Six Flags Loss Widens

The company touts per-capita gains, though.
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Amusement park company

Six Flags

(PKS)

posted a wider first-quarter loss Monday.

The New York company recorded a loss of $241 million, or $2.63 per share, for the quarter ended March 31. That compared with the year-ago loss of $178.8 million, or $1.98 per share. Revenue fell to $42.7 million from $49.5 million.

Analysts surveyed by Thomson Financial had expected the company to lose $1.40 per share on $51 million in revenue.

Attendance for the quarter was 1.15 million, compared with 1.50 million in the first quarter 2005, which benefited from the Easter vacation period and 19 additional park operating days.

"The first-quarter results are quite encouraging with respect to our strategy to drive per capita revenue growth," said Chief Executive Mark Shapiro. "While volume was down in the first quarter, it was driven by the calendar more than anything else, and it was partly offset by a significant increase in guest spending. Through the end of April, we've seen that volume is stabilizing and revenues have recovered to be up 4% over last year. When you consider that most of our capital intensive attractions have yet to open, we believe this bodes well for the summer months ahead."

Six Flags also said that it has entered into a contract to sell its 104-acre AstroWorld site in Houston for $77 million.

The company, which has been undergoing a far-ranging restructuring since Washington Redskins owner Dan Snyder gained control of the company last fall, maintained revenue growth projections of between 8% and 9%.

On Monday shares closed up 4% to $9.32.