Six Flags Entertainment Corporation (SIX) has reported 14.47 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $1.87 million, or $0.02 a share in the quarter, compared with $2.18 million, or $0.02 a share for the same period last year. Revenue during the quarter grew 10.05 percent to $239.31 million from $217.46 million in the previous year period. Gross margin for the quarter contracted 71 basis points over the previous year period to 92 percent. Total expenses were 76.66 percent of quarterly revenues, down from 78.24 percent for the same period last year. This has led to an improvement of 158 basis points in operating margin to 23.34 percent.
However, the adjusted EBITDA for the quarter stood at $75.57 million compared with $62.08 million in the prior year period. At the same time, adjusted EBITDA margin improved 303 basis points in the quarter to 31.58 percent from 28.55 percent in the last year period.
"Our strategy is working as we introduce innovative attractions in every park, increase season pass and membership sales, implement strategic pricing gains and in-park revenue initiatives, and grow our international licensing business," said John Duffey, president and chief executive officer. "With strong attendance momentum and a 15 percent increase in our Active Pass Base, we are very well-positioned for the 2017 season. We remain confident in our ability to deliver our goal of $600 million of Modified EBITDA in 2017 and continue to work toward our long-term aspirational goal of $750 million of Modified EBITDA by 2020."
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