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July 05, 2007
SANDUSKY, Ohio, July 5 /PRNewswire-FirstCall/ -- Cedar Fair Entertainment Company , a leader in regional amusement parks, water parks and active entertainment, today announced that combined 2007 revenues at its parks through July 1, 2007 were $355.3 million, on 7.8 million guest visits and average in-park per capita spending of $40.44. 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, total revenues through the first six months of the year were up 2%, or $3.3 million. The increase in same-park revenues is the result of a 5% increase in average in-park guest per capita spending to $39.91, offset somewhat by a 3% decrease in attendance, or approximately 108,000 visits. Out-of-park revenues on a same-park basis also experienced a 2% decrease, or less than $1.0 million, during the first half of the year. The decrease in attendance and out-of-park revenues is attributable to 16 fewer operating days due to a change in the company's seasonal operating calendar. The decrease in out-of-park revenues is expected to be offset by a reduction in seasonal operating expenses during this same period.
"We are pleased with our results through the first six months of the year," said Dick Kinzel, chairman, president and chief executive officer. "New rides and attractions in the northern region have been well received, and while the introduction of new marketing programs at several of our southern and western region parks have been met with some resistance, our management team has been quick to make adjustments to these programs. We're hopeful these changes will prove to be beneficial as we begin to enter the peak vacation months of July and August."
"With approximately 65% of the annual attendance at our seasonal parks still to come, we believe that our 2007 attendance and revenue goals are still within reach," said Kinzel. He continued by noting that virtually all of Cedar Fair's revenues from its seasonal amusement parks and water parks are realized during a 130 to 140-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Only Knott's Berry Farm, Castaway Bay and Star Trek: The Experience are open year-round, but Knott's operates its highest level of attendance in the third quarter of the year.
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio. The Partnership, which owns and operates twelve amusement parks, five outdoor water parks, one indoor water park and six hotels, is one of the largest regional amusement park operators in the world. Amusement parks in the company's northern region include three in Ohio: Cedar Point, Sandusky, consistently voted "Best Amusement Park in the World" in Amusement Today polls; Kings Island, near Cincinnati; and Geauga Lake & Wildwater Kingdom, Aurora; as well as Canada's Wonderland, near Toronto; Dorney Park, Allentown, Pa.; Valleyfair, Shakopee, Minn.; and Michigan's Adventure, near Muskegon, Mich. In the southern region are Kings Dominion, Richmond, Va.; Carowinds, Charlotte, N.C.; and Worlds of Fun, Kansas City, Mo. Western parks in California include: Knott's Berry Farm, Buena Park; and Great America, Santa Clara; as well as Star Trek: The Experience, an interactive adventure in Las Vegas.
Some of the statements contained in this news release constitute forward- looking statements. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership's expectations. In addition, risks and uncertainties concerning the acquisition of the Paramount Parks include, but are not limited to the ability of the Partnership to combine the operations and take advantage of growth and synergy opportunities.
This press release and prior press releases are available online at www.cedarfair.com.
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