Published: 2/11/2010

Revenues sink for Cedar Fair, profits up

BLADE STAFF

SANDUSKY — Cedar Fair LP, hurt by recession and poor summer weather, reported Thursday a drop in revenues last year but a profit of $35.4 million, up 521 percent over 2008.

The company, which owns Cedar Point, 10 other amusement parks, and six water parks, said its 2009 revenues were $916 million, down 8 percent from $996 million a year earlier. Its profit of 63 cents a share compared with a profit of 10 cents a share, or $5.7 million, a year ago.

The Sandusky company said its profit was due largely to decreased operating costs by $24 million and to a $23 million gain from the sale of 87 acres of land in Canada in August.

For the fourth quarter, Cedar Fair reported a loss of $26.3 million, or 47 cents a share, compared with a loss of $56.7 million, or $1.02 a share, for the same period a year earlier. Its fourth quarter revenues were $105.6 million, down 11.5 percent from $119.3 million a year ago.

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