Six Flags Reports Strong Fourth Quarter and Full Year 2005 Results; Results Driven by Attendance and Spending Growth; New Manag

Six Flags, Inc. (NYSE: PKS) today announced the results
of its operations for the fourth quarter and full year ended December
31, 2005.
   For the full year 2005, as reported revenues were $1.09 billion,
compared to $1.0 billion for 2004, an increase of $91.1 million or
9.1%. The Company's net loss for 2005 was $110.9 million, compared to
a net loss of $464.8 million in 2004. The 2005 as reported Adjusted
EBITDA totaled $286.8 million, compared to $253.6 million in 2004.(1)
   The 2005 as reported Adjusted EBITDA includes expenses totaling
$12.6 million for severance and other costs directly associated with
the senior management and corporate strategy changes. The 2005 as
reported Adjusted EBITDA excludes $7.8 million in Adjusted EBITDA
related to Six Flags AstroWorld in Houston which is classified as a
discontinued operation.
   Including the Six Flags AstroWorld results and excluding the
expenses not directly related to the Company's ongoing operations,
Adjusted EBITDA for 2005 would have totaled $307.2 million, exceeding
the Company's prior guidance.

   Strengthening the Brand and Improving the Six Flags Guest
Experience

   "Repositioning the brand, diversifying our entertainment offerings
and improving the guest experience are our immediate company-wide
priorities," said Mark Shapiro, who joined the Company in December
2005 as President and Chief Executive Officer. "However, these
operating results illustrate the already fundamental strength of the
Six Flags experience and its value to our guests. The Company finished
2005 on a strong note of recovery and we are proceeding with several
new initiatives intended to place Six Flags on a path to deliver
sustainable growth, reduce debt and enhance shareholder value."
   "While most see 2006 as a transition year, by reaffirming previous
management's guidance we are underscoring confidence that our
redefined strategy, coupled with the celebration of our 45th
Anniversary, will broaden our customer base by attracting families as
well as teenagers, boosting our per capita revenue."
   Shapiro continued, "It is our intention to drive increased
attendance through enhanced broad-based marketing strategies while
capturing the full value of admissions, parking and concessions by
introducing more competitive and standardized pricing in our parks. We
also plan to realize additional revenue streams through an array of
new business initiatives, including marketing alliances and
sponsorships with some of today's most popular consumer brands."
   He concluded, "Every single day we will remain focused on bringing
our guests an entertainment package that they can't experience
anywhere else close to home: family rides, thrill rides, special
events, concerts and shows, daily parades, fireworks, shopping, dining
and games, as well as significantly increased interaction with, and
appearances by, Looney Tunes and Justice League characters."

   Financial Review

   Full Year (As Reported)

   For the full year 2005, as reported revenues were $1.09 billion,
compared to $1.0 billion for 2004, an increase of $91.1 million or
9.1%. Attendance for full year 2005 increased from 32.1 million to
33.7 million, a 4.9% gain from the previous year, while total revenue
per capita increased 4.0%, from $31.12 in 2004 to $32.37. The Houston
AstroWorld park, whose operating results for 2005 are not included in
the Company's results from continuing operations, generated 2005
attendance and revenue of 1.3 million and $41.3 million, respectively.
This compares to 2004 attendance and revenue for the park of 1.4
million and $39.1 million, respectively.
   For the year, operating costs and expenses, including
depreciation, amortization and non-cash compensation, were $906.3
million, compared to $845.8 million in 2004, an increase of 7.2%.
   Net loss applicable to common stock in 2005 was $132.9 million, or
$1.43 per share, compared with a loss of $486.8 million, or $5.23 per
share in 2004. The 2005 loss included a loss from discontinued
operations of $22.0 million, $0.24 per share. The 2004 loss included a
loss from discontinued operations of $291.0 million, $3.13 per share.
   As reported Adjusted EBITDA for 2005 was $286.8 million in 2005,
compared to $253.6 million in 2004, an increase of 13.1%.

