— Net revenues increase 3% to $284.5 million in second quarter
— Attendance in July up 5%, or 314,000 visits
— Reaffirms guidance of full-year adjusted EBITDA in the range of $350 million to $370 million
— Company declares $0.12 quarterly distribution payable September 15th; says it is on track to pay $1.00 per unit in distributions in 2011
SANDUSKY, Ohio, USA /PRNewswire/ — Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced results for the second quarter ended June 26, 2011, and discussed its strong attendance and revenue trends through July.
Second Quarter Results
Cedar Fair’s net revenues for the second quarter increased $8.9 million to $284.5 million, up 3% from $275.6 million in the second quarter ended June 27, 2010. Net income for the current quarter was $4.7 million, or $0.08 per diluted limited partner unit, versus a net loss of $4.2 million, or $0.08 per diluted limited partner unit, for the same period in 2010.
Adjusted EBITDA, which management believes is a meaningful measure of the Company’s park-level operating results, increased $3.8 million, or 4 percent, to $95.9 million, compared with $92.1 million during the same period last year. The increase in adjusted EBITDA is primarily attributable to the strong revenue and attendance trends experienced by the parks in the second quarter. See the attached table for a reconciliation of adjusted EBITDA to net income (loss).
“As we reach the calendar mid-point of 2011 – and proceed with our all-important summer season – we are certainly pleased with the continued momentum growing throughout our industry-leading properties,” said Dick Kinzel, Cedar Fair’s chief executive officer. “During the second quarter, our parks entertained 6.7 million visitors, an increase of approximately 93,000 visitors compared with this time last year. The western region leads the way in increased attendance as these parks continue our innovative marketing campaigns which include a renewed focus on their respective season pass programs. Equally pleasing is the fact that our average in-park guest per capita spending trends remain positive across all of our regions year-over-year.”
For the second quarter of 2011, average in-park guest per capita spending increased 1%, or $0.39, to $38.95 and out-of-park revenues increased 4% to $28.8 million compared with $27.8 million for the second quarter of 2010. “The strength of our operations and new offerings within our parks has allowed us to increase the average in-park guest per capita spending while increasing the mix of repeat customers through our season pass program,” said Kinzel.
Read the remainder of the report on the Cedar Fair website.
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. Amusement parks in the Company’s northern region include two in Ohio: Cedar Point and Kings Island; as well as Canada’s Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigan’s Adventure, MI. In the southern region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knott’s Berry Farm; California’s Great America; and Gilroy Gardens, which is managed under contract.
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