Six Flags Reports First Quarter Results

Six Flags, Inc. (NYSE: PKS):

   --  Per Capita Revenue Up 13% as Strategy to Diversify
        Entertainment Offering and Improve Guest Experience Begins to
        Take Hold

   --  Quarterly Attendance Impacted by Vacation Calendar and Fewer
        Operating Days

   --  Company Announces Agreement to Sell Houston AstroWorld Site

   Six Flags, Inc. (NYSE: PKS) today announced operating results for
its first quarter ended March 31, 2006. The first quarter historically
represents less than 5% of the Company's full-year attendance and
revenue.
   Total revenue per capita for the quarter increased by $4.13, or
13%, to $37.13, driven by solid double-digit percentage increases in
both ticket and in-park per capita spending.
   The first quarter 2006 attendance reflects a difficult comparison
to the first quarter 2005, which benefited from the Easter vacation
period and 19 (or 10%) more park operating days. As a result, first
quarter 2006 attendance declined to 1.15 million from 1.50 million in
first quarter 2005 (1.48 million excluding the New Orleans park, which
will not open in 2006).
   Through April 30, 2006, which included the Easter vacation period,
attendance had stabilized and total revenues were up approximately 4%,
despite 9 fewer park operating days, compared to the same period in
2005.
   Total revenues for the quarter were $42.7 million, compared to
$49.5 million in 2005, a decrease of $6.8 million. The Company's net
loss for the quarter was $241.0 million, compared to a net loss of
$178.7 million in the first quarter of 2005. Adjusted EBITDA(1) for
the first quarter was a loss of $97.0 million, compared to a loss of
$67.8 million in the first quarter of 2005.
   Adjusted EBITDA includes approximately $11.6 million of severance
and other costs associated with senior management and corporate
strategy changes, including a non-cash pension curtailment cost
associated with the decision to freeze the Company's defined benefit
pension plan ("Management Change Costs"). Adjusted EBITDA excludes the
operations of parks in Oklahoma City, Oklahoma; Sacramento,
California; and Columbus, Ohio ("Discontinued Operations Parks") which
have been classified as discontinued operations due to the Company's
intention to dispose of those businesses.(2)
   The Company also announced that it has entered into a contract to
sell the 104-acre site of AstroWorld in Houston, Texas. The property -
which has been cleared of all buildings, rides and structures in
anticipation of sale - is being sold for $77 million; the closing date
is expected to be early June. The sale is subject to customary closing
conditions.

   Strategy to Drive Increased Per Capita Revenue Showing Positive
Results

   "The first quarter results are quite encouraging with respect to
our strategy to drive per capita revenue growth," said Mark Shapiro,
who was named President and Chief Executive Officer of Six Flags in
December 2005. "While volume was down in the first quarter, it was
driven by the calendar more than anything else, and it was partly
offset by a significant increase in guest spending. Through the end of
April, we've seen that volume is stabilizing and revenues have
recovered to be up 4% over last year. When you consider that most of
our capital intensive attractions have yet to open, we believe this
bodes well for the summer months ahead."
   "Our strategy to drive revenue growth depends as much on the
marketing success of our 45th anniversary and the results of new
revenue stream initiatives - Flash Pass, character brunches, parking
services, etc. - as it does on good weather. Our turnaround efforts
necessitate marketing aggressively to families to broaden our customer
base, diversifying in-park entertainment options, and focusing on an
improved guest experience - from keeping our parks cleaner, to a more
friendly and service-oriented staff."
   He added, "However, in no way are we abandoning teens. To
underscore our commitment to teens and to reinforce our position as
the market leader in that demographic, four new roller coasters go
on-line around the same time that skateboard legend Tony Hawk tours
our parks this summer."
   Mr. Shapiro concluded, "Our previously announced multi-year
sponsorship and marketing alliances with Papa John's, and most
recently with The Home Depot, have our Corporate Alliance program off
and running, providing us with not only sponsorship revenues but also
significant marketing value through in-store promotions, ticket sales,
and out-of-home advertising. We will continue to partner with smart
marketers who are eager to have their products and services in front
of the tens of millions of Six Flags guests who spend up to 10 hours
per visit in our parks."

