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CEDAR FAIR, L.P. REPORTS 1991 THIRD QUARTER REVENUES AND NET INCOME DECREASED DUE TO SEVEN FEWER OPERATING DAYS

       CEDAR FAIR, L.P. REPORTS 1991 THIRD QUARTER REVENUES AND
        NET INCOME DECREASED DUE TO SEVEN FEWER OPERATING DAYS
    SANDUSKY, Ohio, Nov. 5 /PRNewswire/ -- Cedar Fair, L.P. (NYSE: FUN), a Delaware limited partnership which operates two midwestern amusement/ theme parks, today announced results for the third quarter of 1991.
    Net revenues for the parks decreased to $84.1 million for the quarter ended Sept. 29, 1991 from $88.3 million in the comparable quarter last year.  Net income for the period was $40.9 million, or $1.91 per limited partner unit, down 3 percent from $42.4 million, or $1.98 per unit, in 1990.  Operating results for the current quarter were significantly impacted by one less week of late June operations compared to the same period last year, due to the timing of the partnership's fiscal quarter ending dates.  On a comparable basis, both net revenues and net income for the quarter actually increased 4 percent to $91.4 million and $44.2 million, or $2.07 per unit, respectively.  Excluding the effect of having one less week in the quarter, combined in-park guest per capita spending increased 5 percent while attendance decreased 3 percent, according to Richard L. Kinzel, president and chief executive officer.
    Cedar Point, located on Lake Erie between Cleveland and Toledo, and Valleyfair near Minneapolis/St. Paul, concluded their 123-day and 120-day operating seasons on Sept. 29.  Kinzel explained that virtually all of Cedar Fair's gross income is realized from early May to late September, with the major portion historically concentrated in the peak vacation months of July and August.
    For the entire 1991 operating season, combined in-park guest per capita spending rose 5 percent, to $28.29 from $26.91, and combined attendance declined 1 percent to 4,088,000 compared with 4,130,000 in 1990.  "While our attendance expectations were higher than achieved in 1991, in light of the current economic climate we are pleased that our attendance exceeded 4 million for the fourth time in the past five years.  We worked very hard this summer to control our operating costs and the efforts are reflected at the bottom line and in our cash distribution increase," Kinzel said.
    Cedar Fair's cash distribution was increased 10 percent to an annual rate of $1.60 with the third quarter distribution of 40 cents per unit, declared on Sept. 23 and payable Nov. 15 to holders of record Oct. 7.
    Looking ahead to the 1992 operating season, Kinzel noted that $12 million in capital expenditures are already underway at the partnership's two parks.  Projects at Cedar Point include "Challenge Park," a themed 36-hole adventure golf area and a 2-acre raceway featuring Grand Prix/Formula-style race cars, a major family-oriented addition to Kiddieland featuring the popular Berenstein Bear characters, and the addition of 91 more suites to the Sandcastle Suites Hotel. Capital expenditures at Valleyfair will include a dramatic $2.4 million big splash boat ride, named The Wave, that will feature a guest viewing splash basin.
                           CEDAR FAIR, L.P.
                    SUMMARY STATEMENT OF OPERATIONS
                                  (unaudited)
                                          Three Months Ended
    (In thousands                   Sept. 29, 1991    Sept. 30, 1990
     except per unit)
    Net revenues                      $  84,063         $  88,283
    Operating costs and expenses         35,747            38,231
    Depreciation and amortization         5,992             5,970
    Operating income                  $  42,324         $  44,082
    Interest expense                      1,399             1,720
    Net income                        $  40,925         $  42,362
    Per Limited Partner Unit:
      Net income                      $    1.91         $    1.98
      Cash distributions declared     $     .40         $   .3625
    Number of units outstanding          21,162            21,162
                                          Twelve Months Ended
    (In thousands                   Sept. 29, 1991    Sept. 30, 1990
     except per unit)
    Net revenues                      $ 128,065         $ 121,898
    Operating costs and expenses         74,500            71,305
    Depreciation and amortization        10,296             9,743
    Operating income                  $  43,269         $  40,850
    Interest expense                      6,568             7,225
    Net income                        $  36,701         $  33,625
    Per Limited Partner Unit:
      Net income                      $    1.72         $    1.57
      Cash distributions declared     $  1.4875         $    1.30
    Number of units outstanding          21,162            21,162
    -0-                         11/5/91
    /CONTACT:  Juris Pagrabs of Cedar Fair, L.P., 419-627-2293/
    (FUN) CO:  Cedar Fair, L.P. ST:  Ohio IN:  ENT SU:  ERN KK -- CL008 -- 1155 11/05/91 10:10 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 5, 1991
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/FROM PR NEWSWIRE CLEVELAND 216-566-7777/ TO BUSINESS EDITOR:.

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