   Fourth Quarter (As Reported)

   For the fourth quarter, revenues were $111.8 million, compared to
$105.4 million for the fourth quarter 2004, an increase of $6.4
million or 6.1%. Attendance for the fourth quarter 2005 was 3.6
million, down 1.0% compared to the prior year, while total revenue per
capita increased 7.1%, from $29.26 in 2004 to $31.33 in 2005.
   Operating costs and expenses were $170.9 million for the fourth
quarter of 2005, compared to $152.6 million for the fourth quarter of
2004, an increase of 12.0%. This increase was primarily attributable
to $12.6 million of selling, general and administrative and operating
expenses, and $2.0 million of non-cash compensation expense, both of
which were directly associated with the senior management and
corporate strategy changes.
   Net loss applicable to common stock in the fourth quarter 2005 was
$144.5 million, or $1.55 per share, compared to a fourth quarter 2004
loss of $115.0 million, or $1.24 per share. The 2005 loss included a
loss from discontinued operations of $22.4 million, $0.24 per share.
The 2004 loss included a loss from discontinued operations of $3.5
million, $0.04 per share.
   As reported Adjusted EBITDA for the fourth quarter of 2005 was a
loss of $17.3 million, compared to a loss of $6.0 million in 2004.

   Operating Highlights

   Since mid-December, the Company has taken a number of major steps
to strengthen its management team, improve operating performance, and
enhance the guest experience at each of its parks:

   --  The corporate management team was restructured, with the
        following appointments:

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        --  Jeffrey Speed was named Executive Vice President and will
            become Chief Financial Officer, effective April 1.

        --  Four new divisions were created:

            --  Park Strategy and Management, headed by Mark Quenzel.

            --  In-Park Services, headed by Andrew Schleimer.

            --  Marketing and Entertainment, headed by Mike Antinoro.

            --  Corporate Alliances, headed by Lou Koskovolis.
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   --  New general managers have been named at five Six Flags parks -
        New Jersey, Chicago, Washington DC, Denver and Louisville.

   --  Six new members of the Board of Directors were named,
        including Mr. Shapiro; Daniel M. Snyder, owner of the
        Washington Redskins; Harvey Weinstein, Co-Chairman of the
        Weinstein Companies; and Dwight Schar, Chairman and CEO of
        NVR, Inc., a home-building company.

   --  Several specific initiatives were announced to improve the
        park experience, including:

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        --  A broader range of family-oriented in-park events and
            activities, including daily parades, fireworks, shows and
            the creation of a Looney Tunes and Justice League
            character program, featuring appearances, photo and dining
            opportunities with guests.

        --  A universal employee training program to motivate and
            educate employees to consistently deliver high quality
            customer service.

        --  A new system-wide non-smoking policy.
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   --  Six Flags has signed marketing and sponsorship agreements with
        Sunkist and with National CineMedia (a venture of three movie
        theatre chains - AMC Entertainment, Cinemark USA and Regal
        Entertainment Group). The Company also is in advanced
        discussions with Papa John's Pizza.

   --  Six Flags hired OgilvyOne Worldwide, the world's largest
        one-to-one marketing agency, to help broaden and deepen the
        Company's relationships with its guests through direct and
        interactive marketing.

   --  Six Flags appointed MindShare, the global full-service media
        company, as the media-buying agency for Six Flags theme parks
        nationwide, enabling the Company - and its 29 theme parks - to
        implement an overall media strategy that communicates at the
        local level the Company's focus on its positioning as the
        country's leading local family entertainment destination, its
        commitment to guest service, and the Company's 45th
        Anniversary celebration.

   Outlook

   Key financial priorities for the Company are to drive free cash
flow and reduce debt levels over the next several years.
   For 2006, the Company is reaffirming previous guidance of $340
million of Adjusted EBITDA (excluding certain severance and other
costs related to the management and corporate strategy changes). This
represents a 13.5% increase over 2005 comparable park performance.
This growth is expected to be generated by a combination of both
attendance and per capita spending growth as a result of enhanced
in-park entertainment and activities, new marketable attractions in 11
of our 19 theme parks, as well as more focused and efficient marketing
initiatives, highlighted by the 45th Anniversary celebration of Six
Flags.
   The Company expects that operating costs for 2006 will reflect
expenses attributable to increased staffing and in-park initiatives.
These costs are an integral part of new management's strategy, which
is intended to drive enhanced guest satisfaction, particularly among
families, resulting in greater attendance and higher per capita
spending.
   In addition, the Company intends to reduce annual capital
expenditures to approximately $100 million in the future from the
expected 2006 season spend of approximately $140 million, as the
Company focuses its capital investments on more broad-based family
entertainment attractions.
   The Company also has previously announced its intention to sell
its Houston AstroWorld property as well as its Oklahoma City parks and
is in the process of assessing other potential opportunities to
dispose of non-core assets, including underutilized real estate.
Proceeds from these dispositions are intended to be utilized to reduce
debt levels and provide the Company with enhanced operational and
financial flexibility.

