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Cedar Fair signs a strong third quarter and reiterates

record full-year guidance for 2012

Update : 09/08/13 - 11h04 Published by François Mayné the 24 November 2012, Corporate.

Cedar Fair Entertainment, one of the leading operators of amusement parks and water parks in North America, has again achieved excellent financial performance during the third quarter of its fiscal year 2012. Accordingly, the Company's Board anticipates a third consecutive year of record results and approved an increase to its 2013 annual distribution rate.

Cedar Fair signs a strong third quarter and reiterates record full-year guidance for 2012

Net revenues for the first nine months increased 6.3% to $939.2 million (approx €724 million) and net income during this period was $111.6 million (approx €86 million). This results are explained largely from the strength of the Company's operations combined with a 1% increase in the number of operating days in the period, due to the timing of the fiscal third-quarter close (39 weeks in 2012 vs. 38 weeks in 2011). On a like-for-like, total revenues were up approximately $41 million, or 5%; average in-park guest per capita spending1 increased 4%; attendance increased 1%, or 228,000 visits; and out-of-park revenues were comparable with the prior year. Based on preliminary results, revenues through October 31, 2012 were $1.036 billion (approx €798 million) compared with $999 million for the same period a year ago.

"As we head into the final quarter of 2012, we feel very good about our near-term outlook and long-range potential," said Matt Ouimet, Cedar Fair's president and chief executive officer. "Based on our performance to date and our expectations through the end of the year, we are confident in our ability to deliver a third consecutive year of record results with revenues between $1.055 billion and $1.075 billion and Adjusted EBITDA between $385 million and $395 million.”

GateKeeper is scheduled to open in 2013 at Cedar Point

Gold Striker is scheduled to open in 2013 at California Great America

"As another successful year comes to a close, Cedar Fair moves into 2013 with tremendous momentum," continued Matt Ouimet. "We have a strong capital program in place for next year at all of our parks, which will be highlighted by the introductions of a record-setting roller coaster, GateKeeper, at our flagship park, Cedar Point, and a new world-class wooden coaster at California's Great America.”

“Our marketing programs, including our 2013 season pass initiatives, are also well under way and we continue to enter into new agreements with strategic corporate alliances. In everything we do, we remain committed to delivering excellent value to our unitholders in the short term as well as delivering on our long-term growth goal of increasing Adjusted EBITDA to $450 million by 2016," he concluded.

Attendance - Financial Information - - - - - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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EVENT | NewsParcs - Published on January 1, 2013

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EVENT | NewsParcs - Published on December 21, 2012

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