Six Flags widens loss on spending
From Times Wire Services
Six Flags Inc., the second-largest U.S. theme-park operator, reported a wider loss on spending to draw more families with children.
The second-quarter loss was $45.4 million, or 54 cents a share, compared with a loss of $39.6 million, or 48 cents, a year earlier, the New York-based company said. Revenue rose 6.1% to $344.8 million.
Chief Executive Mark Shapiro increased attendance by catering to families instead of teenagers. The company spent more to add fireworks, shows and parades. It is offering valet parking and other services at some parks to increase revenue.
Attendance climbed 3.5% to 8.9 million, the company said.
Shares fell 24 cents, or 5.1%, to $4.45 after the results were released. They closed down 34 cents, or 6.8%, at $4.69.
