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TheStreet Open House

Six Flags Entertainment's CEO Discusses Q2 2012 Results - Earnings Call Transcript

We continue to believe we have a multi-year opportunity to improve ticket yields and further penetrate season pass sales. And going forward, we believe these will be the largest contributors to our revenue profit and cash flow growth.

We also continue to see nice growth in our in-park sales with an increase of $17 million, 12% over prior year. We were pleased with this growth, given the higher attendance by season pass holders, who typically spend less per visit than single-day visitors.

Our growth comes from innovative new offerings. For example, this year we have successfully extended our Flash Pass product to all of our water parks. We also introduced a USB memory stick, which allows guests to conveniently store photos of their friends and family on our rides, and our guests absolutely love this new concept.

We've also launched exciting new food concept such as Macho Nacho, Cowabunga Burger, and of course my personal favorite, which is Kickin Chicken. You actually have to go to our park to try these chicken tenders with our special buffalo sauce. Now, sorry, clearly I am getting carried away here, so let me move on.

In summary, our second quarter performance is a reflection of execution. Two years ago we developed a strategy that would help us consistently grow revenue, increase profitability, improve guest satisfaction, strengthen innovation and build employee morale. And I really could not be more pleased with our progress to date.

Our operational performance is excellent, our financial results stellar and our capital allocation strategy is clearly working well. I think you're going to enjoy hearing more details regarding our financial performance.

So at this time, I'm going to hand over to John, to provide more details on Q2. John?

John Duffey

Thank you, Jim, and good morning to everyone on the call. As Jim mentioned, we are very pleased with our second quarter and year-to-date performance.

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