SIX FLAGS ANNOUNCES 20 PERCENT REVENUE GROWTH AND RECORD $22 MILLION ADJUSTED EBITDA FOR THE FOURTH QUARTER 2010

(1)

Consolidation was required beginning January 1, 2010 pursuant to the Financial Accounting Standards Board Accounting Standards Codification Topic 810, "Consolidation".  Reported results for 2009 have not been adjusted to reflect the consolidation of the Lodge.

(2)

See the following financial statements and Note 4 to those financial statements for a discussion of Adjusted EBITDA and its reconciliation to net income (loss).

(3)

"Cash earnings per share", which is defined as Free Cash Flow divided by the weighted average shares outstanding, is not a U.S. GAAP defined measure. The company believes this measure provides meaningful profitability metrics, given current accumulated tax loss carryforwards and the net depreciations/amortization impacts relating to the revaluation of assets in connection with the company's emergence from Chapter 11.

(4)

See Note 6 to the following financial statements for a discussion and definition of Free Cash Flow.

(5)

Net Debt represents total long-term debt, including current portion, less cash and cash equivalents.

Six Flags Entertainment Corporation

(In Thousands, Except Per Share Amounts)

Statements of Operations Data (1)

Three Months Ended

December 31,

2010

2009

Successor

Predecessor

Revenue

$           121,789

$                 101,119

Costs of products sold

9,408

7,500

Operating expenses (excluding

depreciation, amortization,

stock-based compensation

and loss on disposal of assets)

95,625

106,455

Depreciation

39,807

36,599

Amortization

4,511

285

Stock-based compensation

13,447

635

Loss on disposal of assets

10,599

5,680

Interest expense (net)

19,354

14,917

Equity in (income) loss from

operations of partnerships

343

(952)

Loss on early repurchase of debt

17,536

-

Other income, net

(4,704)

(788)

Restructure costs

5,955

-

Loss from continuing operations before

reorganization items, income taxes and

discontinued operations

(90,092)

(69,212)

Reorganization items, net

2,509

16,165

Loss from continuing operations

before income taxes and discontinued operations

(92,601)

(85,377)

Income tax expense (benefit)

2,634

(2,312)

Loss from continuing operations before

discontinued operations

(95,235)

(83,065)

Income (loss) from discontinued operations

50

(32,464)

Net Loss

$           (95,185)

$                (115,529)

Less: Net loss attributable to

 noncontrolling interests

891

-

Net loss attributable to

 Six Flags Entertainment Corporation

$           (94,294)

$                (115,529)

Net loss applicable to Six Flags Entertainment

 Corporation common stockholders

$           (94,294)

$                (115,529)

Per share - basic and diluted:

    Loss from continuing operations

      applicable to Six Flags Entertainment

      Corporation common stockholders

$               (3.38)

$                      (0.85)

    Loss from discontinued operations

      applicable to Six Flags Entertainment

      Corporation common stockholders

$                 0.00

$                      (0.33)

Net loss applicable to Six Flags Entertainment

  Corporation common stockholders

$               (3.38)

$                      (1.18)

Weighted average shares

 outstanding - basic and diluted

27,857

98,054

Six Flags Entertainment Corporation

(In Thousands, Except Per Share Amounts)

Statements of Operations Data (1)

Four Months Ended

Eight Months Ended

Twelve Months Ended

April 30,

December 31,

December 31,

2010

2010

2010

2009

Predecessor (2)

Successor

Combined

Predecessor

Revenue

$                     128,077

$                 847,812

$             975,889

$          898,932

Costs of products sold

12,132

66,965

79,097

75,296

Operating expenses (excluding

depreciation, amortization,

stock-based compensation

and loss on disposal of assets)

162,526

415,961

578,487

603,838

Depreciation

45,373

106,315

151,688

140,735

Amortization

302

12,034

12,336

972

Stock-based compensation

718

18,668

19,386

2,597

Loss on disposal of assets

1,923

11,727

13,650

11,135

Interest expense (net)

74,134

53,842

127,976

105,435

Equity in (income) loss from

operations of partnerships

(594)

1,372

778

(3,122)

Loss on early repurchase of debt

-

18,493

18,493

-

Other (income) expense, net

(802)

956

154

17,304

Restructure costs

-

37,417

37,417

-

Income (loss) from continuing operations before

reorganization items, income taxes and

discontinued operations

(167,635)

104,062

(63,573)

(55,258)

Reorganization items, net

(819,473)

7,479

(811,994)

101,928

Income (loss) from continuing operations

before income taxes and discontinued operations

651,838

96,583

748,421

(157,186)

Income tax expense

112,648

11,177

123,825

2,902

Income (loss) from continuing operations before

discontinued operations

539,190

85,406

624,596

(160,088)

