999.
Mr. Burke continued, "Throughout the year we have been implementing
marketing and other strategies designed to accelerate our growth and mitigate
the negative effects of the difficult operating conditions that existed during
our core summer season. As a result of these strategies, attendance and revenues
substantially increased during the latter half of the core season, despite
continued poor weather in July in many of our major markets. We have been
particularly pleased by the very strong market reaction to our newly branded Six
Flags parks. These four parks, which include our first two international Six
Flags parks, have achieved aggregate full year increases through the end of
October of 42.2% in attendance, 62.0% in revenues and 13.9% in per capita
spending.
"In addition, during the third quarter per capita spending continued to
increase and margins continued to improve across the system generally. For the
2000 quarter, consolidated EBITDA increased $25.7 million over pro forma 1999
levels on the $25.9 million pro forma revenue increase. Performance in the
latter part of the season was especially strong. For the period from the end of
July to the conclusion of the main operating season, attendance at the
consolidated parks grew by 12.5% on a same park basis, with same park revenues
up by 14.3% even with the impact of the declining euro."
NINE MONTH RESULTS
For the first nine months of 2000, revenues were $919.4 million, compared
to $848.1 million for the comparable period of 1999, representing an 8.4%
increase. Adjusted EBITDA for the 2000 nine-month period was $403.3 million as
compared to $384.3 million in the prior year period. Operating costs and
expenses (including depreciation and other non-cash charges) were $686.1 million
in the first nine months of 2000, as compared to $625.6 million for 1999.
Excluding depreciation and non-cash charges, total operating costs and expenses
were $543.6 million in 2000 and $500.9 million in 1999, representing an 8.5%
increase. If the three consolidated parks acquired during 1999 had been owned
during both nine-month periods, revenues in the 2000 period would have increased
by $18.3 million over 1999 levels, while cash operating costs and expenses in
the 2000 period would have decreased by $8.7 million.
(more)
<PAGE>
SIX FLAGS REPORTS/3
OUTLOOK
Mr. Burke stated, "With the operating season now completed at most of our
parks, the Company expects full year attendance at its 36 parks (including the
partnership parks) of approximately 45 million (representing growth of 5.0% over
1999 levels), and consolidated full year revenues of approximately $1.0 billion
(an 8.1% increase). In addition, the Company expects full year adjusted EBITDA
to be between approximately $400 and $405 million, representing growth over 1999
results of approximately 10.2-11.5% and growth over pro forma 1998 levels of
$141-146 million (approximately 54-56%)."
Six Flags is the world's largest regional theme park company, with
thirty-six parks in markets throughout North America and Europe.
(Tables to follow)
THE INFORMATION CONTAINED IN THIS NEWS 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.
ALTHOUGH THE COMPANY BELIEVES THAT THE EXPECTATIONS REFLECTED IN SUCH
FORWARD-LOOKING STATEMENTS ARE REASONABLE, IT CAN GIVE NO ASSURANCE THAT SUCH
EXPECTATIONS WILL PROVE TO HAVE BEEN CORRECT. IMPORTANT FACTORS, INCLUDING
GENERAL ECONOMIC CONDITIONS, CONSUMER SPENDING LEVELS, ADVERSE WEATHER
CONDITIONS AND OTHER FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THE COMPANY'S EXPECTATIONS.
THIS RELEASE AND PRIOR RELEASES ARE AVAILABLE ON THE KCSA PUBLIC RELATIONS
WORLDWIDE WEBSITE AT www.kcsa.com.
<PAGE>
SIX FLAGS REPORTS/4
SIX FLAGS, INC.
NINE AND THREE MONTHS ENDED
SEPTEMBER 30, 2000 AND 1999
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
STATEMENT OF OPERATING DATA NINE MONTHS ENDED SEPTEMBER 30, THREE MONTHS ENDED SEPTEMBER 30,
-------------------------------- --------------------------------
2000 1999(1) 2000 1999(1)
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenue $ 919,411 $ 848,126 $ 547,439 $ 495,404
Costs and expenses (excluding
depreciation and noncash
charges) 543,587 500,938 235,702 219,441
Depreciation and amortization 133,079 114,135 46,320 40,149
Noncash compensation expense 9,439 10,503 3,147 1,267
---------- ---------- ---------- -----------
Income from operations 233,306 222,550 262,270 234,547
Interest expense (net) (168,347) (122,113) (56,305) (42,087)
Equity in operations of theme
park partnerships 11,439 24,602 16,519 28,253
Other income (expense) (494) 156 (629) 354
---------- ---------- ---------- -----------
Income before income taxes and
extraordinary loss 75,904 125,195 221,855 221,067
Income tax expense 39,392 62,712 87,205 89,436
---------- ---------- ---------- -----------
Income before extraordinary loss 36,512 62,483 134,650 131,631
Extraordinary loss on
extinguishment of debt (net of
income tax benefit) -- (6,157) -- --
---------- ---------- ---------- -----------
Net income $ 36,512 $ 56,326 $ 134,650 $ 131,631
========== ========== ========== ===========
Net income applicable to common
stock $ 19,046 $ 38,860 $ 128,828 $ 125,809
========== ========== ========== ===========
Net income per share - basic 0.24 0.50 1.64 1.61
Net income per share - diluted 0.24 0.48 1.49 1.46
OTHER DATA
EBITDA $ 375,824 $ 347,188 $ 311,737 $ 275,963
Adjusted EBITDA (including
contribution from
partnership parks) $ 403,302 $ 384,308 $ 334,420 $ 310,095
Average weighted shares
outstanding - basic 78,622 77,439 78,701 78,200
Average weighted shares
outstanding - diluted 79,707 80,002 90,597 90,366
</TABLE>
(Additional table to follow)
------------------
(1) Revenue for 1999 has been restated to give effect to the adoption of
SAB No. 101 under which the Company recognizes revenue for multi-admission
tickets and season passes over the operating season rather than upon receipt.
<PAGE>
SIX FLAGS REPORTS/5
BALANCE SHEET DATA
(IN THOUSANDS)
<TABLE>
<CAPTION>
SEPTEMBER 30, 2000 DECEMBER 31, 1999
------------------ -----------------
(unaudited) (audited)
<S> <C> <C>
Total assets $ 4,242,630 $ 4,161,572
Total short-term debt 969 2,055
Total long-term debt 2,223,218 2,202,933
Total stockholders' equity 1,613,283 1,615,616
</TABLE>
# # #
