This excerpt taken from the FUN 8-K filed Feb 7, 2008.
CEDAR FAIR REPORTS RESULTS FOR 2007
SANDUSKY, OHIO, February 7, 2008 Cedar Fair (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced results for its fourth quarter and year ended December 31, 2007. The 2006 comparable figures include the results of the Paramount Parks since their acquisition from CBS Corporation on June 30, 2006.
Cedar Fairs combined operations generated full-year revenues of $987.0 million, with income before taxes of $9.7 million and a net loss of $4.5 million, or $0.08 per diluted limited-partner (LP) unit. In 2006, combined revenues for the company were $831.4 million, with income before taxes of $126.6 million and net income of $87.5 million, or $1.59 per diluted LP unit. Included in the 2007 results is a non-cash impairment charge of $54.9 million, or $1.00 per diluted LP unit, relating to the Geauga Lake restructuring.
Adjusted EBITDA, which management believes is a meaningful measure of the companys park-level operating results, increased 9.8% to $340.7 million from $310.3 million a year ago. See the attached table for a reconciliation of adjusted EBITDA to net income.
I am pleased to report that 2007 was another very successful year for the company, said Dick Kinzel, Cedar Fairs chairman, president and chief executive officer. This was a year of transformation for Cedar Fair as we continued to integrate the newly acquired parks into our existing portfolio of assets. In 2007, our combined parks entertained more than 22 million visitors and generated an average in-park guest per capita spending of $40.60, up 5% from 2006. The result of this solid operating performance was a record $341 million in adjusted EBITDA.
Kinzel added, The integration of our new parks continues to go well and we are where we expected to be on a combined basis at this point in the process. Although not all of the new parks performed to our expectations in 2007, we saw significant growth in guest per capita spending and we continued to meet our planned cost savings and synergies.
After depreciation, amortization and other non-cash costs, operating income for the year, on a combined basis, was $154.6 million compared with $219.5 million in 2006. Cash operating costs in 2007 totaled $646.3 million versus $521.1 million in the prior year, while non-cash costs, including the $54.9 million charge for impairment of assets, totaled $186.1 million compared to $90.8 million in 2006.