Finance: Six Flags announces quarterly earnings

Posted at 7:13 PM EDT (2313 GMT)

Aug. 9th, 2004 -- Six Flags' financial troubles continue, according to a recently released report on the company's earnings for the second quarter of 2004. The company was expected to take in $372 million. Instead, Six Flags made $356 million, down from $361 million the previous quarter.

Attendance also decreased by 480,000, or 4% during the second quarter. The company showed strong financial growth in the early half of July, but business slumped in the second half. CEO Kieran Burke blamed severe weather for the decrease.

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When compared to the previous year, profits decreased 1.6% and attendance decreased 3.3%. However, on a positive note, the profit per guest increased 1.7%.

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Shares of Six Flags (stock market symbol PKS) dropped 25% at the first news of the financial situation back in mid-July. Stock rose slightly to $3.95 today, following a yearly low of $3.88.

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For more information, see The Investor's Business Daily. For the full press release in PDF form, visit the Six Flags website.