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.
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