July 2, 2004
Sandusky, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today reported that combined attendance at its parks for the month of June increased 6% from a year ago. Over the same period, average in-park guest per capita spending was up 1% and out-of-park revenues, including resort hotels, were down 2%.
Richard L. Kinzel, chairman, president and chief executive officer, noted that the 2004 figures include results from the Partnership's newest park, Geauga Lake, which was acquired in early April. On a same-park basis, combined attendance for the month was down 3%, average in-park guest per capita spending was up 2%, and out-of-park revenues were down 3%. Overall, combined revenues in June were up 6% between years, but down 1% on a same-park basis.
Commenting on June results, Kinzel said, "Although early-season weather in the Midwest has been less than ideal, June attendance at most of our seasonal parks was within a normal range. June attendance at Dorney Park, which benefited from favorable comparisons to last year's poor weather, was up strongly between years and attendance at Knott's Berry Farm was also up nicely, but attendance at all our Midwestern parks was somewhat soft."
Kinzel continued by noting that combined attendance at the Partnership's twelve properties through the first six months of the year was up 3%, average in-park guest per capita spending was up 2%, and out-of-park revenues were down slightly. "Excluding the impact of Geauga Lake, combined attendance was down 3%, average in-park guest per capita spending was up 3%, and out-of-park revenues were down 1%," he explained. "With 70% of our annual attendance still ahead of us and a late Labor Day Weekend this year, we remain confident that our combined 2004 attendance and revenue goals are still within reach."
Kinzel concluded by noting that virtually all of Cedar Fair's revenues from its seasonal amusement parks, as well as its water parks and other seasonal resort facilities, 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.