Six Flags Delivers on Promise to Sell Parks

By Douglas A. McIntyre Published Jan 11, 8:54AM EST

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Six Flags (SIX) is selling 7 properties as part of its restructuring and streamlining plans: selling three of its water parks and four of its theme parks to PARC 7F-Operations Corporation of Jacksonville, FL for approximately $312 million; the breakdown is $275 million in cash and a note receivable for $37 million. The scrapped parks are:

Six Flags Darien Lake in Buffalo, NY;
Six Flags Elitch Gardens in Denver, CO;
Frontier City and the White Water Bay Water Park in Oklahoma City, OK;
SplashTown in Houston, TX;
Waterworld USA in Concord, CA;
Wild Waves and Enchanted Village in Seattle, WA.

Six Flags Magic Mountain and Hurricane Harbor in Valencia, CA were excluded from the sale, and the reason the company said it is exclusing these is becaus ethe land value was deemed high and the street was looking for soem California properties to potentially be sold; and those were up for review with several others.

As far as backing these numbers out of forward and past numbers, the company estimated that these parks generated approximately $30 million of Park EBITDA(1) and 3.6 million of attendance in 2006. Mark Shapiro was on CNBC last week in a Jim Cramer interview and he noted that several park property sales would be decided on, and it looks like he has remained true to that.

SIX shares are up 3% at $5.60, although shares were initially indicated at $5.75 in pre-market activity. The 52-week trading range is $4.53 to $11.93.

Jon C. Ogg
January 11, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.