Printer Friendly

CEDAR FAIR, L.P. DECLARES 15.6 PERCENT INCREASE IN QUARTERLY CASH DISTRIBUTION

CEDAR FAIR, L.P. DECLARES 15.6 PERCENT INCREASE IN QUARTERLY CASH DISTRIBUTION
 SANDUSKY, Ohio, Sept. 17 /PRNewswire/ -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which operates three amusement/theme parks, has declared a 15.6 percent increase in its quarterly cash distribution to $0.4625 from $0.40 per limited partner unit, payable Nov. 14, 1992, to holders of record Oct. 7. This distribution reflects an increase in the Partnership's annualized distribution rate to $1.85 per unit, compared with the $1.60 rate maintained over the past four quarters.
 Richard L. Kinzel, president and chief executive officer, explained that although the Partnership's three parks will be open for three more weekends, combined 1992 attendance at its two original parks is expected to total approximately 4.2 million, up 3 percent from the previous year, and the second highest in the Partnership's history. Dorney Park and Wildwater Kingdom will add another 600,000 to the Partnership's combined 1992 attendance for the period since its acquisition in late July. "In spite of unseasonably cool and wet weather throughout most of the season, 1992 should be another record year of net income and operating cash flow for Cedar Fair," Kinzel said. "We had the benefit of one additional week of operations because of a late Labor Day holiday this year, and the attendance in August was simply tremendous. On that basis, the Board of Directors determined that the increase in cash distributions was appropriate," Kinzel said.
 Kinzel noted that Dorney Park's cash flow from operations will be sufficient to fund its interest costs, capital expenditures and cash distributions on the additional units issued relating to the transaction. The Partnership recently announced an $18 million capital investment program for the 1993 season, including major new attractions at all three parks.
 The Partnership owns and operates Cedar Point, located on Lake Erie between Cleveland and Toledo; Valleyfair, near Minneapolis/St. Paul; and Dorney Park and Wildwater Kingdom, near Allentown, Pa.
 -0- 9/17/92
 /CONTACT: Juris Pagrabs of Cedar Fair, L.P., 419-627-2293/
 (FUN) CO: Cedar Fair, L.P. ST: Ohio IN: ENT LEI SU: DIV


DA -- CL004 -- 0502 09/17/92 09:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 17, 1992
Words:365
Previous Article:3M STRATEGIES FOR GROWTH OUTLINED
Next Article:PREMIER REPORTS RECORD FIRST QUARTER RESULTS
Topics:


Related Articles
CEDAR FAIR L.P. DECLARES FIRST QUARTER CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES SECOND QUARTER CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES FOURTH QUARTER CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES FIRST QUARTER CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES SECOND QUARTER CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES 8.1 PERCENT INCREASE IN QUARTERLY CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES FOURTH QUARTER CASH DISTRIBUTION
CEDAR FAIR, L.P. DECLARES 12.5 PERCENT INCREASE IN QUARTERLY CASH DISTRIBUTION
Cedar Fair, L.P. Declares Second Quarter Cash Distribution
/FROM PR NEWSWIRE CLEVELAND 216-566-7777/ TO BUSINESS EDITOR:.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters