Cedar Fair posts record revenue

SANDUSKY — Cedar Fair LP on Tuesday reported record revenues of $1.028 billion for 2011 and a profit of $72.2 million due mainly to record attendance last year that bolstered the amusement park company’s per guest spending and its out-of-park revenues.

Cedar Fair, which owns seven water parks and 11 amusement parks, including Cedar Point in Sandusky, said its profit of $72.2 million, or $1.29 a share, compared with 2010 when rising operating costs pushed it to a loss of $31.6 million, or 57 cents a share, on revenues of $977.6 million.

The company said its turnaround was helped by a strong fourth quarter driven by the company’s popular Halloween Haunt events held in October at its various parks. The company, based in Sandusky, had record fourth quarter revenues of $144.8 million and a loss of just $546,000.

Typically, the fourth quarter is the weakest for Cedar Fair with losses usually in the millions. In the same period in 2010, the company had a loss of $63.2 million.

In 2011 attendance at Cedar Fair's parks totaled a record 23.4 million guests, up 2.6 percent from 2010. As a result, the company's average per guest spending in its parks increased by 2.1 percent to $40.03, while its out-of-park spending at hotels and restaurants increased by 8.1 percent.

After releasing its earnings, Cedar Fair declared a 40 cent quarterly cash dividend payable March 15 to unitholders of record as of March 5.