   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 "Business-Risk Factors" in Six Flags' Annual Report on
Form 10-K for the year ended December 31st, 2004, which is available
free of charge on Six Flags' website http://www.sixflags.com.

   (1) See Note 2 to the following tables for a discussion of EBITDA
(Modified) and Adjusted EBITDA, and for a reconciliation of these
amounts to net income (loss).
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                            Six Flags, Inc.
                     Statement of Operations Data
          Years and Quarters Ended December 31, 2005 and 2004
               (In Thousands, Except Per Share Amounts)

Statement of Operations            Year Ended      Three Months Ended
 Data(1)                          December 31,         December 31,
                              -------------------- -------------------
                                2005       2004      2005      2004
                              ---------- --------- --------- ---------
Revenue                      $1,089,682 $ 998,590 $ 111,823 $ 105,429
Costs and expenses (excluding
 depreciation, amortization
 and non-cash compensation)     758,168   701,996   132,094   114,179
Depreciation                    144,484   141,967    36,446    38,042
Amortization                        889     1,193       222       217
Non-cash compensation             2,794       643     2,174       161
                              ---------- --------- --------- ---------
Income (loss) from
 operations                     183,347   152,791   (59,113)  (47,170)
                              ---------- --------- --------- ---------
Interest expense (net)          183,489   191,581    48,838    45,763
Minority interest in earnings
 (losses)                        39,794    37,686    (4,234)   (4,010)
Early repurchase of debt         19,303    37,731        --     5,869
Other expense                    25,952    27,555    13,020     8,201
                              ---------- --------- --------- ---------
Loss from continuing
 operations before income
 taxes                          (85,191) (141,762) (116,737) (102,993)
Income tax (expense) benefit     (3,705)  (32,003)       86    (3,087)
                              ---------- --------- --------- ---------
Loss from continuing
 operations                     (88,896) (173,765) (116,651) (106,080)
Discontinued operations, net
 of net tax benefit of
 $57,406 in the year ended
 2004                           (22,042) (291,044)  (22,357)   (3,451)
                              ---------- --------- --------- ---------
Net loss                     $ (110,938)$(464,809)$(139,008)$(109,531)
                              ========== ========= ========= =========
Net loss applicable to
 common stock                $ (132,908)$(486,777)$(144,500)$(115,021)
                              ========== ========= ========= =========
Per share - basic and
 diluted:
   Loss from continuing
    operations               $    (1.19)$   (2.10)$   (1.31)$   (1.20)
   Discontinued operations        (0.24)    (3.13)    (0.24)    (0.04)
                              ---------- --------- --------- ---------
   Net loss                  $    (1.43)$   (5.23)$   (1.55)$   (1.24)
                              ========== ========= ========= =========
Other Data:
EBITDA (Modified) (2)        $  331,514 $ 296,594 $ (20,271)$  (8,750)
Adjusted EBITDA(2)           $  286,840 $ 253,552 $ (17,257)$  (5,983)
EBITDA (Modified) (including
 Houston AstroWorld and
 excluding management change
 items) (2)                  $  351,920 $ 301,638 $  (7,118)$ (10,062)
Adjusted EBITDA (including
 Houston AstroWorld and
 excluding management change
 items) (2)                  $  307,246 $ 258,596 $  (4,104)$  (7,295)
Average weighted shares
 outstanding - basic and
 diluted                         93,110    93,036    93,124    93,042
Net cash provided by (used
 in) operating activities    $  121,324 $  33,199 $ (90,038)$ (81,460)

                          Balance Sheet Data
                            (In Thousands)
                                 # # #