   First Quarter Results

   First quarter 2006 total revenues were $42.7 million, compared to
$49.5 million for the first quarter 2005, a decrease of $6.8 million,
or 14%. Attendance for the first quarter 2006 was 1.15 million,
compared to 1.50 million in the first quarter 2005, which benefited
from the Easter vacation period and 19 additional park operating days.
   Total revenue per capita increased 13% in the quarter, from $33.00
in 2005 to $37.13 in 2006, as guests spent more across-the-board on
admissions, food and beverage, merchandise, games, and parking.
   Total costs and expenses, including cost of sales, depreciation,
amortization, and stock-based compensation were $192.9 million for the
quarter, compared to $157.6 million for the first quarter of 2005, an
increase of $35.3 million, or 22%. The increased costs were largely
driven by the Management Change Costs ($11.6 million), stock-based
compensation ($8.8 million) and anticipated increases in salaries,
wages and other expenses primarily associated with additional staffing
and services ($14.9 million).
   Net loss applicable to common stock in the first quarter 2006 was
$246.5 million, or $2.63 per share, compared to a first quarter 2005
loss of $184.2 million, or $1.98 per common share. The increased net
loss reflects approximately $158.8 million, or $1.69 per common share,
of non-cash costs and other items not directly related to the ongoing
operation of the business. Excluding these charges, net loss
applicable to common stock would have been $0.94 per common share,
compared to $0.91 per common share in first quarter 2005. (See the
attached table for a reconciliation from net loss applicable to common
stock to net loss from continuing operations before these non-cash and
other items.)
   Adjusted EBITDA for the first quarter of 2006 was a loss of $97.0
million, compared to a loss of $67.8 million in 2005. Excluding
Management Change Costs and including the Discontinued Operations
Parks, Adjusted EBITDA for the quarter would have been a loss of $87.6
million, compared to a loss of $70.1 million in the first quarter of
2005.

   Outlook

   The Company is progressing with the implementation of its new
operational strategy and is encouraged by the per capita revenue
growth to date, although it remains too early in the season to draw
meaningful conclusions as to full-year results.
   Consistent with prior guidance, the Company continues to target
2006 revenue growth of 8-9%, with that growth primarily coming from
per capita spending. Operating costs and expenses, excluding non-cash
costs, Management Change Costs, and including the Discontinued
Operations Parks, are expected to increase by approximately $45
million. These increased costs are an integral part of new
management's strategy, which is intended to drive enhanced guest
satisfaction, resulting in higher per capita spending and greater
attendance, particularly among families.
   Based on the above revenue and cost growth targets, the Company is
maintaining its 2006 guidance of Adjusted EBITDA of $340 million,
excluding Management Change Costs and including the Discontinued
Operations Parks.

   Business Developments

   In addition to announcing the agreement to sell the Houston
AstroWorld site, the Company has also had several other developments
since the end of the first quarter:

   --  To further enhance the guest experience, the Company's top
        priority this year, Six Flags is making its tickets and season
        passes more easily available via AOL CityGuide, one of the
        most visited local entertainment guides on the Web. Six Flags
        guests now can visit http://www.aolcityguide.com, type in "Six
        Flags" in the AOL CityGuide search window, and purchase
        Print-at-Home tickets to any Six Flags park in the U.S.

   --  Six Flags has reached a supply, marketing and sponsorship
        agreement in principle with The Home Depot, which will become
        exclusive supplier of commercial improvement, building supply,
        construction and repair and maintenance products to Six Flags
        parks across North America. The agreement in principle
        provides for extensive co-marketing opportunities in Home
        Depot stores and Six Flags theme parks: Six Flags tickets will
        be sold at Home Depot stores nationwide, Six Flags will
        receive an annual sponsorship fee and a range of promotional
        opportunities, Six Flags will receive preferential pricing for
        the materials to construct and maintain its parks, and Six
        Flags and The Home Depot will jointly construct several
        KaBOOM! playgrounds for kids in cities near Six Flags parks.

   About Six Flags

   Six Flags, Inc. is the world's largest regional theme park
company. Founded in 1961, Six Flags is celebrating its 45th
Anniversary in 2006. It is a publicly-traded corporation (NYSE: PKS)
headquartered in New York City.

   Forward Looking Statements:

   The information contained in this news release, other than
historical information, consists of forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act. These statements may involve risks and
uncertainties that could cause actual results to differ materially
from those described in such statements. These risks and uncertainties
include, among others, Six Flags' success in implementing its new
business strategy. Although Six Flags believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. Important factors, including factors impacting attendance,
such as local conditions, events, disturbances and terrorist
activities, risk of accidents occurring at Six Flags' parks, adverse
weather conditions, general economic conditions (including consumer
spending patterns), competition, pending, threatened or future legal
proceedings and other factors could cause actual results to differ
materially from Six Flags' expectations. Reference is made to a more
complete discussion of forward-looking statements and applicable risks
contained under the caption "Cautionary Note Regarding Forward-Looking
Statements" and "Risk Factors" in Six Flags' Annual Report on Form
10-K for the year ended December 31, 2005, which is available free of
charge on Six Flags' website http://www.sixflags.com.

