This excerpt taken from the FUN 8-K filed Aug 5, 2008.
CEDAR FAIR ANNOUNCES 2008 SECOND QUARTER RESULTS
SANDUSKY, OHIO, August 5, 2008 Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced results through the second quarter ended June 29, 2008 and provided attendance and revenue trends through July.
Net revenues for the second quarter, which includes an additional 75 operating days as a result of the fiscal calendar, increased 8%, or $22.2 million, to $296.2 million from $274.0 million in the fiscal quarter ended June 24, 2007. Net income for the current quarter was $14.7 million, or $0.26 per diluted limited partner unit, versus $5.5 million, or $0.10 per diluted limited partner unit, for the same period in 2007.
Net revenues for the fiscal six months ended June 29, 2008, which includes an additional week when compared with the fiscal six months ended June 24, 2007, increased 11%, or $32.6 million, to $336.6 million from $304.0 million a year ago. The net loss for the first fiscal six months of 2008 was $29.1 million, or $0.53 per diluted limited partner unit, versus a net loss of $49.6 million, or $0.92 per diluted limited partner unit, for the same fiscal period in 2007. The increase in revenues and decrease in net loss were primarily the result of a 13% , or 113-day, increase in the number of operating days in 2008 due to the timing of the fiscal second-quarter close.
Adjusted EBITDA for the fiscal six months ended June 29, 2008, which management believes is a meaningful measure of the Companys park-level operating results, increased $12.4 million to $52.0 million compared with $39.6 million during the same period last year. See the attached table for a reconciliation of adjusted EBITDA to net income.
Dick Kinzel, Cedar Fair chairman, president and chief executive officer explained that the results of operations are not directly comparable as the current period includes an additional week due to the timing of the fiscal second-quarter close. In addition, current period results are impacted by the restructuring of the Geauga Lake
This excerpt taken from the FUN 8-K filed May 6, 2008.
CEDAR FAIR ANNOUNCES 2008 FIRST QUARTER RESULTS
SANDUSKY, OHIO, May 6, 2008 Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced results for the first quarter ended March 30, 2008. Historically, first quarter results represent less than 5% of the Companys full-year revenues.
Net revenues for the first quarter increased $10.4 million, or 35%, to $40.4 million from $30.0 million in 2007. Operating results for the fiscal first quarter of 2008 reflect five additional calendar days compared to last years first quarter. In addition, 2008 first quarter results benefited from an early Easter/Spring Break season which fell during the second quarter in 2007.
As part of our strategy for expanding the operating season at the newly acquired parks, several of which are located in warmer climates, we were able to open both Kings Dominion and Californias Great America a week earlier than in prior years to take advantage of the early spring holiday, said Dick Kinzel, chairman, president and chief executive officer. In total, the number of park operating days in the first quarter increased by 41 days when compared with the first quarter of 2007. Of the additional park operating days, 22 are attributable to the earlier park openings and the remaining 19 days are related to having five extra days in the quarter compared to last year.
Operating results for the first quarter include normal off-season operating, maintenance and administrative expenses at the Companys seasonal amusement and water parks, and daily operations at Knotts Berry Farm, Castaway Bay and Star Trek: The Experience. The operating loss for the first quarter increased to $56.4 million from $50.9 million in 2007, primarily the result of the additional five days in the current fiscal quarter. This increase was slightly offset by the earlier park openings and a reduction in costs at our Geauga Lake property which will operate exclusively as a water park in 2008. Only six of our 18 properties were in operation at the end of the first quarter. The other parks, including our largest parks: Cedar Point and Kings Island, located in Ohio, and Canadas Wonderland in Toronto, were in the final stages of preparing to open for their operating seasons in April and May, explained Kinzel. These pre-season operating costs were in-line with our expectations for the quarter.