Six Flags ( PKS) fell 5% after the restructuring-minded theme-parks company posted a steep fourth-quarter loss, missing Wall Street targets.

The New York-based company lost $117 million, or $1.31 a share, from continuing operations in the quarter ended Dec. 31. That compares with a year-ago loss of $106 million, or $1.20 a share. Revenue rose 6% to $112 million.

Thomson Financial said analysts expected a loss of 73 cents a share on $119.5 million in revenue. In morning trading shares declined 50 cents to $9.97.

The company last year went through a proxy battle that saw Washington Redskins owner Dan Snyder take control. Snyder installed former ESPN executive Mark Shapiro in the top executive role.

"Repositioning the brand, diversifying our entertainment offerings and improving the guest experience are our immediate company-wide priorities," said Shapiro, who joined the company in December. "The company finished 2005 on a strong note of recovery and we are proceeding with several new initiatives intended to place Six Flags on a path to deliver sustainable growth, reduce debt and enhance shareholder value."

Operating costs rose 12% from a year ago.

For 2006, the company is reaffirming previous guidance of $340 million of EBITDA, representing a 13.5% increase over 2005 comparable park performance. Analysts are expecting the company to hit revenue of $1.15 billion and a loss of 35 cents per share.