February 6, 2000
Sandusky, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates five amusement parks, announced on February 1 record revenues, earnings before interest, taxes, depreciation and amortization (EBITDA), and net income for calendar year 1999.
Net revenues increased 4% to $438.0 million, up from $419.5 million in 1998, and EBITDA for the year increased 5% to $151.8 million from $144.7 million. Operating income for the year increased 4% to $116.8 million from $112.6 million last year, and net income increased 3% to $85.8 million, or $1.63 per limited partner unit, from $83.4 million, or $1.58 per unit, in 1998.
Cedar Fair's operations include Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm in Buena Park, California; Dorney Park & Wildwater Kingdom, near Allentown, Pennsylvania; Valleyfair near Minneapolis / St. Paul; and Worlds of Fun and Oceans of Fun, located in Kansas City, Missouri. Together the five parks serve a total market area of more than 92 million people.
"We are very pleased with the record results achieved in 1999," said Richard L. Kinzel, president and chief executive officer. "For the entire 1999 season, combined attendance totaled 10.6 million, the second highest in the Partnership's history, and in-park guest per capita spending increased to a record $34.58 from $33.20 in 1998 on a combined basis," continued Kinzel. "In addition, our out-of-park revenues continued to grow, increasing 18% between years on the very successful debut of the 10-story Breakers Tower hotel at Cedar Point and the acquisition of the Buena Park Hotel located adjacent to Knott's Berry Farm."
Looking ahead to the 2000 season, Kinzel reported that the record $110 million in capital improvements slated for the Partnership's five parks are well underway. "Construction of Cedar Point's world-record-breaking roller coaster, Millennium Force, is proceeding on schedule and on budget," Kinzel said. "Meanwhile, our other winter construction projects, including Valleyfair's new 275-foot-tall thrill ride, Power Tower, and Cedar Point's Breakers Express Hotel, are also coming along very well and will be ready for the 2000 season."
Kinzel noted that the Partnership recently completed the renovation of the Buena Park Hotel into a four-star Radisson Resort Hotel, and also closed on the acquisition of White Water Canyon, a 33-acre water park located near San Diego in Chula Vista, California. The Partnership plans to rename the park Knott's Soak City U.S.A. and market it in tandem with a new water park of the same name planned to open at Knott's Berry Farm in June of 2000.
"With the addition of major new attractions at each of our amusement parks, plus two new water parks in the Southern California market and two more resort hotels, we believe we have positioned Cedar Fair for a very exciting and successful year in 2000," Kinzel concluded.
The information contained in this news release, other than historical information, consists of forward-looking statements. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, competition for consumer spending, adverse weather conditions, unanticipated construction delays, and other factors could cause actual results to differ materially from the Partnership's expectations.
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