Cedar Fair, L.P. (FUN)

October Operations

Based on preliminary October results, revenues for the first ten months of the year, on a same-park basis (excluding the impact of Star Trek: The Experience which closed in September 2008), were $912.7 million compared with $983.2 million for the same period a year ago, on 28 more operating days. This is a result of a 6% decrease in attendance to 20.6 million visitors compared with 22.0 million in 2008, a decrease of less than one percent in average in-park guest per capita spending to $39.65, and a decrease in out-of-park revenues of $8.0 million to $94.5 million, due to declines in hotel occupancy.

For the month of October, revenues decreased 11%, or $10.2 million. This was in large part the result of a 255,000-visit shortfall in attendance and $315,000, or 4%, decrease in out-of-park revenues. Average in-park guest per capita spending was comparable to the same period last year.

“Despite our best efforts, most of the same challenges we faced during the first nine months of the year continued to negatively impact our business in the month of October,” continued Kinzel. “In particular, unseasonably cool temperatures and heavy rain over the past four weekends have softened the positive impact we had expected to get from the very popular Halloween events we had in place at our parks. Over this same period, however, our parks maintained their focus on controlling operating costs, and we’re confident that we were able to offset some of the revenue shortfalls.”

July Operations

Based on preliminary July results, revenues for the first seven months of the year, on a same-park basis (excluding the impact of Star Trek: The Experience which closed in September 2008), were $561.6 million compared with $626.5 million for the same period a year ago, on 4%, or 39 fewer operating days. This is a result of a decrease in attendance to 12.6 million visitors compared with 14.0 million in 2008, a decrease of 1% in average in-park guest per capita spending to $39.80, and a decrease in out-of-park revenues of $7.7 million to $59.6 million, primarily due to declines in hotel occupancy.

Over the past five weeks, revenues were down 9%, or approximately $25.9 million, on a same-park basis. This decrease was largely due to an 8%, or 495,000-visit, decrease in attendance, and a $5.0 million decrease in out-of-park revenues. Over the same five-week period, average in-park guest per capita spending was essentially flat. Although modestly better than trends through the first six months of the year, the revenue

October Operations

Based on preliminary results, the Company entertained a record 22.1 million visitors through November 2, 2008. This is a 3%, or 607,000-visit, increase when compared with the same period a year ago. The increase in attendance was offset somewhat by a 1% decrease in average in-park guest per capita spending to $40.15 and an approximate $500,000 decrease in out-of-park revenues to $101.9 million. This resulted in a 1%, or $9 million, increase in revenues through the first ten months of the year.

For the month of October, revenues increased 3%, or $3 million. This was the result of an over 10%, or 205,000-visit, increase in attendance, offset somewhat by a 6% decrease in average in-park guest per capita spending. Out-of-park revenues during this period were down approximately $392,000.

“Our parks have performed well this year in a challenging consumer market,” continued Kinzel. “Higher gasoline prices, a troubled housing market, higher unemployment rates and most recently the credit crisis were all challenges our parks had to overcome. History has shown that our business tends to be recession resistant, and I am pleased to say our 2008 operating results continue to support this. It is likely that these same concerns may be present in 2009, but we believe our business is well positioned to face these challenges. Our parks are a family tradition and we believe will continue to be for many generations to come.”

July Operations

Based on preliminary July results, revenues for the first seven months of the year increased 2%, or approximately $11 million, on a comparable-park (excluding Geauga Lake) and operating week basis. This increase reflects a 3%, or 359,000-visit, increase in combined attendance through the end of July, a slight decrease in average in-park guest per capita spending, and a 2% decrease in out-of-park revenues.

Over the past five weeks, consolidated revenues, on a comparable-park and operating week basis, were up 5%, or approximately $14 million, largely due to a 6% increase in combined attendance, or 379,000 visits, and an $800,000 increase in out-of-park revenues. Over the same five-week period, average in-park guest per capita spending was down slightly, consistent with the trend experienced through the first six months of the year. Fueling the strong July attendance figures was the solid performance of our parks in the northern and southern regions, which saw attendance increases of approximately 388,000 visits and 37,000 visits, respectively.

“In general, we are pleased with the performance of our parks through July,” said Kinzel. “When we purchased the Paramount Parks in June of 2006, we believed these parks operated in stronger regional markets when compared with our legacy parks. This geographic diversification has proven to be beneficial to us thus far as we continue to see strength in the Toronto market, along with the Washington, D.C., Charlotte and San Francisco markets. These stronger markets have helped to balance some of the early season softness we experienced from the Detroit, Cleveland and Minneapolis-St. Paul markets where several of our legacy parks operate.”

October Operations

For the month of October, successful execution of late season programs across our parks, along with favorable weather conditions in the Company’s northern region resulted in an increase in revenue of 11%, or $8.6 million, from the same period a year ago. This increase was the result of a 9% increase in attendance, or 160,000 visits, a 2% increase in average in-park guest per capita spending, and an increase in out-of-park revenues of 8%, or $494,000.

July Operations

For the first seven months of 2007 through July 29, net revenues on a same-park basis increased 2%, or $5.2 million, to $329.8 million in 2007 from $324.6 million through the same period in 2006. This increase is attributable to a 6% increase in average in-park guest per capita spending to $39.76, offset somewhat by a 3% decrease, or 244,000 visits, from 2006 and a decrease of 1%, or $472,000, in out-of-park revenues.

Including results from the acquired parks since their acquisition, consolidated net revenues through July 29 totaled $574.3 million compared with $426.6 million in 2006. Over this same period, combined attendance totaled 12.7 million visits in 2007 versus 9.7 million visits for the same period a year ago and average in-park guest per capita spending was $40.41 compared with $37.78. Out-of-park revenues through July totaled $60.3 million up from $58.5 million for the first seven months of 2006. “July is the first month we have internal year-over-year comparisons to operations at all of our parks,” Kinzel said. “For the past four weeks, consolidated revenues were down 1%, or $3.1 million. This is a result of a 7% decrease in attendance, or 363,000 visits, due to the changes in our pricing methodology including the elimination of many complimentary tickets. This was