This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cedar Fair Reports Strong Results Through Labor Day

SANDUSKY, Ohio, Sept. 5, 2012 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN) today reported strong financial results through Labor Day weekend and, as a result, reaffirmed that it is on track for its third-consecutive year of record performance in 2012. 

As of September 3, 2012, year-to-date net revenues increased approximately $40 million, or 5%, to approximately $881 million compared with $841 million for the same period a year ago.  Driving this year-over-year growth was a 4% increase in average in-park guest per capita spending to $41.74, coupled with a 1% increase in attendance to 19.4 million visitors and a 1% increase in out-of-park revenues to approximately $93 million.  

"We are very pleased with the year-to-date performance of our parks through Labor Day, as we saw strength in both in-park per capita spending and attendance," said Matt Ouimet, Cedar Fair's president and chief executive officer.  "We were successful in maintaining integrity in our pricing through the peak months of July and August, which has resulted in strong growth in our average in-park guest per capita spending, including our admissions per capita which was up 3%.  At the same time, we have been able to increase attendance from last year's record levels, primarily through the introduction of world-class rides and attractions and record season pass sales.  These results are a testament to the value our customers place on a full day of entertainment at our parks and the quality of service that our associates offer.

"We feel very good about the response our guests have had to our 'FUNforward' growth initiatives and would expect to keep this momentum going in the fall season with our award-winning Halloween offerings," added Ouimet.  "The highlight of our Halloween activities this year will be the celebration of the 40 th anniversary of the 'Haunt' at Knott's Berry Farm, which will also feature an all-new interactive maze and premium experience called 'TRAPPED'.  Our other parks will feature several new shows and mazes for guests to enjoy as well.  Our flagship park, Cedar Point, will also be taking advantage of its new stage on Celebration Plaza with 'Skeleton Crew,' a new show that is sure to entertain friends and families of all ages with high-flying acrobats and other extraordinary acts."

Ouimet added, "Based on the strength of our results through Labor Day and the positive momentum we have heading into our important fall season, we remain confident in our 2012 full-year revenue guidance of $1.055 billion to $1.075 billion and our Adjusted EBITDA guidance of $385 million to $395 million."

Ouimet also noted the Company is on track to pay more than $2.00 per limited partnership unit in distributions in 2013, up from its current distribution rate of $1.60 per unit for 2012.  The Company expects to provide additional information regarding the 2013 distribution rate on its third-quarter conference call with investors, scheduled for Tuesday, November 6, 2012.

About Cedar Fair Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world.  The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels.  Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario.  Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract.  Cedar Fair's flagship park, Cedar Point, has been consistently voted the "Best Amusement Park in the World" in a prestigious annual poll conducted by Amusement Today newspaper.

Forward-Looking Statements Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future.  These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.  Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance and guest spending at our parks and cause actual results to differ materially from the Company's expectations.  Additional information on risk factors that may affect the business and financial results of the Company can be found in filings the Company has made with the SEC.  The Company undertakes no obligations to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

This news release and prior news releases are available online at www.cedarfair.com .

Contact: Stacy Frole ( 419) 627-2227

SOURCE Cedar Fair Entertainment Company

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs