Posted Friday, June 1, 2007 9:48 PM | Contributed by Jeff
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that combined 2007 revenues at its parks through the Memorial Day weekend were $147.2 million, on 3.0 million guest visits and average in-park per capita spending of $41.26. The 2007 results include the operations of the Paramount parks which the company acquired from CBS on June 30, 2006.
On a same-park basis, the company opened several of its amusement parks later in 2007 versus 2006, thereby reducing the number of operating days in 2007 by 10% or 19 days. The reduction in the number of operating days led to a decrease in net revenues of 2%, or $1.5 million, from a year ago. The decrease in revenues is expected to be offset by a reduction in seasonal operating expenses during this same period. Attendance on a same-park basis decreased 5%, while average in-park guest per capita spending increased 5% leaving total in-park revenues relatively unchanged for the first five months of the year.
Read the press release from Cedar Fair.
They gained in the end but whats going on with the original parks. Did they not have as many coporate outings this year as they did last year. Can't blame the weather, because it has been above average in most of the states. My only other guess is that FAMILYS (The ones who spend the most money) are holding off because of gas rates, but if Disney returns and says they are higher this year then that will really make me frown upon that statement. But this is only 1 of 4 results so I'll wait before I start to point fingers. 25.1 million is alot of money though.
I know I will probably get Riped apart about this statment but those numbers are not the way to start a season.
"Only Knott’s Berry Farm, Castaway Bay and Star Trek: The Experience are open year-round, with Knott’s Berry Farm operating at its lowest level of attendance in the first quarter of the year. Cedar Fair’s other first quarter revenues have historically been minimal."
I tend to think that the first quarter will always be a loser, you're gearing up the seasonal parks without having them generate income. Losing LESS money, that's a good thing, IMO. For same-parks, exepenses were down and revenues up. I see only good news for CF.
*** This post was edited by Twistercoasterman 6/5/2007 5:36:52 PM ***
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