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Cedar Fair, L.P. (FUN)
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FUN » Topics » Adjusted EBITDA:

This excerpt taken from the FUN 10-Q filed May 8, 2009.

Adjusted EBITDA:

We believe that adjusted EBITDA (earnings before interest, taxes, depreciation, and other non-cash items) is a meaningful measure of park-level operating profitability because we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants.

 

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Table of Contents

Adjusted EBITDA is provided in the discussion of results of operations that follows as a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, adjusted EBITDA may not be comparable to similarly titled measures of other companies. The table below sets forth a reconciliation of adjusted EBITDA to net income (loss) for the three and twelve-month periods ended March 29, 2009 and March 30, 2008.

 

     Three months ended     Twelve months ended  
     3/29/09
(13 weeks)		     3/30/08
(13 weeks)		     3/29/09
(52 weeks)		     3/30/08
(53 weeks)		  
     (In thousands )  

Net income (loss)

    $ (53,281 )   $ (43,782 )   $ (3,793 )   $ 6,851  

Provision (benefit) for taxes

      (31,867 )     (44,808 )     12,006       (1,296 )

Interest expense

      28,902       32,801       125,662       144,883  

Depreciation and amortization

      4,214       6,183       123,869       132,488  

Equity-based compensation

      163       130       749       521  

Loss on impairment of goodwill and other intangibles

      —         —         86,988       —    

Loss on impairment / retirement of fixed assets

      30       —         8,455       54,898  

Other (income) expense, net

      (28 )     (615 )     178       (1,470 )
                                

Adjusted EBITDA

    $ (51,867 )   $ (50,091 )   $ 354,114     $ 336,875  
                                

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