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

While we believe our unit holders appreciate performance updates throughout our operating season, it is important to remember that such abbreviated snapshots cannot be readily extrapolated to the full year. History has shown us that extreme weather conditions typically average out over the course of the full operating season and as we have seen a return to more normal weather patterns over the past couple of weeks we have seen attendance begin to normalize as well.

While this year’s attendance through August 5th is essentially flat compared with the record attendance of the prior year, our new initiatives have allowed us to drive strong guest per capita spending levels and to grow our revenues. We remain positive that we are on track to meet our guidance of full year to net revenues between $1.055 billion and $1.075 billion and adjusted EBITDA between $385 million and $395 million.

A little over six months ago we unveiled to investors our FUN forward long term growth strategy which included six key growth initiatives. Through these key initiatives we expect to grow adjusted EBITDA to $450 million by 2016. While we are only a little more than three months into the operational execution of this plan, we remain confident in our ability to meet these expectations.

One of these initiatives in enhanced guest experience focuses on delivering a compelling value for the price paid at every park every day. We believe one of the best metrics in determining its success with this initiative is a Net Promoter Score or NPS. For those of you not familiar with NPS, it is a customer relationship metric based on the fundamental perspective that every company’s customers can be divided into three categories: promoters, passive and detractors.

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