Cedar Fair Reports Record Results Through The Third Quarter; Increases Quarterly Cash Distribution

Net revenues were $1.1 billion for the nine months ended September 25, 2016, an increase of $28 million, or 3%, compared with the nine-month period ended September 27, 2015.  Net income was $184 million, or $3.27 per diluted LP unit, compared with net income of $138 million, or $2.46 per diluted LP unit, for the first nine months of 2015.

The increase in revenues was the result of a 1%, or 283,000-visit, increase in attendance, a 1%, or $0.52, increase in in-park guest per capita spending and a 6%, or $7 million, increase in out-of-park revenues.

Operating costs and expenses through the first nine months of the year were $676 million, an increase of $28 million, or 4%, from the first nine months of 2015.  The increase was in-line with Company expectations for the first nine months and reflects higher costs to support the increased attendance and guest spending, combined with higher labor costs due to market/minimum-wage rate increases and normal merit increases.  As a percent of net revenues, cost of goods sold was comparable with the same period last year.

Adjusted EBITDA, which management believes is a meaningful measure of the Company's park-level operating results, was $428 million for the first nine months and comparable with the record results for the same period last year.  See the attached table for a reconciliation of net income to Adjusted EBITDA.

Third-Quarter Results

Cedar Fair's net revenues increased to a record $650 million for the third quarter, up from $645 million in the third quarter a year ago.  Net income for the quarter was $175 million, or $3.10 per diluted LP unit, compared with $164 million, or $2.92 per diluted LP unit, during the same period last year.

The increase in revenues for the quarter was the result of a 1%, or $0.52, increase in in-park guest per capita spending and a 5%, or $3 million, increase in out-of-park revenues, including resort accommodations.  These increases were slightly offset by a less than one percent, or 54,000-visit, decrease in attendance compared with last year's record third quarter.

Third-quarter operating costs and expenses of $316 million increased $14 million compared with the third quarter of 2015.  The increase was primarily attributable to an increase in labor costs due to higher market/minimum wage rates and normal merit increases.  Cost of goods sold was comparable with the prior year period.

Adjusted EBITDA for the third quarter was $336 million, down $10 million, or 3%, when compared with the same period last year.  The decrease in Adjusted EBITDA during the third quarter of 2016 was the direct result of an extended period of record high heat during the last half of July and first half of August across the majority of the regions in which the Company operates.  This resulted in a shortfall in attendance and a shift in consumer spending away from the amusement parks to the Company's water parks, where guests historically have spent less.  A shorter average length of stay also occurred at the Company's parks during this period due to the record heat and humidity.

Momentum Continues Through October

Based on preliminary results, net revenues through October 30, 2016, were approximately $1.23 billion, up 4%, or $42 million, compared with $1.19 billion for the same period last year.  The rise in net revenues was the result of a 2%, or 558,000-visit, increase in attendance to a record 24.2 million visits, a 1%, or $0.52, increase in in-park guest per capita spending to a record $46.82 and a 6%, or $8 million, increase in out-of-park revenues to a record $135 million compared with 2015.

"We had a record Post-Labor Day performance, driven by our highly popular Halloween events at all of our parks," said Ouimet.  "Along with our world-class rides and attractions, our multi-week special events such as Halloween-themed offerings, help to further differentiate our parks with the kind of unique and compelling family entertainment that our guests cannot find anywhere else."

Distribution Declaration

Today, the Company also announced the declaration of a quarterly cash distribution of $0.855 per LP unit, an increase of 4%.  The distribution will be paid on December 15, 2016, to unitholders of record as of December 5, 2016.

"We believe the 4% increase in the distribution represents a very attractive 6% yield at today's prices," said Ouimet.  "We remain confident in our business model, the consistency of our cash flow and the strength of our balance sheet, which provides us the ability to grow the distribution on an annual basis, while having the flexibility to invest in strategic growth opportunities."

Conference Call

The Company will host a conference call with analysts today, November 2, 2016, at 10:00 a.m. Eastern Time, which will be webcast live in "listen only" mode via Cedar Fair's Investor Relations website (ir.cedarfair.com).  It will also be available for replay starting at approximately 1:00 p.m. ET, Wednesday, November 2, 2016, until 11:59 p.m. ET, Wednesday, November 16, 2016.  In order to access the replay of the earnings call, please dial 1-844-512-2921 followed by the access code 1593187.

About Cedar Fair

Cedar Fair Entertainment Company (NYSE: "FUN"), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to become "THE place to be for FUN," the Company owns and operates 11 amusement parks including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and five hotels. It also operates an additional theme park under a management contract.  Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.

Forward-Looking Statements

Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future.  These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements.  Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.  Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company's capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at the Company's parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

This news release and prior news releases are available online at www.cedarfair.com.

CEDAR FAIR, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per unit amounts)
		Three months ended								Nine months ended
		9/25/2016				9/27/2015				9/25/2016				9/27/2015
Net revenues:
Admissions		$	361,949			$	361,106			$	604,947			$	591,457
Food, merchandise and games		202,341				201,408				354,032				347,985
Accommodations, extra-charge products and other		85,993				82,123				137,776				129,420
		650,283				644,637				1,096,755				1,068,862
Costs and expenses:
Cost of food, merchandise, and games revenues		52,057				52,174				92,860				90,868
Operating expenses		199,292				188,565				441,421				424,020
Selling, general and administrative		65,099				61,394				142,082				133,277
Depreciation and amortization		64,685				59,059				118,175				110,175
Loss on impairment / retirement of fixed assets, net		1,355				5,753				5,382				9,436
		382,488				366,945				799,920				767,776
Operating income		267,795				277,692 Werbung Mehr Nachrichten zur Cedar Fair L.P. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:31 - PR Newswire Oxford Instruments Plc - Holding(s) in Company 10:51 - PR Newswire Fidelity European Trust Plc - Monthly Factsheet 10:30 - PR Newswire Fidelity China Special Situations Plc - Monthly Factsheet Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59