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Six Flags Overstated Net Income Three Consecutive Years
Theme park operator won’t immediately correct understated accounting errors.
November 14, 2023
Six Flags Entertainment (SIX), a water and theme park operator, understated stock based compensation (SBC) expense for periods beginning in the first quarter of 2020 through the fourth quarter of 2022. The company says it inadvertently reversed SBC expense for vested for dividend equivalent rights (DERs).
The misstatement resulted in Six Flags:
—Overstating net income attributable to the company by $2.3 million, or 2% in the three months ended October 2, 2022
—Overstating net income attributable to the company by $4.2 million, or 4.6% in the nine months ended October 2, 2022
Management corrected only the aforementioned periods in its latest quarterly filing.
Prior periods containing misstatements will be corrected in future filings.
Six Flags did not detail how the error occurred nor did it assure investors the issue leading to the error had been fixed.
The company did not acknowledge any control deficiencies in its latest quarterly filing.
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