Cedar Fair to pay 10-cent dividend
5/5/2011SANDUSKY — Cedar Fair LP, in its first quarter earnings report Thursday, announced it would pay a 10 cents a share dividend and reaffirmed it plans to pay as much as $1 a share this year, after paying just 25 cents for all of last year.
The Sandusky amusement park company said it had a first quarter loss of $84.7 million, or $1.53 a share, more than double the loss of $39.9 million, or 72 cents a share, for the same period last year. It said it had revenues for the quarter ending March 27 of $26.9 million, down slightly from the $27.3 million a year ago. Traditionally, the company’s first quarter is its lowest-performing quarter, as the majority of its properties are closed during this period.
Cedar Fair said that it has spent $4.4 million in legal and professional costs during the period, including litigation expenses and costs for regulatory filings related to special meeting requests and its ongoing dispute with its largest shareholder, Q Investments of Dallas.