Cedar Fair LP reports $101.2M in profits for 2012

2/20/2013
BY JON CHAVEZ
BLADE BUSINESS WRITER
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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.