NEW YORK, May 8 /PRNewswire-FirstCall/ -- Six Flags, Inc. ( NYSE:SIX ) announced today its operating results for the first quarter ended March 31, 2008.

   Commenting on the Company's first quarter performance, Mark Shapiro, President and Chief Executive Officer of Six Flags, Inc., said: "The improvement in our first quarter performance reflects the increasing demand for the high quality, close to home, value proposition Six Flags offers in this tightening economy. With a new attraction in every one of our theme parks, we are poised to deliver a memorable experience for the entire family this summer."

   Total revenues of $68.2 million increased 35% over the prior-year quarter, while total attendance grew by 19% to over 1.4 million. Attendance was positively impacted by the timing of Easter, which shifted from the second quarter in 2007 to the first quarter in 2008. The first quarter historically represents up to 5% of the Company's annual attendance.

   Revenues for the first quarter also reflected increases in per capita guest spending, which grew $4.52 to $38.95, a 13% increase over the per capita guest spending of $34.44 for the first quarter of 2007. Guest spending increases were across the board, reflecting higher admissions, food and beverage, rentals, retail, games, parking and other revenues.

   Revenue growth was also driven by sponsorship, licensing and other fees, which increased $3.4 million over the prior-year period to $11.4 million for the first quarter. This growth, combined with the increased guest spending, resulted in a 13% increase in total revenue per capita to $47.11 in the current quarter from $41.51 in the first quarter of 2007.

   The Company's net loss from continuing operations improved 7% or $11.3 million to $149.9 million from $161.2 million in the prior-year quarter. The reduced loss reflects increased revenues and the planned reduction of current-year operating expenses, partially offset by reduced minority interest in losses due to the Company's purchase of its partner's interest in Six Flags Discovery Kingdom in July of last year. Adjusted EBITDA for the quarter improved $15.0 million to a loss of $53.9 million versus the prior-year quarter loss of $68.9 million.(1)

   Mr. Shapiro further stated: "Our strategy is taking hold -- a better guest experience is triggering a higher in-park spend; our high-margin sponsorship and licensing business is healthy, and our cost efficiency strategy is real."

   As of March 31, 2008, the Company had $12.7 million in unrestricted cash and $131 million available (after reduction for outstanding letters of credit of approximately $29 million) on its $275 million revolving credit facility.

   (1) See the following tables and Note 2 to those tables for a discussion
       of Adjusted EBITDA and its reconciliation to net loss.

  About Six Flags

   Six Flags, Inc. is the world's largest regional theme park company with 21 parks across the United States, Mexico and Canada. Founded in 1961, Six Flags has provided world class entertainment for millions of families with cutting edge, record-shattering roller coasters and appointment programming with events like the popular Thursday and Sunday Night Concert Series. Now 47 years strong, Six Flags is recognized as the preeminent thrill innovator while reaching to all demographics - families, teens, tweens and thrill seekers alike - with themed attractions based on the Looney Tunes characters, the Justice League of America, skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank Engine. Six Flags, Inc. is a publicly-traded corporation ( NYSE:SIX ) headquartered in New York City.
                             Six Flags, Inc.
                Three Months Ended March 31, 2008 and 2007
                 (In Thousands, Except Per Share Amounts)

  Statement of Operations (1)                       Three Months Ended
                                                         March 31,
                                                --------------------------
                                                     2008           2007
                                                -----------    -----------
  Revenue                                          $68,224        $50,660

  Costs and expenses (excluding
   depreciation, amortization,
   stock-based compensation
   and loss on fixed assets)                       122,661        128,583
  Depreciation                                      34,147         33,633
  Amortization                                         280            250
  Stock-based compensation                           3,592          2,450
  Loss on fixed assets                               4,654          4,335
                                                -----------    -----------
  Loss from operations                             (97,110)      (118,591)
                                                -----------    -----------
  Interest expense (net)                            46,452         51,870
  Minority interest in earnings                       (596)        (9,973)
  Equity in operations of partnerships               1,916            297
  Other expense                                      3,301            105
                                                -----------    -----------
  Loss from continuing operations
   before income taxes                            (148,183)      (160,890)
  Income tax expense                                (1,721)          (315)
                                                -----------    -----------
  Loss from continuing operations
   before discontinued operations                 (149,904)      (161,205)

