This excerpt taken from the FUN 8-K filed Aug 4, 2009.
CEDAR FAIR ANNOUNCES 2009 SECOND QUARTER RESULTS
SANDUSKY, OHIO, August 4, 2009 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 28, 2009 and provided attendance and revenue trends through July.
Cedar Fair generated net revenues of $264.1 million in the second quarter and net income of $7.4 million, or $0.13 per diluted limited partner unit. For the same period last year the Company reported net income of $14.7 million, or $0.26 per diluted limited partner unit, on net revenues of $296.2 million.
Net revenues for the fiscal six months ended June 28, 2009, which included 39 fewer operating days compared with 2008, were $290.6 million and the net loss for the period was $45.9 million, or $0.83 per diluted limited partner unit. This compares with net revenues of $336.6 million and a net loss of $29.1 million, or $0.53 per diluted limited partner unit, for the six-months ended June 29, 2008.
Adjusted EBITDA, which management believes is a meaningful measure of the Companys park-level operating results, decreased to $32.1 million for the six months ended June 28, 2009 from $52.0 million during the same period last year. See the attached table for a reconciliation of adjusted EBITDA to net income (loss).
As mentioned above, it is important to note the Companys 2009 operating calendar had 39 fewer operating days during the first six months of the year when compared with the same period a year ago. This will reverse itself during the last half of the operating season as the Company adds 70 operating days, for a total of 31 additional operating days in 2009 when compared with 2008.
Our performance through the first half of the year has been a challenge for us, said Dick Kinzel, Cedar Fairs chairman, president and chief executive officer. Through the end of the second quarter our parks entertained 6.6 million visitors, average in-park guest per capita spending was $39.50 and out-of-park revenues totaled $36.6
This excerpt taken from the FUN 8-K filed May 5, 2009.
CEDAR FAIR ANNOUNCES 2009 FIRST QUARTER RESULTS
SANDUSKY, OHIO, May 5, 2009 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 29, 2009. Historically, first quarter results represent less than 5% of the Companys full-year revenues.
The operating loss for the first quarter of 2009 remained relatively unchanged at $56.3 million, despite the period having 31 fewer operating days when compared with the first quarter of 2008. Net revenues during this same period decreased to $26.5 million from $40.4 million a year ago as a result of the fewer operating days. In addition, last years first quarter revenues benefited from an early Easter/Spring Break season, which fell during the second quarter this 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 and Castaway Bay. Only four of our 17 properties were in operation at the end of the first quarter, said Dick Kinzel, Cedar Fairs chairman, president and chief executive officer. The other parks, including our largest seasonal 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. These pre-season operating costs were in-line with our expectations for the quarter.
Interest expense for the first quarter decreased $3.9 million, or 12%, to $28.9 million compared with $32.8 million in 2008, primarily due to lower rates on the Companys variable-rate debt. A net credit for taxes of $31.9 million was recorded to account for the tax attributes of the Companys corporate subsidiaries and publicly traded partnership taxes during the first quarter of 2009 compared with a net credit for taxes of $44.8 million in the same period a year ago.