SIX - Six Flags sees drop in attendance in Q4 with ticket prices higher

Six Flags Entertainment Corporation ( NYSE: SIX ) reported a 12% drop in revenue for Q4 to $280M.

Attendance was down 30% during the quarter, which the theme part operator said was driven by an increase in ticket prices, the elimination of free tickets and heavily-discounted pass products, and fewer operating days.

Total guest spending per capita was up 23% to $65.15, consisting of a 24% increase in admissions spending per capita to $34.50 and 22% increase in in-park spending per capita to $30.65.

Six Flags ( SIX ) noted that it more than offset the decrease in revenue in the quarter with lower cash operating costs, driven by full-time headcount reductions, fewer total employee hours worked, and lower advertising costs. Those efficiency measures were partially offset by higher wage rates and increases in repair and maintenance, utilities, and other costs due to inflation.

Adjusted EBITDA was $99M vs. $95M a year ago and net income was $13M vs. -$2M a year ago.

Six Flags Entertainment ( SIX ) did not issue guidance with its earnings release.

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