Income (loss) from discontinued operations

9,759

(565)

9,194

(34,007)

Net income (loss)

$                     548,949

84,841

$             633,790

$        (194,095)

Less: Net income attributable to

 noncontrolling interests

(76)

(34,788)

(34,864)

(35,072)

Net income (loss) attributable to

 Six Flags Entertainment Corporation

$                     548,873

$                   50,053

$             598,926

$        (229,167)

Net income (loss) applicable to Six Flags Entertainment

 Corporation common stockholders

$                     548,873

$                   50,053

$             598,926

$        (245,509)

Per share - basic and diluted:

    Income (loss) from continuing operations

      applicable to Six Flags Entertainment

      Corporation common stockholders

$                           5.50

$                       1.83

$              (2.16)

    Income (loss) from discontinued operations

      applicable to Six Flags Entertainment

      Corporation common stockholders

$                           0.10

$                      (0.02)

$              (0.35)

Net income (loss) applicable to Six Flags Entertainment

  Corporation common stockholders

$                           5.60

$                       1.81

$              (2.51)

Weighted average shares

 outstanding - basic and diluted

98,054

27,650

N/A

97,720

The following table sets forth a reconciliation of net loss to Adjusted EBITDA and Free Cash Flow for the

periods shown (in thousands):

Three Months Ended

December 31,

2010

2009

Successor

Predecessor

Net loss

$            (95,185)

$               (115,529)

(Income) loss from discontinued operations

(50)

32,464

Income tax expense (benefit)

2,634

(2,312)

Restructure costs

5,955

-

Reorganization items, net

2,509

16,165

Other income, net

(4,704)

(788)

Loss on early repurchase of debt

17,536

-

Equity in (income) loss from

operations of partnerships

343

(952)

Interest expense (net)

19,354

14,917

Loss on disposal of assets

10,599

5,680

Amortization

4,511

285

Depreciation

39,807

36,599

Stock-based compensation

13,447

635

Impact of Fresh Start valuation adjustments (3)

888

-

Modified EBITDA (4)

17,644

(12,836)

Third party interest in EBITDA

 of certain operations (5)

4,156

5,403

Adjusted EBITDA (4)

$              21,800

$                   (7,433)

Cash paid for interest (net)

(24,855)

(8,447)

Capital expenditures (net of property insurance recoveries)

(18,381)

(24,720)

Cash taxes

(1,002)

(515)

Free Cash Flow (6)

$            (22,438)

$                 (41,115)

The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA and Free Cash Flow for the

periods shown (in thousands):

Four Months Ended

Eight Months Ended

Twelve Months Ended

April 30,

December 31,

December 31,

2010

2010

2010

2009

Predecessor (2)

Successor

Combined

Predecessor

Net income (loss)

$            548,949

$                   84,841

$              633,790

$        (194,095)

(Income) loss from discontinued operations

(9,759)

565

(9,194)

34,007

Income tax expense

112,648

11,177

123,825

2,902

Restructure costs

-

37,417

37,417

-

Reorganization items, net

(819,473)

7,479

(811,994)

101,928

Other (income) expense, net

(802)

956

154

17,304

Loss on early repurchase of debt

-

18,493

18,493

-

Equity in (income) loss from

operations of partnerships

(594)

1,372

778

(3,122)

Interest expense (net)

74,134

53,842

127,976

105,435

Loss on disposal of assets

1,923

11,727

13,650

11,135

Amortization

302

12,034

12,336

972

Depreciation

45,373

106,315

151,688

140,735

Stock-based compensation

718

18,668

19,386

2,597

Impact of Fresh Start valuation adjustments (3)

-

4,562

4,562

-

Modified EBITDA (4)

(46,581)

369,448

322,867

219,798

Third party interest in EBITDA

 of certain operations (5)

2,745

(30,571)

(27,826)

(22,599)

Adjusted EBITDA (4)

$            (43,836)

$                 338,877

$              295,041

$          197,199

Cash paid for interest (net)

(35,754)

(43,611)

(79,365)

(83,811)

Capital expenditures (net of property insurance recoveries)

(37,125)

(42,286)

(79,411)

(97,894)

Cash taxes

(4,005)

(4,068)

(8,073)

(4,606)

Free Cash Flow (6)

$          (120,720)

$                 248,912

$              128,192

$            10,888

Balance Sheet Data

(In Thousands)

Balance Sheet Data

April 30, 2010 (2)

December 31, 2010

12/31/2009

Cash and cash equivalents

 (excluding restricted cash)

$                     54,510

$         187,061

$      164,830

Total assets

2,809,866

2,733,253

2,907,652

Current portion of long-term debt

34,677

32,959

439,826

Long-term debt (excluding current

 portion)

1,009,233

938,195

1,966,754

Redeemable noncontrolling interests

446,449

441,655

355,933

Mandatory redeemable preferred

 stock

-

-

306,650

Total stockholders' equity / (deficit)

811,010

868,163

(584,174)

(1)  Revenues and expenses of international operations are converted into U.S. dollars on an average basis as provided by GAAP.

