Cedar Fair Shares Tumble On 3Q Profit, Sales

SANDUSKY, Ohio (AP) — Amusement park operator Cedar Fair Entertainment Co. said Tuesday that profit rose in the third quarter from a year-ago period hurt by charges, but weaker-than-expected revenue sent the company's shares tumbling 27 percent.

Cedar Fair, based in Sandusky, Ohio, said sales dropped as attendance fell, primarily because companies, schools and other groups cut back their visits to amusement parks amid the difficult economy.

The company's third-quarter profit rose 18 percent to $107.6 million, or $1.92 per share, in the quarter that ended Sept. 27. That compares with profit of $91.5 million, or $1.65 per share, a year earlier, when the results included $6 million in asset writedowns.

Revenue slipped 4 percent to $519.9 million from $540.3 million as amusement park attendance fell, fewer people bought season passes and hotel revenue declined.

Analysts polled by Thomson Reuters had expected higher profit of $1.94 per share and sales of $533.5 million.

Shares of Cedar Fair closed Tuesday at $6.99, down 27 percent on the day on heavier than usual trading volume.