February 15, 2012
Six Flags Announces Record Earnings in 2011
Six Flags Entertainment Corporation, the parent company of Six Flags Great America, announced today record earnings for 2011, reporting $350 million of Adjusted EBITDA1, the highest in company history.
On the heels of a successful 2011, the theme park is gearing up for a monumental season in 2012. “We are extremely excited to kick off the park’s 37th season,” said Hank Salemi, park president. “Throughout the years, our guests have supported our park, establishing Six Flags as a staple in the community. In little more than a year after restructuring, Six Flags is once again leading the regional theme park industry by focusing on what we do best – delivering thrills and fun to guests of all ages.”
To solidify its longevity in the community, the Gurnee park is currently hiring more than 3,200 seasonal positions. Employment opportunities vary from entry-level and paid internships to management-level. Positions available include guest relations, operations, retail, food service, security, paramedics, landscaping, games, aquatics and entertainment. On top of free park admission, team members are also eligible for scholarships, flexible scheduling and health benefits. Applicants can complete an online application at www.sixflagsjobs.com.
New this spring, Six Flags Great America welcomes X Flight, a ground-breaking wing coaster with no track above or below. Riders sit in pairs, suspended on either side of the track with their feet dangling, as they begin their climb up a 12-story plunge launching them into speeds of 55mph through 3,000 feet of intense drops and five inversions. One of the most adrenaline-pumping features of the ride is the extreme fly-through where the coaster speeds straight toward a structure, before making a last-minute vertical flip to fit through a keyhole cut-out.
“Six Flags Great America has a long history of introducing legendary rides and first-of-its-kind roller coasters,” said Hank Salemi, park president. “What makes X Flight so unique is soaring through 3,000 feet of high-speed drops, loops and turns with nothing above or below you. The coaster’s train actually looks like a plane with seats suspended on either side of the track. It’s like nothing you have ever experienced before. We are thrilled to bring this revolutionary wing coaster to our guests for the 2012 season.”
Six Flags Great America kicks off the 2012 season on Saturday, May 5. Hurricane Harbor opens Memorial Day weekend. Soar on X-Flight all season long with a 2012 Season Pass, now on sale for $64.99 for four or more. Visit www.sixflags.com for more details. Investors can find additional information at www.sixflags.com/investors.
About Six Flags Great America
Two great parks, One low price. Located between Chicago and Milwaukee, Six Flags Great America offers endless adventures for the entire family with 14 heart-pounding roller coasters, a FREE 20-acre water park, spectacular shows, a nighttime illuminated parade and three children’s areas. Get ready to take flight! New in 2012, Six Flags Great America welcomes X Flight, a ground-breaking wing coaster with no track above or below. Click here to learn more about X Flight.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world's largest regional theme park company with approximately $1.0 billion in revenue and 19 parks across the United States, Mexico and Canada. For more than 50 years, Six Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks and unique attractions including up-close animal encounters, Fright Fest and Holiday in the Park. For more information visit www.sixflags.com.
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1 “Adjusted EBITDA”, a non-GAAP measure, is defined as the Company’s consolidated income (loss) from continuing operations: (i) excluding the cumulative effect of changes in accounting principles, fresh start accounting valuation adjustments, discontinued operations, income tax expense or benefit, reorganization items, restructure costs, other income or expense, gain or loss on early extinguishment of debt, equity income or loss of investees, interest expense (net), amortization, depreciation, stock-based compensation, gain or loss on disposal of assets, interests of third parties in the Adjusted EBITDA of properties that are less than wholly owned by the Company (consisting of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta and Six Flags Great Escape Lodge & Indoor Waterpark (the "Lodge"), and (ii) plus the Company’s share of the Adjusted EBITDA of dick clark productions, inc. 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 useful to investors, equity analysts and rating agencies as a measure of the Company's performance. The Company uses Adjusted EBITDA in its internal evaluation of operating effectiveness and decisions regarding the allocation of resources. In addition, Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined in the Company’s secured credit facilities, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from equity investees that is not distributed to the Company in cash on a net basis and has limitations on the amounts of certain expenses that are excluded from the calculation. 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 herein may differ from similarly titled measures presented by other companies.