(2)  Previously reported amounts have changed on the Predecessor financials.  These changes are primarily related to

     classifications between income tax expense and reorganization items, net, and a related increase in predecessor goodwill.

     There were no changes to net income, earnings per share or total stockholder's equity / (deficit).

(3) Amounts recorded as valuation adjustments and included in reorganization items for the month of April 2010 that would have

     been included in Modified EBITDA and Adjusted EBITDA, had fresh start reporting not been applied.  Balance consists primarily

     of an insurance claim received after emergence from bankruptcy that was recorded at its fair value as a contingent asset for fresh

     fresh start reporting.

(4)  “Adjusted EBITDA”, a non-GAAP measure, is defined as the Company’s consolidated income (loss) from continuing operations:

     (i) excluding the cumulative effect of changes in accounting principles, fresh start accounting valuation adjustments,

     discontinued operations, income tax expense or benefit, reorganization items, restructure costs, other income or expense,

     gain or loss on early extinguishment of debt, equity in operations of partnerships, interest expense (net), amortization, depreciation,

     stock-based compensation, gain or loss on disposal of assets, interests of third parties in the Adjusted EBITDA of properties

     that are less than wholly owned by the Company (consisting of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White

     Water Atlanta and Six Flags Great Escape Lodge & Indoor Waterpark, and (ii) plus the Company’s share of the Adjusted

     EBITDA of dick clark productions, inc.  The Company believes that Adjusted EBITDA provides 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 Adjusted EBITDA is useful to investors, equity analysts and rating agencies as a measure of the Company's

     performance.  The Company uses Adjusted EBITDA in its internal evaluation of operating effectiveness and decisions regarding the

     allocation of resources.  In addition, Adjusted EBITDA is approximately equal to “Parent Consolidated Adjusted EBITDA” as defined

     in the Company’s secured credit facilities, except that Parent Consolidated Adjusted EBITDA excludes Adjusted EBITDA from

     equity investees that is not distributed to the Company in cash on a net basis and has limitations on the amounts of certain

     expenses that are excluded from the calculation.  Adjusted EBITDA is not defined by GAAP and should not 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.  Adjusted EBITDA as defined herein may differ from similarly titled measures presented by other companies.

    "Modified EBITDA", a non-GAAP measure,  is defined as Adjusted EBITDA plus the interests of third parties in the Adjusted EBITDA

    of the properties that are less than wholly owned (consisting of Six Flags Over Georgia, Six Flags White Water Atlanta, Six Flags

    Over Texas, the Lodge plus the Company's interest in the Adjusted EBITDA of dick clark productions, inc.).  The Company believes

    that Modified EBITDA is useful in the same manner as Adjusted EBITDA, with the distinction of representing a measure that can be

    more readily compared to other companies that do not have interests of third parties in any of their properties or equity investments.

    Modified EBITDA is not defined by GAAP and should not 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.  Modified EBITDA as defined

    herein may differ from similarly titled measures presented by other companies.

(5)  Represents interests of third parties in the Adjusted EBITDA of Six Flags Over Georgia, Six Flags Over Texas, Six Flags White

     Water Atlanta and the Lodge, plus our interest in the Adjusted EBITDA of dick clark productions, which are less than wholly owned.

(6)  Free Cash Flow, a non-GAAP measure, is defined as Adjusted EBITDA less (i) cash paid for interest expense net of interest income

     receipts, (ii) capital expenditures net of property insurance recoveries (which includes $8.0 million of proceeds, in the third quarter,

     related to the final settlement of an insurance claim for Six Flags New Orleans), and (iii) cash taxes.  The Company has excluded

     from the definition of Free Cash Flow the $70.3 million in post-petition interest paid to the holders of the Six Flags Operations notes

     that were extinguished in April 2010, the deferred financing costs related to the Company's new debt of $41.8 million incurred

     in the second quarter of 2010, and the deferred financing costs related to the Company's debt refinancing of $11.8 million incurred

     in the fourth quarter of 2010, due to the unusual nature of these items.  The Company believes that Free Cash Flow is useful to

     investors, equity analysts and rating agencies as a performance measure.  The Company uses Free Cash Flow in its internal

     evaluation of operating effectiveness and decisions regarding the allocation of resources.  Free Cash Flow is not defined by GAAP

     and should not 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.  Free Cash Flow as defined herein may differ from similarly titled

     measures presented by other companies.