Balance Sheet Data                 December 31, 2005 December 31, 2004
                                   ----------------- -----------------
Cash and cash equivalents
 (excluding restricted cash)      $          81,534 $          68,807
Total assets                              3,493,119         3,642,227
Current portion of long-term debt
 (excluding debt called for
 repayment in 2004)                         113,601            24,394
Long-term debt (excluding current
 portion)                                 2,128,756         2,125,121
Mandatorily redeemable preferred
 stock                                      283,371           282,245
Total stockholders' equity                  694,208           826,065

-----------------------------------

(1) Revenues and expenses of international operations are converted
    into dollars on a current basis as provided by accounting
    principles generally accepted 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 non-cash compensation.
    Adjusted EBITDA, also a non-GAAP measure, is defined as EBITDA
    (Modified) minus the interest of third parties in EBITDA of the
    four parks that are less than wholly owned. The Company believes
    that EBITDA (Modified) and Adjusted EBITDA (collectively, the
    "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.

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

                                                   Three Months Ended
                           Year Ended December 31,     December 31,
                           ----------------------- -------------------
                              2005        2004       2005      2004
                           ----------- ----------- --------- ---------

Net loss                    $(110,938)  $(464,809)$(139,008)$(109,531)
Discontinued operations,
 net of tax benefit            22,042     291,044    22,357     3,451
Income tax expense
 (benefit)                      3,705      32,003       (86)    3,087
Other expense                  25,952      27,555    13,020     8,201
Early repurchase of debt       19,303      37,731        --     5,869
Minority interest in
 earnings (losses)             39,794      37,686    (4,234)   (4,010)
Interest expense (net)        183,489     191,581    48,838    45,763
Amortization                      889       1,193       222       217
Depreciation                  144,484     141,967    36,446    38,042
Non-cash compensation           2,794         643     2,174       161
                           ----------- ----------- --------- ---------
EBITDA (Modified)             331,514     296,594   (20,271)   (8,750)
Third party interest in
 EBITDA of certain parks
 (a)                          (44,674)    (43,042)    3,014     2,767
                           ----------- ----------- --------- ---------
Adjusted EBITDA              $286,840    $253,552  $(17,257)  $(5,983)
                           =========== =========== ========= =========

The following table sets forth a reconciliation of Adjusted EBITDA to
Adjusted EBITDA before giving effect to the reclassification of Six
Flags AstroWorld as a discontinued operation and to expenses directly
associated with the senior management and corporate strategy changes.

                                                        Years Ended
                                                       December 31,
                                                     -----------------
                                                      2005     2004
                                                     -------- --------

Adjusted EBITDA                                    $ 286,840 $253,552
AstroWorld EBITDA(b)                                   7,801    5,044
Management change operating expenses (c)              12,605       --
                                                     -------- --------
Adjusted EBITDA                                    $ 307,246 $258,596
                                                     ======== ========

The Company is not able as of this date to provide a reliable estimate
of its income tax benefit and other income (expense) for the year
ending December 31, 2006. Therefore, a reliable estimate of its net
loss for that year is not available. Accordingly, the following table
sets forth a reconciliation of expected income from operations for
2006 to expected EBITDA and expected Adjusted EBITDA for such year.
Since the EBITDA-Based Measures are calculated before income taxes and
other expense, the absence of estimates with respect to these items
would not affect the expected EBITDA-Based Measures presented. For
2006, expected interest expense (net) is approximately $190,000 and
expected minority interest in earnings is approximately $42,000.

                                                        Year Ending
                                                     December 31, 2006
                                                     -----------------
Income from operations (d)                         $          233,300
Amortization                                                      900
Depreciation                                                  150,000
Non-cash compensation (e)                                       2,800
                                                     -----------------
EBITDA (Modified)                                             387,000
Third-party interest in EBITDA of certain parks(a)            (47,000)
                                                     -----------------
Adjusted EBITDA                                    $          340,000
                                                     =================

(a) 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.

(b) Excludes costs associated with the closure of the park of
    approximately $3.0 million in 2005.

(c) Includes approximately $7.9 million in severance and related
    costs, $3.1 million associated with the write-off of costs
    incurred in preparing for the development of a hotel at the
    Company's park in New Jersey, and miscellaneous other expenses.

(d) Excludes additional expenses associated with senior management and
    corporate strategy changes which are being incurred in 2006.

(e) Excludes costs related to stock option grants which will be
    expensed beginning in 2006.
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