Posted Monday, March 8, 2004 7:02 PM | Contributed by Jeff
Cedar Fair, L.P., a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced a 2% increase in its regular quarterly cash distribution to $0.45 per limited partner unit. On an annualized basis, the Partnership’s distribution rate will increase for the 17th consecutive year, from $1.76 (paid over the past four quarters) to $1.80 per unit.
Read the press release from Cedar Fair.
Monday, March 8, 2004 7:41 PM
Must be a bad year for the amusement park industry.
Monday, March 8, 2004 8:03 PM
I do believe that the news out of Cedar Fair is good news, especially for investors who own stock in Cedar Fair. If you click on the link, it contains a quote from Dick Kinzel saying their cash flow in 2003 was at record levels and at the high end of their expectations. By far, that seems like a good year for those six parks, not to mention, Disney, and Bush parks also did well. i don`t know how well Paramount did, but I believe they had a great year as well. The only chain that didn`t fair so well was Six Flags, which blamed inclement weather as part of the reason for lackluster attendance.
Monday, March 8, 2004 9:42 PM
Does Paramount/Viacom break out the theme parks in their financials? Obviously they're doing OK given the waterpark expansions, and they've been putting in at least something at most parks every year.
I bought a big chunk of FUN units back when it was trading in the low 20's. Today it's $34.50, and I'm still buying a little every month. I'm not complaining.
Monday, March 8, 2004 10:01 PM
Jeff, Viacom does NOT break out the theme parks. They are lumped together with the company's publishing and movie theater business (which is where Redstone started the company) under the "Other" line item.
Most companies don't. Anheuser-Busch lumps its park business as "entertainment."
I remember Rank Organisation breaking out its theme park business when it owned chunks of the Universal parks -- but not Vivendi.
Even Disney lumps in the parks and resorts with things like its cruise ship business.
Monday, March 8, 2004 10:08 PM
Hmmm...must be that horrible weather going around...
Tuesday, March 9, 2004 8:14 AM
Yes, I owe a large part of my current fortunes to Jeff making me aware of the value of Cedar Fair stock ... my parents are kicking themselves right now for not going in with me when I bought it at $24!