Six Flags Inc., the New York-based company that owns Six Flags Magic Mountain, said its first-quarter loss narrowed as revenue increased.
Six Flags reported a loss of $150 million (-$1.62 per share), compared to a loss of $171 million (-$1.86) in the same period a year earlier. Wall Street was expecting a loss of $1.52, according to Reuters Estimates.
Sales for the New York City-based company jumped 35 percent to $68.2 million, which was the biggest increase in revenues in more than five years. Analysts expected revenues of $58 million.
Total attendance gained 19 percent as more than 1.4 million customers visited the company's 20 regional theme parks.
"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,"' said Six Flags CEO Mark Shapiro in a statement.
Six Flags said attendance was helped by an earlier Easter holiday, and added spending per customer increased 13 percent to $38.95, boosted by higher admissions, food and beverages, games and parking costs.
Magic Mountain, located in Valencia, is undergoing a $14 million renovation aimed at spiffing up the grounds and making the park more family friendly. Hurricane Harbor water park is located next door.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Six Flags Asks Bond Holders to Cash In
- Magic Mountain to Remain Park
- Six Flags May Sell Magic Mountain
- Earnings Roundup
- The Mountain May Remain Open, but Is the Magic Gone?
- THRILLS---Local Theme Parks Bracing For Summer of Uncertainty
- Financial Woes Prompt Six Flags To Consider Sale of Valencia Park