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Finance: Six Flags earnings off by $60 million

Posted at 12:13 PM EDT (1613 GMT)

Oct. 15th, 2004 -- Thanks in part to unfavorable weather; Six Flags has lowered its outlook for the fall 2004 season. The company said bad weather in several of its key markets as well as the hurricanes that plagued the southeast, were responsible for the cut in expectations. Six Flags had previously announced expected earnings at their chain to come in between $310 and $320 million. They’ve now downgraded that expectation to between $250 and $255 million.

Chairman and chief executive Kieran E. Burke said he fully expects the company to rebound next year, forecasting earnings of $300 million.

The recent announcement of Kingda Ka going in at Six Flags Great Adventure seemed to have had little effect on the stock price. The week after the announcement showed a $0.20 gain for PKI, while the earnings announcement plummeted the stock over $0.50 in a day.

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Comments
BryanWood

Joined: May 2001
Posts: 4008

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Crazy, I had no idea the words "poor weather" have replaced the phrase "terrible customer service and park presentation" in the English language. I'm make sure to note that the next time I get mad in a store full of ignorant teens. I'll make sure to complain to the manager about the "poor weather" in the store. ::Rolls Eyes::

10/15/2004 2:40 PM
M_Force_2002

Joined: Aug 2001
Posts: 132

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Lol, now thats ironic & funny, lol

10/15/2004 2:42 PM
bgwfreak

Joined: Sep 2001
Posts: 11169

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Very good one Bryan. :) LOL!!!

It doesn't surprise me that their profits have been falling off. They've stopped investing because of their debtload, and their customer service stinks as already said.

10/15/2004 2:56 PM
LuvChyld79

Joined: Oct 2003
Posts: 278

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Funny how nothing ever changes in this company, even though things have looked bad for so long. Maybe they should quit investing all of their money into one giant attraction for one bigger park and maybe pay attention to their out-of-the-way parks. There is a reason they took these parks under their wings in the first place.

10/15/2004 5:36 PM
sfft_2108

Joined: Mar 2004
Posts: 5087

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HAHA. and then they want to go out and build some more coasters. Hey guys, why don't we just go out and spend a little more, why don't we?

10/15/2004 5:44 PM
Hurricane

Joined: May 2001
Posts: 2163

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SFoG was the only park to have been affected by the major hurricanes, so unless one of them completely wiped out the park, I'd venture to say the hurricanes had very little to do with business.

The weather did have somewhat of an affect at SFoT this summer, when the park closed down for a few days leading up to Independence weekend, and then Shockwave suffered shut down for the better part of the summer.

10/15/2004 10:42 PM
bk2004

Joined: Oct 2003
Posts: 7735

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It's always the weather's fault, eh? :rolls eyes:

10/16/2004 12:39 AM
bgwfreak

Joined: Sep 2001
Posts: 11169

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Yeah, to say that weather was a factore is silly.

SFOG was flooded for maybe 2 days and then reopened.

Are they saying they lost 60MM due to SFOG alone? Wow! I would never have guessed they made that much in 2 days time!!! rolleyes.

10/16/2004 10:05 AM
Horrido

Joined: Jul 2004
Posts: 18

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Excerpts from "The Little Red Book of Excuses" - author Kieran E. Burke:

"Attendance and profits were down this season because <insert excuse from list below>."


The weather was unseasonably wet
The weather was unseasonably dry
The weather was unseasonably normal
The dog ate my guests
Gasoline prices were too high
Gasoline prices were unseasonably wet
A wet dog ate guest's gasoline
It rained cats and dogs
a guest's gasoline soaked dog ate the weather
wet guests were unseasonably high

"....but we expect a HUGE increase in attendance next year due to an old bald guy getting off a bus and dancing.....and a forecast total absence of weather."



10/16/2004 3:11 PM
sfft_2108

Joined: Mar 2004
Posts: 5087

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^^^
Did you just make a thread about those? I think I just saw them.

10/16/2004 3:41 PM
aribev24

Joined: Aug 2004
Posts: 294

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^lol yeah he did make a thread on it.

Thats really sad that they are blaming the weather. **Rolls eyes with everyone else at Six Flags horrible service and poor excuses** lol.

Seriously though! How low can their excuses get! Good ones, horrido.

10/17/2004 12:32 PM
coasterlove

Joined: May 2001
Posts: 6446

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I find it funny how they want to blame the weather/hurricanes for their projections not being met. It would be one thing if they were off slightly. But they missed it by about 25% or so, how can they blame that on a few weeks of bad hurricanes in areas that they really don't have that many parks at?

10/22/2004 2:23 AM


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