Posted Tuesday, August 1, 2006 9:06 AM | Contributed by Jazma
Cedar Fair, L.P. today announced results for the second quarter ended June 25, 2006. The second quarter results exclude operating results of the five Paramount Parks, which were acquired on June 30, 2006. Net revenues for the quarter, decreased 2% to $145.4 million from $148.9 million in 2005, while net income decreased $1.2 million to $11.1 million, or $0.20 per diluted limited partner unit, compared to net income of $12.3 million, or $0.22 per unit, a year ago. Adjusted EBITDA, which management believes is a very meaningful measure of the Partnership’s park-level operating results, decreased $1.8 million to $38.1 million versus $39.9 million for the same period in 2005. Adjusted EBITDA represents earnings before interest, taxes, depreciation and other non-cash items.
Read the press release from Cedar Fair.
Tuesday, August 1, 2006 9:14 AM
I can't say I'm really that surprised since last year set records, but it's kind of disappointing for Geauga Lake. It would be nice if we'd get a break from the rain around here.
Tuesday, August 1, 2006 12:18 PM
Rain? Sounds like a Six Flags excuse for poor attendance. ;) Maybe it's the cotton candy's fault! ;)
Tuesday, August 1, 2006 12:59 PM
Well, Cedar Fair IS the new Six Flags!
I just wonder when what is now Geauga Lake will become phase III of the shopping center. If Cedar Fair keeps having these poor results, it is only a matter of time.
I really hope that they save the Big Dipper though, as that ride is a classic. Maybe they could theme the shopping center around the ride...
Tuesday, August 1, 2006 1:08 PM
First, revenues were only down 2%. That's not that big of a deal. Second, in the conference call, they made note that this year's second quarter actually was shorter than last year's second quarter. Depending on how many days shorter, 2% could easily be accounted for.
Tuesday, August 1, 2006 1:12 PM
^^ Aren't we being a BIT dramatic?????
Tuesday, August 1, 2006 1:38 PM
How can you even compare Cedar Fair to Six Flags? Cedar Fair is a much better run company. I don't see how this can even be a close comparison.
Tuesday, August 1, 2006 3:49 PM
Well look at things this year in Ohio/Penn:
• Super Warm April
• Cold May
• Mixed June
• Surface-of-the-Sun Hot July
If August, Sept, October can be "normal, things should be fine.
Tuesday, August 1, 2006 5:02 PM
Its hard to say whats causing the problems, but out west in ohio they were getting hit with storms every other day it seemed, and my neighbors son did cut a trip short with his daughters when the rains flooded nearby Norwalk, which means cedar point may have suffered a bit.
Geauga Lake just hasnt drawn jack most of the year, besides when i was there last sunday. I would hope there were more days when i had to park near the booths for parking. Its intresting to say the least, i know nothing of the weather or other factors with dorney, but these three parks were the mentioned ones, so to blame it on the weather could be a few days at CP, but Geauga Lake doesnt always get that weather, and im sure dorney doesnt either, so that excuse could be moot at this point.
Im not worried to say the least, but they certainly will lose a bit more for the next quarter because the haunt is dead at geauga lake, but as i understand revenues werent where they wanted them last year for the event so they scrapped it this year, but it would have still added to the revenue somehow.
Tuesday, August 1, 2006 6:31 PM
You figure second quarter is technically April through June and GL was a bit on the light side during that time but if anyone has been by the park as of late, especially on Saturdays, the lot is filled pretty much to the toll booths. I've had to park as far back as B-2/C-1 sections on my weekly visits.
The Haunt was mainly in the beginning of the fourth quarter so I'm interested in seeing how July, August, September will be for the park.
Tuesday, August 1, 2006 10:05 PM
And remember the Haunt has moved to Valleyfair, so perhaps GL's loss will be Valleyfair's gain and it will all even out in the end.
Tuesday, August 1, 2006 10:20 PM
You know what that means......
$.50 for cotton candy now ;)
Tuesday, August 1, 2006 11:08 PM
Working near GL I haven't gone as much as I did at first because the weather was not cooperating. A few weeks ago, I was actually trapped in Solon, the next city over, because all of the routes out of town were flooded. I'm not even kidding. The weather has sucked this summer. F'ing global warming! :)
Tuesday, August 1, 2006 11:49 PM
I was at Geauga Lake on Sunday. The waterpark was absolutely mobbed with people. Then a Wrath of God-type thunderstorm shut everything down for an hour and a half around 7pm, but a lot of people stayed, and for the evening the coaster lines were just a little bit longer.
But the Geauga Lake turnaround is finally starting to take hold. People are starting to figure out that it isn't Six Flags anymore.
--Dave Althoff, Jr.