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Cedar Fair continues its strong growth momentum

after the summer season

Update : 07/10/13 - 16h07 Published by François Mayné the 6 October 2013, Corporate.

Cedar Fair Entertainment Company has announced new record financial results through the first half of its fiscal 2013 ended on June 30. The operator of regional amusement parks, water parks and hotels (twenty properties across North America) reported that its interim net revenues amounted to $403.4 million (approx €297 million), up 5% compared with the same period a year ago.

Cedar Fair remains confident in achieving a fourth consecutive year of record results.

The higher turnover was attributable to a 5% increase in average in-park guest per capita and a 6% increase in out-of-park revenues. These were slightly offset by a less than 1% decrease in attendance to 8.7 million visitors mostly due to the sale of one of the group's water parks (Knott's Soak City – San Diego) at the end of 2012.

Despite this record net revenue over the first six months, Cedar Fair reported a larger net loss of $61.7 million versus a net loss of $28.8 million during the previous fiscal. The company explained that this was primarily attributable to the write off of loan fees (as a result of the company's refinancing) and an increase in foreign currency losses. From an operational perspective, operating costs and expenses through the first half were up 1% in line with the company's expectations.

Cedar Fair continued its strong performance through the Labor Day Weekend. As of September 1, year-to-date net revenues increased approximately 6%, to approximately $927 million compared with $876 million a year ago. The growth is still driven by a 5% increase in average in-park guest per capita spending and by a 7% increase in out-of-park revenues. Excluding Knott's Soak City – San Diego, attendance increased by 1% to 19.3 million visits.

"We are pleased with our strong performance across all aspects of our business," said Matt Ouimet, Cedar Fair's president and chief executive officer. "Our continued focus on providing our guests with the 'Best Day of Summer' experience each and every time they visit our parks has led to increases in attendance and average in-park guest per capita spending, as well as higher revenues at our resort properties.”

“We continue to see guests respond favorably to our long-term 'FUNforward' growth initiatives which have helped to increase revenues across all aspects of our business. We know that delivering a great guest experience to every guest, every time they visit is critical to the success," noted Matt Ouimet. "While new rides, attractions and shows are important elements, the guest experience is largely defined by the quality of service our employees provide. I am very proud of our employees as they work diligently to serve our guests in a manner consistent with our cornerstones of Safety, Service, Courtesy, Cleanliness and Integrity.”

One of the highlights of the 2013 investment plan of Cedar Fair is the B&M winged roller coaster GateKeeper opened at Cedar Fair.

Cedar Fair underlined that record attendance and guest per capita spending were driven by the positive guest response to the new ride offering, including the record-breaking winged roller coaster 'GateKeeper' at Cedar Point the new 'Boardwalk' themed area at Knott's Bery Farm, the wooden coaster 'Gold Striker' at California's Great America and the combination and expansion of the Oceans of Fun water park with Worlds of Fun. "Our strong capital line-up, coupled with the second year of our 'Thrills Connect' marketing campaign and new e-commerce platform, have resulted in record season pass sales for our 2013 operating season," added Matt Ouimet. "We have also experienced steady growth in group sales this year, as we continue to add value to our offerings, improve catering facilities and have the second-year benefit of an incentivized sales force.”

Cedar Fair remains confident in its ability to achieve a fourth consecutive year of record results and reaffirmed its full-year guidance of net revenues between $1.100 billion and $1.125 billion and Adjusted EBITDA (which management believes is a meaningful measure of the company's park-level operating results) $415 million and $425 million. Matt Ouimet concluded: "We believe the positive momentum we have created thus far will continue into our increasingly important fall season as our special award-wining Halloween events provide an exceptional value proposition for our guests.”

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Financial Information - Attendance - Cedar Point - Knott's Berry Farm - Worlds of Fun - California's Great America - Waterpark - Marketing - - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Compagnie des Alpes
(25 articles found)

Difficult season for Compagnie des Alpes' amusement parks read more

The Compagnie des Alpes leisure parks recorded disappointing financial results during fiscal year 2012/2013 which ended on September 30. The...

CORPORATE | Compagnie des Alpes - Published on November 10, 2013

Record anniversary edition for the Euro Attractions Show in Paris read more

Bienvenue à Paris! Enthusiasm was reigning among the aisles of the Porte de Versailles exhibition center in Paris last week, while the Euro ...

FEATURE | Compagnie des Alpes - Published on September 29, 2013

Compagnie de Alpes' leisure park sales continue to decline in the third quarter read more

Adverse weather conditions at the beginning of the season and the ever difficult economic conditions in Europe have negatively impacted the activities...

CORPORATE | Compagnie des Alpes - Published on September 9, 2013

Theme Park Industry News Roundup – Issue #3 read more

NewsParcs' Theme Park Industry News Roundup is a summary of the latest major news related to the theme park industry worldwide. This Industry Roundup reports news specifically on operators, owners, trade associations and...

NEW | Compagnie des Alpes - Published on August 11, 2013

Compagnie des Alpes' leisure park activity is down in first half of FY 2012-2013 read more

The French operator Compagnie des Alpes (CDA), which owns a dozen leisure parks and attractions in Europe and North America - including Parc...

CORPORATE | Compagnie des Alpes - Published on June 18, 2013

Attendance throughout global major theme parks reported more than 5% growth in 2012 read more

The global market for theme parks has behaved rather well in 2012. These are the conclusions of the 2012 Theme Index report released last week...

FEATURE | Compagnie des Alpes - Published on June 11, 2013

Compagnie des Alpes first quarter results affected by the school calendar read more

Compagnie des Alpes (CDA), which owns and operates ten leisure parks and attractions in Europe including Walibi amusement parks, Parc Asterix,...

CORPORATE | Compagnie des Alpes - Published on February 2, 2013

Bellewaerde Park prepares the opening of Huracan with ZIERER and TAA Industries read more

While the opening of the season is approaching at Bellewaerde Park, the management team of the Belgian amusement park wished to invite the media...