Cedar Fair reports early season attendance and revenue

Posted | 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.

Ouch!!!!!!!!!!!!!!!!!!!!!!!!!!

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.

I don't see it that way AT ALL.

"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.

And, to cut your operating days by 10%, but lose only 5% attendance, and keep flat revenues, well, that doesn't sound so bad. Not so bad at all. In fact, it sounds like less is more.

By the way... I ended up linking to the wrong press release at first because the e-mail Cedar Fair sent out linked to the wrong one. Then I had to screw around guessing URL's because there's some pointless Javascript that loads a particular press release from the list on their site, so I had no correct URL.

That's stupid to do that because you spend your money for a shortend season of your favorite park especially GL because it opened on Memorial day weekend and doesn't have its scare fest anymore. soon the park will become a ghost town and can't afford to keep some of its rides and coasters. CF should know better not to do that so They won't let their parks get a 2 month season or no profit from its tickets and food.

*** This post was edited by Twistercoasterman 6/5/2007 5:36:52 PM ***

Please, let it go. No one was going! Why is that so hard for you to understand? They were losing money, so they cut those operating days. Don't you think they would've kept them on if they were making money?

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