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CEDAR FAIR, L.P. ANNOUNCES SECOND QUARTER RESULTS

 SANDUSKY, Ohio, July 29 /PRNewswire/ -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership that operates three seasonal amusement/theme parks, today announced results for the second quarter of 1993.
 Net revenues increased 23 percent to $51.2 million for the quarter ended June 27, 1993, from $41.6 million for the quarter ended June 28, 1992. Net income for the period was $10.5 million, up slightly from $10.4 million in 1992, although per unit earnings declined from $.49 in 1992 to $.47 in 1993 due to the additional units outstanding from the acquisition of Dorney Park & Wildwater Kingdom last July. On a combined basis, attendance was up 23 percent and in-park guest per capita spending increased 1 percent over the prior year. Excluding Dorney Park, net revenues and net income for the quarter would have increased 3 percent to $42.9 million and $10.7 million, or $.50 per unit, on a 5 percent increase in in-park guest per capita spending offset by a 3 percent decrease in early-season attendance.
 As previously announced, the prolonged rain and flooding in the upper Midwest has adversely affected attendance at the partnership's smallest park, Valleyfair, located on the Minnesota River near Minneapolis/St. Paul. Richard L. Kinzel, president and chief executive officer, explained that the season-to-date impact of Valleyfair's attendance shortfall is approaching $4 million, of which $1.7 million occurred in the period ended June 27, 1993. Kinzel explained that the principal highway bridges have now re-opened and that summer weather and attendance patterns seem to be slowly returning to normal. "In the past few days, attendance and per capita spending at Valleyfair have shown signs of improvement, which is encouraging as we move into our peak period of operations," Kinzel said. "I am hopeful that we can regain some of the attendance lost to date. However, it is still too early to speculate on how much we can possibly recoup."
 Kinzel explained that virtually all of Cedar Fair's gross income is realized during the 130-day operating season from early May to early October, with the major portion historically concentrated in the peak vacation months of July and August. He noted that the partnership's largest park, Cedar Point, located on Lake Erie between Cleveland and Toledo, has not been affected by the rains and flooding farther west and is continuing to have a good season as a result of the successful debut of Snake River Falls, the world's tallest and fastest water flume ride.
 Kinzel added that the partnership's third park, Dorney Park & Wildwater Kingdom, located near Allentown, Pa., opened its major new ride last week. "Although White Water Landing has only been open for a week, judging from the enthusiastic response of our guests, I am optimistic that this ride will boost Dorney Park's attendance for the remainder of the season," concluded Kinzel.
 CEDAR FAIR, L.P.
 SUMMARY STATEMENT OF OPERATIONS
 (unaudited)
 Three Months Ended
 (In thousands 6/27/93 6/28/92
 except per unit)
 Net revenues $ 51,164 $ 41,600
 Operating costs and expenses 33,296 25,287
 Depreciation and amortization 5,473 4,218
 Operating income $ 12,395 $ 12,095
 Interest expense 1,926 1,700
 Net income $ 10,469 $ 10,395
 Per limited partner unit:
 Net income $ .47 $ .49
 Cash distributions declared $ .4625 $ .40
 Weighted average units
 outstanding 22,251 21,162
 Twelve Months Ended
 (In thousands 6/27/93 6/28/92
 except per unit)
 Net revenues $ 162,525 $ 126,339
 Operating costs and expenses 102,267 75,254
 Depreciation and amortization 13,744 10,308
 Operating income $ 46,514 $ 40,777
 Interest expense 6,619 5,851
 Net income $ 39,895 $ 34,926
 Per limited partner unit:
 Net income $ 1.78 $ 1.63
 Cash distributions declared $ 1.85 $ 1.60
 Weighted average units
 outstanding 22,182 21,162
 -0- 7/29/93
 /CONTACT: Juris Pagrabs of Cedar Fair, L.P., 419-627-2173/
 (FUN)


CO: Cedar Fair, L.P. ST: Ohio IN: ENT SU: ERN

KL -- CL025 -- 7451 07/29/93 17:07 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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