September 7, 2004
Sandusky, OH -- Cedar Fair, L.P., 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 August, through the Labor Day weekend, increased 3% from a year ago, due to the addition of Geauga Lake, its newest park. Over the same period, average in-park guest per capita spending was up 4% and out-of-park revenues, including resort hotels, were up 11%.
Dick Kinzel, chairman, president and chief executive officer, noted that the 2004 figures include results from Geauga Lake, which was acquired by the Partnership in April of this year. On a same-park basis, attendance was up 1% at amusement parks, down 15% at water parks, and down 3% overall from August of 2003. Overall, combined revenues in August were up 7% between years, or up 2% on a same-park basis.
Commenting on August results, Kinzel said, "Unseasonably cool and wet weather throughout most of the month continued to negatively impact results at our seasonal parks in the Midwest, offsetting the benefit of the late Labor Day holiday. Trends at those parks showed little improvement from prior months and attendance remained below our expectations, particularly at our water parks. In spite of the poor weather, in-park guest per capita spending at most parks was strong and out-of-park revenues were up nicely, driven primarily by increased hotel revenues at Cedar Point from the extra days on our 2004 operating calendar. At Knott's Berry Farm, attendance and in-park guest per capita spending both continued to trend up nicely during the month."
Kinzel continued by reporting that combined year-to-date attendance at the Partnership's twelve properties through Labor Day was up 4%, average in-park guest per capita spending was up 3%, and out-of-park revenues were up 5%. Excluding results from Geauga Lake, combined attendance through Labor Day was down 2%, while average in-park guest per capita spending and out-of-park revenues were both up 3%. "Based on preliminary August results, we now expect to achieve 2004 full-year revenues of $530-550 million and full-year adjusted EBITDA of $165-175 million, down $10 million from previous guidance," he added.
Kinzel concluded by noting that construction is coming along very well on the Partnership's two newest capital projects, the Castaway Bay indoor water park at Cedar Point and the Silver Bullet roller coaster at Knott's Berry Farm, and both are on schedule to open later this year. Other capital expenditure plans at the Partnership's parks for next season are in the process of being finalized and will be announced in the near future.