posted a limp quarter Monday and rolled out an ambitious 2005 capital spending scheme aimed at reviving its struggling amusement park business.
For the third quarter ended Sept. 30, the New York company earned $56 million, or 55 cents a share. That's down from the year-ago earnings from continuing operations of $120 million, or $1.17 a share. Revenue fell to $527 million from $545 million a year earlier, reflecting a 4.8% attendance drop.
Latest-quarter results were hit by a $14 million charge taken to the value of the company's Madrid property.
Six Flags said it would hit 2004 revenue and attendance targets, and added that it hopes to boost performance for the 2005 season.
"We have a comprehensive plan in place to deliver meaningfully improved performance in 2005 and beyond," said CEO Kieran Burke. "In all, we expect our capital program to entail an expenditure of $130 million to $135 million. We believe that this capital program, when combined with our breakthrough marketing campaign, should yield solid attendance and revenue growth next year and set the stage for significant growth in the next several years as we restore park performance to average historic levels."
The company also modified its credit line, though Burke said Six Flags "continues to enjoy substantial liquidity and has no near-term debt maturities."
On Monday, the stock slipped 2 cents to $4.98.