Six Flags Entertainment Corp. (NYSE:SIX) swung into the green Monday after reporting stronger second-quarter earnings from a year ago, driven by higher attendance and sponsorships as well as the consummation of its reorganization plan, only four months after emerging from bankruptcy.
The amusement park chain posted net income of $743 million, compared with a loss of $121.6 million, or $1.25 a share, in the same quarter last year.
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Revenue for the Dallas company was $321.3 million, up 8% from $296.8 million a year ago.
The strong results come nearly four months after the company’s emergence from Chapter 11 on April 30.
Earnings were driven by improved sales due to increases in attendance and sponsorship, as well as gains from the extinguishment of debt from the consummation of its reorganization plan.
Attendance for the quarter was 8.2 million, up 7% from 7.7 million a year ago, reflecting strong season pass visitation and higher group sales.
"Our strong revenue and profitability in the quarter and year to date are a reflection of Six Flags' strong brand equity and the operational excellence of this superb team," said CEO Jim Reid-Anderson. "We are well positioned to leverage our base business momentum for long term success."