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Exhibit 99.1
KCSA
PUBLIC RELATIONS
WORLDWIDE NEWS
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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 Sarah Shepard / Joseph A. Mansi
CONTACT: (212) 896-1236 / (212) 896-1205
[email protected] / [email protected]
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FOR IMMEDIATE RELEASE
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SIX FLAGS ANNOUNCES AGREEMENT TO ACQUIRE
SEA WORLD OF OHIO PARK AND PUBLIC OFFERING
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NEW YORK, January 10, 2001 - Six Flags, Inc. ("Six Flags" or the "Company")
(NYSE: PKS and PKSPrA) announced today that it has entered into a definitive
agreement to acquire for $110.0 million in cash substantially all of the assets
of Sea World of Ohio, a 232 acre marine wildlife park located adjacent to the
Company's Six Flags Ohio theme park.
Commenting on the transaction, Kieran E. Burke, Chairman and Chief
Executive Officer of Six Flags, stated, "We are very pleased to be able to
acquire the Sea World facility to complement our neighboring Six Flags Ohio
park. Assuming that the transaction is completed, the consolidation of the two
parks under one owner, together with our campgrounds and hotel, will enable us
to offer a very attractive regional destination experience. We believe we can
increase attendance and revenue at both parks through joint season pass and
other joint ticketing and marketing programs and can increase operating
efficiencies at both facilities through shared expenses."
The completion of the transaction is subject to customary conditions
including the expiration of the Hart-Scott-Rodino waiting period.
Six Flags also announced today that it was commencing under its existing
shelf registration statement a public offering of $175 million of convertible
preferred stock (assuming no exercise of the underwriters' over-allotment
option). A portion of the net proceeds of the offering is expected to be used to
fund the Sea World acquisition, with the balance to be used for general
corporate purposes.
(more)
800 SECOND AVENUE TEL 212 682 6300 E-MAIL [email protected]
NEW YORK, NY 10017 FAX 212 697 0910 www.kcsa.com
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SIX FLAGS/2
As previously announced, in December 2000, Six Flags acquired Enchanted
Village, a water and children's ride park near Seattle, Washington, and entered
into a letter of intent to acquire La Ronde, a theme park located in Montreal.
Together with Sea World of Ohio, these parks had aggregate attendance in 2000 of
approximately 2.9 million, generated revenues of approximately $75.0 million and
would have had park level operating cash flow of approximately $17 million
(after giving effect to the impact of new ground leases at Enchanted Village and
La Ronde and to the elimination of certain expenses expected as a result of the
acquisitions). "We expect these assets to generate approximately $20 million in
park-level operating cash flow in 2001 with minimal capital expenditures," added
Mr. Burke.
Six Flags, Inc. is the world's largest regional theme park company, with
thirty-seven parks in markets throughout North America and Europe. As previously
noted, Six Flags expects full-year adjusted EBITDA for 2000 to be between $400
and $405 million.
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THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY CONVERTIBLE PREFERRED STOCK DESCRIBED HEREIN, NOR SHALL
THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO THE REGISTRATION OR
QUALIFICATION OF SUCH SECURITIES UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
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 WEB SITE AT WWW.KCSA.COM.
