Six Flags Entertainment (NYSE:SIX) reported a first-quarter FY24 sales decline of 6% year-on-year to $133.291 million, missing the analyst consensus estimate of $136.594 million.
The revenue decrease was primarily attributable to a $12 million reduction in revenue related to memberships beyond the initial 12-month commitment period.
Attendance was 1.7 million guests in the quarter, a 6% Y/Y increase. Total guest spending per capita was $74.35, down 8% Y/Y.
Adjusted EBITDA for the quarter plunged 53% to $(26) million. EPS for the quarter was $0.98, missing the estimate of $0.92.
The company held $60.7 million in cash and equivalents as of March-end. Net cash used by operating activities for twelve months was $(30.5) million.
CEO and President Selim Bassoul, said, "We remain focused on delivering a world-class experience for our guests, and we are excited to launch many thrilling new rides, attractions, and immersive experiences in time for the peak summer season."
Price Action: SIX shares traded lower by 2.99% at $24.31 at last check Thursday.
Photo via Wikimedia Commons