Posted Thursday, November 6, 2008 9:25 AM | Contributed by Jeff
Net revenues for the nine months ended September 28, 2008, increased $5.5 million, to $877.0 million from $871.5 million a year ago. Net income for the first nine months of 2008 increased $58.0 million to $62.5 million, or $1.12 per diluted limited partner unit, versus net income of $4.5 million, or $0.08 per diluted limited partner unit, for the same period in 2007.
Adjusted EBITDA for the nine months ended September 28, 2008, which management believes is a meaningful measure of the company’s park-level operating results, increased $3.6 million to $334.6 million from $331.0 million for the same period a year ago. See the attached table for a reconciliation of adjusted EBITDA to net income.
“We are pleased with the performance of our parks during the peak vacation months of July and August,” said Dick Kinzel, Cedar Fair chairman, president and chief executive officer. “Through the end of the third quarter our parks entertained a record 20.0 million visitors, up 2% (402,000 visits) from this time last year. During this same period average in-park guest per capita spending was down less than one percent to $40.28 and out-of-park revenues were comparable to last year at $94.0 million.
Read the press release from Cedar Fair.