Cedar Fair first quarter down on lower occupancy at Castaway Bay

Posted Monday, May 1, 2006 10:58 PM | Contributed by Jeff

Net revenues for the quarter ended March 26, 2006, decreased 4% to $23.9 million from $24.8 million in 2005, due primarily to a decrease in revenues at the Partnership’s indoor water park resort, Castaway Bay, in Sandusky, Ohio. This decrease was the result of lower occupancy and average daily room rates at the resort in 2006, which were anticipated in light of increased competition in the Sandusky area and following a very successful inaugural year in 2005. In addition, first quarter results for 2005 benefited from the earlier timing of the Easter and spring-break seasons at Knott’s Berry Farm and Castaway Bay compared to 2006, which should benefit the second quarter in 2006. The decrease in revenues at Castaway Bay was somewhat offset by improved operating results at Knott’s Berry Farm, which benefited from favorable weather comparisons to the first quarter of 2005 when Southern California experienced record rainfall.

Read the press release from Cedar Fair.

Tuesday, May 2, 2006 5:05 PM
Boring conference call too...I think it lasted less than 20 minutes. (Although, how exciting can Q1 be for a seasonal operator? <g> )

As usual, one of the analysts asked about acquiring Paramount Parks and Kinzel gave the standard corporate answer. One analyst seemed to focus on the pricing changes (although, asking how much admission and parking cost at each park probably wasn't the best use of the time...I mean, just look at a web site or something--it's called research for a reason <g> )*** This post was edited by JZarley 5/2/2006 5:06:10 PM ****** This post was edited by JZarley 5/2/2006 5:06:31 PM ***

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