July 3, 2003
Sandusky, OH -- Cedar Fair reported that combined attendance in June at its eleven properties was down 7% in June compared to a year ago. The decrease was blamed largely on poor early-season weather. Over the same period, average in-park guest per capita spending was up 5% and out-of park revenues, including resort hotels, were essentially flat.
"During June, poor weather continued to negatively impact operations at several of our seasonal parks," said Dick Kinzel, chairman, president and chief executive officer. "Unseasonably cool temperatures and frequent rain throughout much of the month led to lower than expected attendance at Cedar Point, Dorney Park and Worlds of Fun. Dorney Park, which achieved record attendance and revenue levels last year, continued to be hurt the most by the poor weather in the eastern U.S. Through the end of June, the park had 22 of its first 47 operating days impacted by rain, compared to only eight in 2002."
Kinzel continued by noting that combined attendance through the first six months of the year was also down 7% from last year, while combined in-park guest per capita spending was up 5%, and out-of-park revenues were relatively flat. "We remain encouraged by signs of growth in guest per capita spending through the first six months of the year," he said. "In addition, with the peak portion of our operating season and nearly 70% of our annual attendance still ahead of us, we remain hopeful that our combined 2003 attendance and revenue goals are still achievable."
Kinzel concluded by noting that virtually all of Cedar Fair's revenues from its seasonal amusement parks and water parks are realized during a 130-day operating period beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Knott's Berry Farm is open year-round but also operates at its highest level of attendance in the third quarter of the year.
Cedar Fair's six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan's Adventure near Muskegon, Michigan. The Partnership's water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.