Finance: Six Flags finances on the rise

Posted at 11:48 PM EST (0448 GMT)

Mar. 7th, 2004 -- Increasing debt, low attendance, and crashing stocks has raised concerns for the gigantic amusement park company Six Flags. Six Flag's stock has plummeted in April of 1999, and has yet to rise a signifigant amount since. The company also claims that 2003 had a lower attendance rate then past years. The low attendance was blamed on the weather and a soft economy.

With the big financial concerns, Six Flags feels like it can pull out of debt within 2008. Refinancing their debt and raising the attendance rate is one way the company can get out of debt. One Six Flags official claims:

"Our immediate challenge for 2004 is to arrest the attendance decline of the past two seasons and to begin the process of returning our parks' performance levels back closer to historic averages as the economic environment continues to improve," said Kieran Burke, the company's chairman and chief executive officer.

The recent IAAPA trade show in Orlando this year had positive reviews and gives way for a promising 2004. Six Flags is hoping to raise their attendance level in their parks for 2004. This increase in attendance can help lead them to get out of debt, and possibly bounce the stocks back up to normal.

Tim O'Brien from "Amusement Park Guide" claimed: "Six Flags is spending less money on new rides this year and more money on solving some of their problems they've had in the past that people have been complaining about," O'Brien said. "They feel most of their ride arsenals have reached a critical mass after they've built them up over the years. Now they're going to start refining their guest services."

Here are some related Six Flags stories here on Thrillnetwork:

Six Flags Releasing Ending Stocks

Six Flags, teetering on the edge

Read the whole article at Newsday.com