Cedar Fair, L.P. (FUN)

Cash and Liquidity

“With respect to liquidity and cash flow, we ended the second quarter of 2009 in sound condition,” added Kinzel. As of June 28, 2009, the Company had $1,671 million of variable-rate debt and $135.8 million in borrowings under its revolving credit facilities. Of the total term debt, $17.2 million is scheduled to mature within the next twelve months. Kinzel also noted that credit facilities and cash flow from operations are expected to be sufficient to meet working capital needs, debt service, and planned capital expenditures.

“Given the current uncertainty of the credit markets and our need to refinance our debt over the next few years, we continue to look at a wide range of alternatives to address our capital structure and reduce debt levels,” continued Kinzel. “I’m pleased to say we have finalized an agreement with the Vaughan Health Campus of Care in Ontario, Canada for the sale of 87 acres of surplus land near our Canada’s Wonderland park. Net proceeds from the sale of the land will total approximately $50 million and will be used entirely to pay down term debt. We expect the transaction to close during the third quarter of 2009. The reduction of our distribution that we announced in March of this year, along with this transaction, will have a positive impact on our leverage ratio, which in turn should benefit upcoming debt refinancing efforts.

“We knew 2009 would be a challenging year for our operations when compared with our record-breaking results in 2008,” continued Kinzel. “With approximately 40% of our season still ahead of us, we remain focused on adding value to the guest visit through special events and promotions, while also controlling costs. It has been my experience over the years to be careful not to over-react in the short term in ways that could negatively affect the guest experience and the perception of value. While we never like to see a decrease in revenues and cashflow, as long as we remain committed to providing our guests with world-class thrills, fun and family entertainment, in a clean and safe environment, we believe Cedar Fair and our amusement parks will be very successful over the long term.”

The Company will host a conference call with analysts today, August 4, 2009, at 10:00 a.m. Eastern Time, which will be web cast live in “listen only” mode via the Cedar Fair web site (www.cedarfair.com). It will also be available for replay starting at approximately 1:00 p.m. ET, Tuesday, August 4, 2009, until 11:59 p.m. ET, Tuesday, August 18, 2009. In order to access the replay of the earnings call, please dial 1-800-406-7325 followed by the access code 4116678.

Cash and Liquidity

“In terms of both liquidity and cash flow, we ended the first quarter of 2009 in sound condition,” said Kinzel. “Our cash position, together with existing lines of credit, which do not expire until August 2011, provide sufficient financial flexibility to manage working capital needs and support growth through our capital expenditure program.”

As of March 29, 2009, the Company had $1.688 billion of term debt and $148.7 million in borrowings under its revolving credit facilities. Of the total term debt, which does not mature until February and August of 2012, only $17.3 million is due within the next twelve months.

“Reducing our debt and strengthening our balance sheet is a priority for us,” said Kinzel. “In the first quarter we retired an additional $13 million of term debt as a result of reducing our quarterly distribution. This is just the first step in making meaningful reductions in our debt over the next two years. We continue to pursue the sale of excess land in the Toronto and Cleveland markets, along with a potential sale of Worlds of Fun, in Kansas City, Missouri, and Valleyfair, in Shakopee, Minnesota. We have received interest regarding the two amusement parks since our announcement in March and have entered into discussions with the Vaughan Health Campus of Care in regards to the excess land in Toronto. At this point in time, it would be premature to speculate on either the price or timing of any potential transaction.”

Cash and Liquidity

“We ended the third quarter of 2008 in sound financial condition in terms of both liquidity and cash flow,” added Kinzel. “Our cash position, together with existing lines of credit, which expire in August 2011, provide sufficient financial flexibility to manage working capital and support growth through our capital expenditure program.”

As of September 28, 2008, the Company had $1.7 billion of variable-rate debt and no outstanding borrowings on its revolving credit facilities. Of the total term debt, $17.5 million is scheduled to mature within the next twelve months. Cash on hand at the end of the third quarter totaled $71.7 million compared with $37.0 million a year ago.

Cash and Liquidity

“We ended the second quarter of 2008 in sound financial condition in terms of both liquidity and cash flow,” added Kinzel. As of June 29, 2008, the Company had $1.7 billion of variable-rate debt and $123.5 million in borrowings under its revolving credit facilities. Of the total term debt, $17.5 million is scheduled to mature within the next twelve months. Kinzel also noted that credit facilities and cash flow from operations are expected to be sufficient to meet working capital needs, debt service, planned capital expenditures and regular quarterly cash distributions for the foreseeable future.

“Although attendance and revenue expectations through July were higher than we achieved, we are satisfied with our results, particularly given the continued pressures on the discretionary dollar as a result of higher gas prices and current economic conditions,” he continued. “With approximately 45% of our budgeted attendance still ahead of us, it is imperative that we continue the positive momentum we experienced during the month of July into the other peak vacation month of August and the important Fall season. We are hopeful we will continue to see growth in attendance while maintaining the in-park guest per capita spending, as families continue to look for

Cash and Liquidity

“We ended the first quarter of 2008 in sound financial condition in terms of both liquidity and cash flow,” said Kinzel. As of March 30, 2008, the Company had $1.7 billion of variable-rate debt and $137.8 million in borrowings under its revolving credit facilities. Of the total term debt, $17.5 million is scheduled to mature within the next twelve months. Kinzel also noted that credit facilities and cash flow from operations are expected to be sufficient to meet working capital needs, debt service, planned capital expenditures and regular quarterly cash distributions for the foreseeable future.