Theme park operator Six Flags sees profits leap in Q3 2011

Cost-cutting at Six Flags helped it to achieve improved profits during the third quarter of 2011. Image © Six Flags

Six Flags has released its Q3 2011 financial results, with the theme park operator reporting a significant rise in profits compared to the same period last year.

The company, which operates theme parks across North America and Mexico, achieved a $192.9 million profit in the quarter. This is a rise of 44% on last year's figure of $133.5 million, with Six Flags' management citing this as evidence that its strategy is working despite a drop in visitor numbers.

Six Flags blamed adverse weather conditions for a 4 percent drop in attendance at its parks to 11.2 million guests. It was able to achieve the profits despite this fall, due to reduced costs and a 5 percent increase in spending per guest to $42.40. Overall revenues were at a similar level to Q3 2010, at $476 million.

The Six Flags chain consists of 12 theme parks across North America and Mexico, along with a number of associated water parks. The company successfully restructured its debt in order to emerge from bankruptcy earlier in 2010, with a new board of directors being appointed to replace the previous management team. Jim Reid Anderson was subsequently appointed as CEO.

In 2012, every Six Flags park will open at least one new ride, show or attraction. This includes the world's tallest drop tower (Lex Luthor: Drop of Doom) at Six Flags Magic Moutain and a winged rollercoaster (X-Flight) at Six Flags Great America.

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