Snyder/Shapiro wasn't half bad, actually. They obviously could stop the landslide that Story, Burke & Co. started, but I think they did a decent job of improving the parks. Weber wasn't doing anything differently, aside from cutting showtimes, from what I hear.
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Last edited by larrygator on Mon Aug 16, 2010 10:43 am.
As usual, my analysis is free of charge! Original enough to not steal someone else's quote as a signature
I'm sure others have followed the SF bankruptcy/restructuring/firing/hiring saga. I've seen these issues frequently discussed in park specific threads, but felt, given the recent events, that it deserved its own thread.
To an uniformed outsider (me), it appears that Six Flags is going back to it's pre-shapiro-redzone era. The last management regime believed in taking these regional parks and adding theming, branding and intellectual property (+Terminator, -Ad Wraps on Coasters). The current management team appears to be in dissaray and is having trouble with such mundane things as fact checking press releases (SFOG I'm looking at you). Yes the new team hasn't had a huge amount of time to implement any significant changes, but the changes I've seen so far have not been particularly postive.
So here is a thread to discuss this more intelligently than I've started to. Thoughts?
Chris "seriously did a search for an existing post this time" Connolly
Their new CEO (Jim-Reid Anderson) has appointed a new CFO and General Counsel. Press release:
Six Flags Entertainment Corporation Announces John Duffey to Join Company as Chief Financial Officer and Lance Balk to Serve as General Counsel
DALLAS, Sept. 7 /PRNewswire-FirstCall/ -- Six Flags Entertainment Corporation (NYSE: SIX), the world's largest regional theme park operator, today announced that John M. Duffey has been named Chief Financial Officer of Six Flags and Lance C. Balk has been named General Counsel of Six Flags. Both appointments are effective immediately.
"I have previously worked with both John and Lance and I know that they will be outstanding additions to the Six Flags team," said Jim Reid-Anderson, Chairman, President and Chief Executive Officer of Six Flags. "Both John and Lance have proven expertise in helping companies achieve their full potential following a successful financial restructuring. I am very much looking forward to collaborating with them to enhance the theme park experience for our guests and to continue improving the Company's financial and operational performance."
Jeffrey Speed, former Chief Financial Officer of Six Flags, is leaving the Company to pursue other opportunities. Also, as previously announced, James Coughlin, the Company's former General Counsel, entered into a consulting agreement with the Company effective July 28, 2010.
John M. Duffey
Mr. Duffey previously served as Executive Vice President and Chief Integration Officer of Siemens Healthcare Diagnostics, and was responsible for leading the integration of Siemens Medical Solutions Diagnostics and Dade Behring. Prior to Dade Behring's acquisition by Siemens AG, Mr. Duffey served as the Executive Vice President and Chief Financial Officer of Dade Behring Inc., where he negotiated and led the company through a debt restructuring and entry into the public equity market. He was instrumental in realigning the company's cost structure, leading to significantly improved profitability, cash flow and debt profile overall. Mr. Duffey holds a Bachelor of Arts degree in Accounting from Michigan State University.
Lance C. Balk
Mr. Balk previously served as Senior Vice President and General Counsel of Siemens Healthcare Diagnostics. Prior to Dade Behring's acquisition by Siemens AG, he served in the same capacity at Dade Behring. In these roles Mr. Balk was responsible for global legal matters. Before joining Dade Behring, Mr. Balk was a partner at Kirkland & Ellis LLP, where he co-founded the firm's New York corporate and securities practices. Mr. Balk holds a JD and an MBA from the University of Chicago, and a Bachelor of Arts degree in Philosophy from Northwestern University.
About Six Flags
Six Flags Entertainment Corporation is a publicly traded corporation headquartered in Dallas, Texas with 19 parks across the United States, Mexico and Canada. Six Flags Over Texas, the company's flagship location, was founded in 1961 and will mark its 50th anniversary season in 2011.
SOURCE Six Flags Entertainment Corporation
Sounds like he wanted guys he had already worked with in his company. Nothing really shocking here, but I thought it was worth posting.
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Jim Reid-Anderson -- Current CEO of SIX---Is known in the corporate world as a business turn around artist. Subtracting his six month tenure at Apollo (a buy-out company with holdings in theme parks like Universal and Legoland and who also recently attempted to buy Cedar Fair) his main experience is with large companies that sell directly to other businesses. Business to Business corps flourish with tight fisted CEO's. If we've learned one thing about theme park companies, they need a big dreamer with business accumine to be a success. His recent move of hiring former Siemens execs (his former company) is disconcerting.
Six Flags Entertainment Corp. (SIX) [Chart - Analysis - News] established a new 52-week high yesterday at $42.99. Clearly investors are enthusiastic about the firm's prospects. The rally was accompanied by higher than average volume, which adds to the momentum behind yesterday's move.
The question is, can SIX continue moving higher? The stock has gained 27.62% during the past month, has a price-to-book value of 1.5 and a PEG ratio of 0.
Studies have shown that investors who buy stocks after hitting yearly highs during a bull market achieve higher average returns that the broad market indexes. This is a great example of the trader adage that "the trend is your friend." However, these historical results are based on large averages---and some bullish momentum in the market. It is much more difficult to say whether SIX, as a single stock, will continue to hit new highs. But for the time being, things look promising.
SIX competes in the General Entertainment industry with Carnival Corporation (CCL) [Chart - Analysis - News]---the largest firm in the industry group---and Royal Caribbean Cruises Ltd. (RCL) [Chart - Analysis - News], who have returned 8.72% and 10.01% during the past month, respectively. SIX is likely to be sensitive to its competitors so future weakness in the General Entertainment industry could be an early warning sign that things might be turning around.
Change the scheme, Alter the mood! Electrify the boys and girls if you would be so kind!
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