Posted Thursday, September 8, 2011 12:24 PM | Contributed by Jeff
[Ed. note: The following is an excerpt of a press release. -J]
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported that it has continued its strong performance through Labor Day weekend.
As of September 4, 2011, year-to-date revenues increased approximately $33 million, or 4%, to approximately $857 million compared with $824 million for the same period a year ago. Driving this year-over-year growth was a 2% increase in attendance to 19.1 million visitors, coupled with a 2% increase in in-park guest per capita spending to $40.10 and a 5% increase in out-of-park revenues to approximately $90 million.
"The summer of 2011 is proving to be another strong operating season for Cedar Fair," said Dick Kinzel, chief executive officer. "Our new rides and attractions, including WindSeeker, a 301-foot-tall thrill ride introduced at our four largest parks, continued to attract guests during the peak vacation month of August. Our creative marketing efforts and pricing initiatives also continued to drive growth, particularly at Canada's Wonderland, Knott's Berry Farm, Kings Island and California's Great America.
"As we head into our award-winning Halloween season, we feel very good about the steadily increasing momentum we are building across our well-maintained and diversified portfolio of parks," added Kinzel. "Should these trends continue throughout our important Fall season, we will generate full-year net revenues at the high end or slightly above our previous guidance of $975 million to $1.0 billion. At the same time, assuming similar trends, we believe our full-year adjusted EBITDA will be at the middle to upper end of our guidance of $350 million to $370 million."
Kinzel concluded by noting the Company is on track to pay a 70 cent per unit distribution in December, bringing the total amount of distributions paid in 2011 to $1.00 per unit. The Company continues to target an annualized distribution rate of $2.00 or more per unit in 2013.
Read the entire press release from Cedar Fair.