Cedar Fair anticipates another record year
Reports first-quarter loss, but says revenues are up
5/8/2013SANDUSKY — Cedar Fair LP reported a larger first-quarter loss today, but said revenues were up and the company is anticipating another record year.
The theme park company that operates Cedar Point, Kings Island, and other amusement parks and water parks said it lost $109.1 million in the quarter, or $1.95 per share. Last year the company lost $65.4 million, or $1.18 per share, in the first quarter. Officials said the larger loss was primarily due to a one-time, $34.6 million charge related to paying down debt early.
The first quarter is the weakest for Cedar Fair, because most of the company's parks are not open.
Revenues for the quarter were up $13.6 million from 2011 to $41.8 million. Officials said strong attendance and high per-guest spending at Knott's Berry Farm, the company's only year-round property, helped push revenues higher.
Cedar Point, the company's flagship park, opens this weekend. The park is featuring an all new winged coaster this year called GateKeeper.
The company also declared today a 62.5 cent dividend payable June 17 to shareholders as of June 5.
Shares of the company's stock were up 13 cents to $42.39 as of 10:30 a.m.