   (1) See the following tables and Note 2 to those tables for a
discussion of EBITDA (Modified), Adjusted EBITDA, and a reconciliation
to these amounts from net loss.
   (2) Six Flags AstroWorld in Houston, Texas is also classified as a
discontinued operation; however, it had no park operations during the
quarter as it is in the process of being dismantled in order to sell
the underlying land.

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                            Six Flags, Inc.
                Quarters Ended March 31, 2006 and 2005
               (In Thousands, Except Per Share Amounts)

Statement of Operations  (1)                  Quarter Ended March 31,
                                              -----------------------
                                                  2006        2005
                                               ----------  ----------
Revenue                                        $  42,698   $  49,541

Costs and expenses (including stock
  based compensation of $9,063 in 2006
  and $288 in 2005)                              156,621     122,939
Depreciation                                      36,074      34,484
Amortization                                         219         223
                                               ----------  ----------
Loss from operations                            (150,216)   (108,105)
                                               ----------  ----------
Interest expense (net)                            47,800      44,762
Minority interest in loss                         (8,977)     (6,563)
Equity in operations of partnerships                 128           -
Early repurchase of debt                               -      19,303
Other expense                                     19,034       2,901
                                               ----------  ----------
Loss from continuing operations
  before income taxes                           (208,201)   (168,508)
Income tax (expense)                                (167)       (955)
                                               ----------  ----------
Loss from continuing operations
  before discontinued operations and
  cumulative effect of a change in
  accounting principle                          (208,368)   (169,463)
Discontinued operations                          (31,641)     (9,256)
                                               ----------  ----------
Loss before cumulative effect of a
 change in accounting principle                 (240,009)   (178,719)
Cumulative effect of a change
  in accounting principle                         (1,038)          -
                                               ----------  ----------
Net loss                                       $(241,047)  $(178,719)
                                               ==========  ==========
Net loss applicable to common
  stock                                        $(246,540)  $(184,212)
                                               ==========  ==========
Per share - basic and diluted:

     Loss from continuing operations           $   (2.28)  $   (1.88)
     Discontinued operations                       (0.34)      (0.10)
     Cumulative effect of a change in
       accounting principle                        (0.01)          -
                                               ----------  ----------
Net loss                                       $   (2.63)  $   (1.98)
                                               ==========  ==========

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                          Balance Sheet Data
                            (In Thousands)

Balance Sheet Data                              March 31, December 31,
                                                  2006       2005
                                              ----------- -----------
Cash and cash equivalents
  (excluding restricted cash)                  $   10,423  $  81,534
Total assets                                    3,393,327  3,491,922
  
Current portion of long-term debt                 207,851    113,601
Long-term debt (excluding current
  portion)                                      2,127,178  2,128,756
Mandatorily redeemable preferred
  stock                                           283,653    283,371
Total Stockholders equity                         451,928    694,208

                                              Quarter Ended March 31,
                                              ------------------------
                                                   2006        2005
                                                ----------   ---------
Other Data:
EBITDA (Modified) (2)                          $ (104,860)  $(73,110)
Adjusted EBITDA (2)                            $  (97,000)  $(67,767)
Adjusted EBITDA (including
  Frontier City, White Water Bay,
  Wyandot Lake, WaterWorld Sacramento, 
  and excluding Management Change Costs)       $  (87,569)  $(70,122)
Average weighted shares
  outstanding - basic and diluted                  93,906     93,104
Net cash used in operating activities          $ (112,644)  $(97,298)

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The following table sets forth a reconciliation of net loss to EBITDA
(Modified) and Adjusted EBITDA for the periods shown (in thousands):

                                               Quarter Ended March 31,
                                               -----------------------
                                                     2006       2005
                                                ----------- ----------
Net loss                                         $(241,047) $(178,719)
Cumulative effect of a change in
  accounting principle                               1,038          -
Discontinued Operations                             31,641      9,256
Income tax expense                                     167        955
Other expense                                       19,034      2,901
Early repurchase of debt                                 -     19,303
Equity in operations of partnerships                   128          -
Minority interest in loss                           (8,977)    (6,563)
Interest expense (net)                              47,800     44,762
Amortization                                           219        223
Depreciation                                        36,074     34,484
Stock-based compensation                             9,063        288
                                                ----------- ----------
EBITDA (Modified)                                 (104,860)   (73,110)
Third party interest in EBITDA
  of certain parks (3)                               7,860      5,343
                                                ----------- ----------
Adjusted EBITDA                                  $ (97,000) $ (67,767)
                                                =========== ==========

The following table sets forth a reconciliation of Adjusted EBITDA to
Adjusted EBITDA before giving effect to the reclassification of
Frontier City, White Water Bay, Wyandot Lake, and WaterWorld
Sacramento as Discontinued Operations and the Management Change Costs.

