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Cedar Fair announces record 2012 second

quarter results

Update : 25/08/12 - 10h25 Published by François Mayné the 9 August 2012, Corporate.

Cedar Fair Entertainment (NYSE: FUN) today reported record results for its second quarter ended July 1, 2012 and provided attendance and revenue trends through this past Sunday, August 5, 2012.

As a result of the fiscal calendar, which includes an extra week and an additional 106 operating days (at all parks combined), net revenues for the fiscal second quarter increased 25.7% to $357.6 million (about €290 million) from $284.5 million (about €230.5 million) in the second quarter ended June 26, 2011. Net income for the current quarter was $36.3 million (about €29.5 million) versus $4.3 million (about 3.5 million) for the same period in 2011.

The increase in net revenues and net income were in large part the result of the aforementioned 13% increase in the number of operating days in 2012 due to the timing of the fiscal second quarter close (14 weeks vs. 13 weeks). Comparing both 2012 and 2011 on a 14-week basis, total revenues for the period were up $19.0 million, or 6%, on a 3%, or 218,000-visit, increase in attendance; a 3%, or $1.09, increase in average in-park guest per capita spending; and a 7%, or $2.3 million, increase in out-of-park revenues.

For the fiscal second quarter ended July 1, 2012, Adjusted EBITDA, which management believes is a meaningful measure of the Company's park-level operating results, increased to $135.0 million compared with $95.9 million for the fiscal second quarter ended June 26, 2011. On a comparable 14-week basis, Adjusted EBITDA would have been up approximately $6.5 million, or 5%, as of July 1, 2012.

Commenting on the Company's second-quarter results and trends through August 5, 2012, Matt Ouimet, Cedar Fair's president and chief executive officen, said "We are pleased with our record second-quarter results and the traction we have gained on our FUNforward growth initiatives. Our ability to stay on pace for a third consecutive record year speaks to the strength and quality of our parks and the services provided by our employees. While we experienced a solid increase in our attendance during the second quarter, it is equally pleasing that we reported a similar increase in our average in-park guest spend. New rides and attractions, premium benefit offerings and a new e-commerce platform have all contributed to these positive results, and we believe they will continue to be successful into the balance of the summer as well as our fall Halloween events."

July Operations

Based on preliminary results, year-to-date revenues through August 5, 2012 increased 3%, or approximately $21 million, on a comparable operating week basis. This increase reflects a 4%, or $1.46, increase in average in-park guest per capita spending and a 2% increase in out-of-park revenues. Attendance for the seven-month period was comparable to the record-setting performance of a year ago.

"Our FUNforward growth initiatives announced in January have allowed us to continue to grow revenues during the current operating season," said Matt Ouimet. "These initiatives have resonated very well with our guests and they have clearly begun to pay dividends for us, as evidenced by our record season pass sales and increased guest per capita spending."

Outlook

According to Ouimet, the Company's new attractions, such as the 306-foot (93.3-meters) tall Leviathan roller coaster at Canada's Wonderland, the water park expansion and Soak City branding at Kings Island and the Luminosity night-time show at Cedar Point, are getting strong reviews from park guests. "We introduced a variety of new offerings this year across all of our properties and we are pleased with the response to these investments," he said. "We are committed to providing our guests with the 'best-day-of-the-year' experience they have come to expect when they visit our parks. By providing our guests with a collection of the industry's best thrill and family rides and attractions and continuing to add new and innovative experiences, we continue to send our guests home happy and looking forward to a return visit."

"While we have approximately one-third of our operating season still ahead of us, we feel very good about how the year is tracking thus far as we head into the next peak vacation month of August and into the fall season," said Ouimet. "Based on the strength of our preliminary results through July, we are reaffirming our full-year guidance of net revenues between $1.055 billion and $1.075 billion and full-year Adjusted EBITDA between $385 million and $395 million, which represents an increase of $10 million to $20 million over last year's record Adjusted EBITDA."

- - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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