Six Flags reports bigger 4Q loss on higher costs, backs 2006 outlook

NEW YORK (AP) _ Six Flags Incorporated today posted a bigger loss for the fourth quarter -- despite a six percent gain in revenue, as costs rose. <br/><br/>Oklahoma City-based Six Flags says it lost 144-and-a-half

Wednesday, March 8th 2006, 8:46 am

By: News On 6

NEW YORK (AP) _ Six Flags Incorporated today posted a bigger loss for the fourth quarter -- despite a six percent gain in revenue, as costs rose.

Oklahoma City-based Six Flags says it lost 144-and-a-half (M) million dollars -- or one dollar 55 cents per share. That's almost 26 percent bigger than a year earlier. Revenue increased six percent to 111-point-eight (M) million dollars.

Counting only continuing operations, Six Flags said it's loss grew almost ten percent to 116-point-seven (M) million dollars -- or one dollar 31 cents per share.

Analysts surveyed by Thomson Financial expected Six Flags to post a loss of 73 cents per share for the quarter.

Six Flags said costs related to management changes after a proxy fight led by investor Daniel Snyder contributed to the overall increase in expenses.

The company closed its AstroWorld theme park in Houston at the end of last season. It still operates the Six Flags SplashTown water park in Houston, the Six Flags Over Texas theme park and Six Flags Hurricane Harbor water park in Arlington, and the Six Flags Fiesta Texas theme park in San Antonio.

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For the full year, Six Flags posted a loss of 132-point-nine (M) million dollars -- or one dollar 43 cents per share. That's 73 percent less than its 2004 loss. Annual revenue increased nine percent to one (B) billion, 90 (M) million dollars.

Looking ahead, Six Flags reaffirmed its 2006 outlook for adjusted earnings of 340 (M) million dollars before interest, taxes, depreciation and amortization. That's up nearly 14 percent from 2005's performance. Six Flags also said it aims to cut annual capital expenditures to about 100 (M) million dollars in the future from the expected 2006 season spend of about 140 (M) million dollars.