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Wednesday
January 30, 2008
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Finance

Shapiro Remains Upbeat About Six Flags Despite Planned Cuts
Six Flags has filed a plan with the SEC that calls for "huge spending cuts and the possible sale of more parks,'' and some industry observers are skeptical that CEO Mark Shapiro can “overcome the hurdle" of about $2B in debt inherited from previous management, according to W. Scott Bailey of the SAN ANTONIO BUSINESS JOURNAL. Int’l Theme Park Services President Dennis Speigel said, "You could bring back Walt Disney (to run Six Flags) and that company is still going to struggle.'' According to the company's SEC filing, Six Flags is “prepared to slash media spending and trim personnel this year" and the park also plans to “cut operating expenses by as much as $60[M] in 2008.” Six Flags officials also plan to “reduce radio spending and concentrate more on Internet-driven opportunities that will attract more teens.” Shapiro said that Six Flags will “continue to invest in its parks.” He also noted that there were “some fourth-quarter 2007 indicators -- modest gains in attendance and revenue and an increase in season pass sales versus the last quarter of 2006 -- that have helped create some reason for Six Flags management to remain optimistic.'' Shapiro: "We're looking forward to building on this momentum in 2008" (SAN ANTONIO BUSINESS JOURNAL, 1/28 issue).

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