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TheStreet Open House

Cedar Fair's CEO Discusses Q2 2012 Results - Earnings Call Transcript

During today’s call we will make reference to adjusted EBITDA as defined in our earnings release. The required reconciliation of adjusted EBITDA is in the earnings release and is also available to investors on our website via the conference call access page. In compliance with SEC Regulation FD, this webcast is being made available to the media and the general public, as well as analysts and investors.

Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated, all content of the call will be considered fully disclosed.

Now I will turn the call over to Matt Ouimet .

Matt Ouimet

Thank you Stacy, and good morning, everyone. As we enter the final third of our operating season, I am pleased to report that results remain strong and our outlook positive. Based on our year-to-date results through this past weekend we are on target for another record year in 2012. This would be our third consecutive year of record-setting performance.

Brian will review the details behind the results through the second quarter in just a bit, but first I would like to briefly comment on our performance to-date. Based on preliminary results through this past Sunday, August 5th, year-to-date revenues have increased 3% or $21 million when compared with Sunday August 7, 2011. This increase reflects a 4% or $1.46 increase in average in-park guest per capita spending and a 2% or $1 million increase in the out of park revenues.

Year-to-date, attendants at our parks through this past weekend was comparable to the record setting performance of a year ago. While we are pleased with the strength of our revenue growth as a result of our increased per capita spending, I would first like to address our recent attendance trends.

Performance in July 2011 was unusually strong, presenting difficult year-over-year comparisons. While this was largely anticipated, we were further impacted by the extended heat and accompanying storms in the east and mid-west. The combination of these factors explains why our year-to-date attendance is now flat to the high bar we set in the prior year.

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