Loading…
Wednesday, April 16, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: 2/12/2009

Cedar Fair announces $5.7 million profit, higher revenues for last year

BLADE STAFF

SANDUSKY Cedar Fair LP said Thursday that it returned to the black financially in 2008, earning a profit of $5.7 million, or 10 cents per partnership unit.

The amusement and water park operator, based in Sandusky, lost $4.5 million, or 8 cents per unit, in 2007 after incurring expenses to shut down its Geauga Lake amusement park near Cleveland.

Cedar Fair s operations went more smoothly last year, with overall revenues increasing 1 percent to $996 million. Attendance at its 11 amusement parks and seven water parks rose 3 percent to 22.7 million visitors.

Performance was led by its Canada s Wonderland park in Toronto, whose attendance was up 8 percent due to the arrival of a new $20 million roller coaster, the Behemoth.

Attendance and operating performances were mixed at Cedar Fair s other parks, although it did not specify each one, including at its Cedar Point park in Sandusky.

For the fourth quarter last year, the company had a loss of $56.7 million, or $1.02 per unit, which compared to a $9 million loss, or 7 cents per unit, for the same period a year earlier.

The company said the fourth quarter loss included a non-cash goodwill impairment charge of $87 million relating to its 2006 acquisition of six amusement parks owned by Paramount Parks. Revenues for the fourth quarter rose 3.5 percent to $119 million from $115 million in the same period a year earlier.

Chief Executive Dick Kinzel told industry analysts that the firm s dividend would not be cut, as company officials last month said might happen. It pays $1.92 a share per year.

Read more in later editions of The Blade and toledoblade.com



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.



Poll