Cedar Fair, L.P. (FUN)

Second Quarter Same-Park Comparison

Excluding effects of the acquisition and corporate costs, Cedar Fair’s second-quarter results on a same-park basis improved from the same period a year ago. For the second quarter, same-park net revenues increased 1%, or $1.2 million, to $146.6 million. This increase was attributable to a 5% increase in per capita spending across all of the parks, offset by a 3% decrease, or 105,000 visits, in attendance primarily in the southern and western regions. Out-of-park revenues, including resort hotels, decreased 3%, or $757,000, during the second quarter. This decrease was due to 15 fewer operating days, including seven fewer operating days at Cedar Point and five fewer operating days at Geauga Lake.

On a same-park basis, second quarter adjusted EBITDA increased 11%, or $4.4 million, to $44.3 million. Operating costs and expenses were 3% lower at $102.3 million versus $105.5 million a year ago. The decrease in operating costs is attributable to the fewer operating days compared with the prior-year period as well as the continued focus on bringing costs in line with attendance trends at our northern region parks, particulary at Geauga Lake.