Loading…
Thursday, December 25, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 2/20/2013

Cedar Fair LP reports $101.2M in profits for 2012

BY JON CHAVEZ
BLADE BUSINESS WRITER

SANDUSKY — Bolstered by increased in-park spending by its customers, Cedar Fair LP today reported that its profits for 2012 totaled $101.2 million, or $1.81 per share, on record revenues of $1.068 billion generated by its 11 amusement parks, five water parks, and five hotels.

Its profits were up 43 percent from 2011, when the company had a net profit of $70.7 million, or $1.27 per share, on revenues of $1.028 billion. The Sandusky-based company said its in-park guest per capita spending was up 4.8 percent to an average of $41.95 while attendance was basically flat at 23.3 million visits.

Cedar Fair Chief Executive Officer Matt Ouimet attributed the increased spending to the introduction of a new e-commerce system, improved communications to consumers about premium benefit offerings, and continued investment in new entertainment offerings for families.

While full-year revenues were at record levels and profit were up, Cedar Fair missed badly on analysts expectations in the fourth quarter.

For the fourth quarter, the company had a loss of $10.4 million, or 19 cents per share, on revenues of $129.2 million. In the same period a year ago, it had a loss of $2 million, or 4 cents per share, on revenues of $90.9 million. Analyst had expected losses in the fourth quarter, which is typically the company’s worst because all but one of its parks close after Halloween, to be about 3 cents per share.

As a result, in early trading on the New York Stock Exchange, the company’s shares opened down 59 cents a share at $37.57.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories









Poll