  Discontinued operations                                -         (9,356)
                                                -----------    -----------
  Net loss                                       $(149,904)     $(170,561)
                                                ===========    ===========
  Net loss applicable to
   common stock                                  $(155,397)     $(176,054)
                                                ===========    ===========
  Per share - basic and diluted:
    Loss from continuing operations                 $(1.62)        $(1.76)
    Discontinued operations                             $-         $(0.10)
                                                -----------    -----------
  Net loss                                          $(1.62)        $(1.86)
                                                ===========    ===========



                            Balance Sheet Data
                              (In Thousands)

  Balance Sheet Data                  March 31, 2008       December 31, 2007
                                    ------------------    ------------------
  Cash and cash equivalents
   (excluding restricted cash)              $12,661               $28,388
  Total assets                            2,942,948             2,945,319

  Current portion of long-term debt         132,497                18,715
  Long-term debt (excluding current
   portion)                               2,236,763             2,239,073

  Redeemable minority interests             414,753               415,350
  Mandatory redeemable preferred
   stock                                    285,905               285,623

  Total stockholders' deficit              (410,579)             (252,620)



                                                     Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                    2008           2007
  Other Data:                                    -----------     ----------
  Adjusted EBITDA (2)                             $(53,897)      $(68,850)
  Weighted average shares
   outstanding - basic and diluted                  95,692         94,631
  Net cash used in
   operating activities                           $(89,546)      $(99,360)



  The following table sets forth a reconciliation of net loss to Adjusted
  EBITDA for the periods shown (in thousands):

                                                    Three Months Ended
                                                          March 31,
                                                --------------------------
                                                    2008           2007
                                                -----------    -----------
  Net loss                                       $(149,904)     $(170,561)
  Discontinued operations                                -          9,356
  Income tax expense                                 1,721            315
  Other expense                                      3,301            105
  Equity in operations of partnerships               1,916            297
  Minority interest in earnings                       (596)        (9,973)
  Interest expense (net)                            46,452         51,870
  Loss on fixed assets                               4,654          4,335
  Amortization                                         280            250
  Depreciation                                      34,147         33,633
  Stock-based compensation                           3,592          2,450
  Third party interest in EBITDA
   of certain operations (3)                           540          9,073
                                               -----------    -----------
  Adjusted EBITDA                                 $(53,897)      $(68,850)
                                               ===========    ===========


                                  NOTES

   (1) Revenues and expenses of international operations are converted
       into U.S. dollars on a current basis as provided by U.S. generally
       accepted accounting principles ("GAAP").

   (2) Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss)
       before discontinued operations, income tax expense (benefit), other
       expense, early repurchase of debt (formerly an extraordinary loss),
       minority interest in earnings (losses), interest expense (net),
       amortization, depreciation, stock-based compensation, gain (loss) on
       disposal of assets minus interests of third parties in EBITDA of the
       four parks, plus our interest in the Adjusted EBITDA of one hotel and
       Dick Clark Productions, which are less than wholly owned. The Company
       believes that Adjusted EBITDA provides useful information to
       investors regarding the Company's operating performance and its
       capacity to incur and service debt and fund capital expenditures.
       The Company believes that Adjusted EBITDA is used by many investors,
       equity analysts and rating agencies as a measure of performance. In
       addition, Adjusted EBITDA is approximately equal to "Consolidated
       Cash Flow" as defined in the indentures relating to the Company's
       senior notes. Adjusted EBITDA is not defined by GAAP and should not
       be considered in isolation or as an alternative to net income (loss),
       income (loss) from continuing operations, net cash provided by (used
       in) operating, investing and financing activities or other financial
       data prepared in accordance with GAAP or as an indicator of the
       Company's operating performance. Adjusted EBITDA as defined in this
       release may differ from similarly titled measures presented by other
       companies.

   (3) Represents interest of third parties in the Adjusted EBITDA of Six
       Flags Over Georgia, Six Flags Over Texas, Six Flags White Water
       Atlanta, and Six Flags Discovery Kingdom (formerly Six Flags Marine
       World, which we purchased in July 2007), plus our interest in the
       Adjusted EBITDA of one hotel and Dick Clark Productions, which are
       less than wholly owned.

Source: Six Flags, Inc