                                               Quarter Ended March 31,
                                              ------------------------
                                                      2006      2005
                                                  ---------- ---------

Adjusted EBITDA                                    $(97,000) $(67,767)
Frontier City                                        (1,170)   (1,137)
White Water Bay                                        (273)     (329)
Wyandot Lake                                           (487)     (543)
WaterWorld Sacramento                                  (235)     (346)
Management Change Costs                              11,596         -
                                                 ----------- ---------
Adjusted EBITDA before Discontinued
  Operations reclassification and
  Management Change Costs                          $(87,569) $(70,122)
                                                  ========== =========

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The following table sets forth a reconciliation of net loss applicable
to common stock to net loss from continuing operations before certain
non-cash and other items. (4)
                                               Quarter Ended March 31,
                                              ------------------------
                                                     2006      2005
                                                ----------- ----------
Net Loss applicable to common stock              $(246,540) $(184,212)
Write-off of fixed assets                           19,001      3,362
Early repurchase of debt                                 -     19,303
Discontinued operations                             31,641      9,256
Cumulative effect of change in
  accounting principle                               1,038          -
Stock-based compensation                             9,063        288
Management Change Costs                             11,596          -
Tax valuation allowance                             86,448     67,246
                                               ------------ ----------

Sub-total                                          158,787     99,455
                                               ------------ ----------
Net loss from continuing operations before
 certain non-cash costs and other items          $ (87,753) $ (84,757)
                                               ============ ==========
Per share - basic and diluted:
Net Loss applicable to common stock              $   (2.63) $   (1.98)
Less: Certain non-cash costs and other
   items                                             (1.69)     (1.07)
                                                ----------- ----------
Net loss from continuing operations
 before certain non-cash costs and other items   $   (0.94) $   (0.91)
                                                =========== ==========


                                 Notes

(1) Revenues and expenses of international operations are converted
    into U.S. dollars on a current basis as provided by accounting
    principles generally acceptable in the United States ("GAAP").

(2) EBITDA (Modified) a non-GAAP measure, is defined as net loss
    before discontinued operations, income tax expense (benefit),
    other expense, early repurchase of debt (formerly an extraordinary
    loss), minority interest in earnings (losses), interest expense
    (net), amortization, depreciation, and stock-based compensation.
    Adjusted EBITDA, also a non-GAAP measure, is defined as EBITDA
    (Modified) minus the interests of third parties in EBITDA of the
    four parks and one hotel that are less than wholly owned. The
    Company believes that EBITDA (Modified) and Adjusted EBITDA
    (collectively, "EBITDA-Based Measures") provide useful information
    to investors regarding the Company's operating performance and its
    capacity to incur and service debt and fund capital expenditures.
    The Company believes that the EBITDA-Based Measures are used by
    many investors, equity analysts and rating agencies as a measure
    of performance. In addition, Adjusted EBITDA is approximately
    equal to "Consolidated Cash Flow" as defined in the indentures
    relating to the Company's senior notes. Neither of the
    EBITDA-Based Measures is defined by GAAP and neither should be
    considered in isolation or as an alternative to net income (loss),
    income (loss) from continuing operations, net cash provided by
    (used in) operating, investing and financing activities or other
    financial data prepared in accordance with GAAP or as an indicator
    of the Company's operating performance. EBITDA (Modified) and
    Adjusted EBITDA as defined in this release may differ from
    similarly titled measures presented by other companies.

(3) Represents interest of third parties in EBITDA of Six Flags Over
    Georgia, Six Flags Over Texas, Six Flags White Water Atlanta, and
    Six Flags Marine World, and the Company's interest in EBITDA of
    Six Flags Great Escape Lodge & Indoor Waterpark.

(4) The Company's reported results include items of income and expense
    that the Company believes are typically excluded by securities
    analysts in their published estimates for the Company's financial
    results. The Company therefore believes that presentation of net
    loss from continuing operations before certain non-cash and other
    items is relevant and useful to investors. Excluded items include
    non-cash write-off of assets, early repurchases of debt,
    discontinued operations, cumulative effect of change in accounting
    principle, stock-based compensation, Management Change Costs and
    effects of deferred tax asset valuation allowance.

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