Shapiro's Management Plans: Uncovered

[david]

http://sec.gov/Archives/edgar/data/701374/000110465910000641/a10-1359_1ex99d1.htm

For those of you that ever wondered what happened under Shapiro, here is a huge description of everything financially. They also mention that the previous management spent over a billion dollars only on new investments. It notes that Great America has an intriguing 20 ACRES for future development. Where is all of this space? Would Chang have taken that much space?

Seems like the management really was trying their hardest to get themselves out of this mess.

[coasterkid94]

Did you catch the picture of Top Thrill Dragster in the report? How did that slip in there?

[david]

I did, I think companies use stock footage like that all the time. Probably a high up that doesn't know the difference.

[acquaz10]

David, note the confidential on the top of each page. I've seen that before but think next time you post something. As you can see this is how SF got out of bankruptcy and if you do even more research you can eventually find at 5 year outline of financial. A projected revenue of 2011 and a bunch of other stuff. Most interesting thing I found is how the parks are ranked together. They are ranked by there DMA I guess or something. But david I suggest removing that link, you don't want to get in trouble.

[shockwave guy mark]

http://sec.gov/Archives/edgar/data/701374/000110465910000641/a10-1359_1ex99d1.htm

For those of you that ever wondered what happened under Shapiro, here is a huge description of everything financially. They also mention that the previous management spent over a billion dollars only on new investments. It notes that Great America has an intriguing 20 ACRES for future development. Where is all of this space? Would Chang have taken that much space?

I think that land is actually land that is just unused like on the side of the park where the sign is, and maybe even across the street behind American Eagle. I am not sure where else it could be, that is a ton of land.

[monsterfan99]

^^ If it is on the SEC website, it is fair game. Once a company goes bankrupt, a ton of info that was once confidential gets released.

[RagingBullFan]

http://maps.google.com/maps?f=q&source= ... 9&t=h&z=16

That is the area that can be developed. It is directly to the right of the employee parking lot.

They have actually been trying to sell that land to a developer for a possible on property hotel, but those plans fell through long ago...

[FParker185]

There is no trouble to get into by posting that link, it's on the SEC website and is available to the public, and if it wasn't it could easily be gotten by anyone willing to put in a RFI for it as it is a matter of public record due to it being a publicly held company.

Alot of it is very interesting, though there is some dry stuff in there as well. Outlines really well what Shapiro had in mind.

[david]

I also noticed that St. Louis has 200+ acres of space to expand. WOW. They should really sell that area. No way their getting a coaster to exceed even more than about 50 acres.

David, note the confidential on the top of each page. I've seen that before but think next time you post something. As you can see this is how SF got out of bankruptcy and if you do even more research you can eventually find at 5 year outline of financial. A projected revenue of 2011 and a bunch of other stuff. Most interesting thing I found is how the parks are ranked together. They are ranked by there DMA I guess or something. But david I suggest removing that link, you don't want to get in trouble.

This document was discussing plans about Six Flags' emergence from Bankruptcy. Now public knowledge.

Outlines really well what Shapiro had in mind.

Shapiro looks like he had pretty high hopes for everything after bankruptcy.

[Ilovthevu']

Two of the things I see as intriguing. One is that they base popular rides on the Golden Ticket. Ha, ha. The other thing I find interesting is that they say that season pass holders are attending the park 7.5 million times out of 25 million people. What I find weird is that this is private, but yet they still don't disclose attendance numbers per each park.

[david]

That number just sounds wrong. How could Season Pass holders only take 7.5/20 million guests? Shouldn't that be more 50/50?

[Galvan]

This SEC filing isnt a "management secret" Its a company profile and strategy given to the SEC and creditors when a publicly traded company files bankruptcy and or when that company plans to exit bankruptcy.

[monsterfan99]

What I find weird is that this is private, but yet they still don't disclose attendance numbers per each park.

With the SEC, you only have to give total attendance among all parks. I can not remember if Cedar Fair gives them but I know Sea World Parks and Disney do not for each park.

That number just sounds wrong. How could Season Pass holders only take 7.5/20 million guests? Shouldn't that be more 50/50?

That wasn't guest, that was total visits. A company should hope and pray that number is never 50/50 as single day guest bring in more cash. Now if the prices were WDW or Disneyland, then it is a different story.

[Viper 88]

I think that land is actually land that is just unused like on the side of the park where the sign is, and maybe even across the street behind American Eagle. I am not sure where else it could be, that is a ton of land.[/quote]
It may be or when you are on the top of Sky Trek Tower you will se a little greenery and a small pond from the sky it looks kind of small but the perception might change on the ground.

[Cole]

#5 Steel and #3 woodie!

[Goku1910]

I finally found a topic by david that was worth my time to read.

Well played.

[david]

I finally found a topic by david that was worth my time to read.

Well played.

Why thank you!

[scipiomask]

It's kind of funny how all of the parks are something-hundred acres but Great Adventure is 2,200 acres.

[Galvan]

That is because SFGAdv, is 3 parks together.

[david]

Great Adventure has a Water Park, Amusement Park, and Zoo.

[Luxornv]

Did you catch the picture of Top Thrill Dragster in the report? How did that slip in there?

I thought it was a photo-negative filter on a picture of Kingda Ka

[acquaz10]

Here's some slides that kind of compare SFEC parks to CF parks. http://yahoo.brand.edgar-online.com/EFX ... 6D6F7BgJ77

Thats how they base their additions on I think. By the DMA's. The higher the DMA the greater the chance of the park getting something.

[LaTiNoObSeSeDSFGAm]

Very interesting!

If you scroll down to page 48 you will see the projected financial accounts. It had a net loss in 2009 of 207,843. In 2010 they projected the net loss of 86, 754. The net loss is lower this year than last year so they thought we will do better, or we are doing better not sure. I don't know when their fiscal year is, maybe June? Anyways, they are saying that in 2011 and so fourth there will be no net loss.

Also if you look at their expenses on the same page, they spent way more expenses than they had revenues, which is how they got their net loss.
Revenues - Expenses = Net Gain/loss
IN 2009 they spent over 126,230 on "other expenses" which includes employee wages, and all the other stuff used in the park such as repainting on rides ect. They spent more on these things than any other expense for the park!

Its interesting to read this because this is what Six Flags are assuming. At the bottom of the pages it states
"THE PROJECTIONS WERE PREPARED BY SIX FLAGS; THEY HAVE NOT BEEN AUDITED OR REVIEWED BY INDEPENDENT ACCOUNTANTS. THE SIGNIFICANT ASSUMPTIONS USED IN THE PREPARATION OF THE PROJECTIONS ARE STATED HEREIN." But most likely they are pretty accurate on the numbers.

Its still interesting to hear about how they believe the financial issues are and it still pretty bad even though it's not set up by an independent accounting.

[LaTiNoObSeSeDSFGAm]

Also, I havn't really been following up on how Shapiro resigned from CEO. I find it kind of odd and interesting how it just randomly happened...

Usually when CEO's resign it is because they dont want to deal with the company going bankrupt and shutting down.

[david]

Shapiro did not resign. He was "removed". I don't know all of the inner workings of what happened, but some people have said that the company entering bankruptcy is reason enough to ditch a CEO.