September 23, 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 announced the declaration of a regular quarterly cash distribution of $0.45 per limited partner unit, continuing the Partnership's annualized distribution rate of $1.80 per unit.
"With our third quarter nearly complete, we now expect full-year cash operating profit to be down slightly from last year, on a smaller capital expenditure program," said Dick Kinzel, chairman, president and chief executive officer. "On that basis, the Board of Directors determined that the Partnership's cash flow is sufficient to maintain the annualized distribution rate of $1.80 per unit, which was already increased once this year in March. Based on our fourth quarter and full-year performance, the Board will consider the opportunity for a further increase in the distribution rate at its March 2005 meeting."
The distribution, which is payable November 15, 2004, to holders of record October 5, 2004, represents the Partnership's 70th consecutive quarterly cash distribution.
Kinzel also noted that the Partnership has announced plans for a new world-class roller coaster at Dorney Park & Wildwater Kingdom, located near Allentown, Pennsylvania, for the 2005 season. The new coaster, called Hydra The Revenge, will be the park's eighth roller coaster and third world-class coaster introduced since 1997. "At a cost of approximately $13 million, Hydra will be one of the largest single investments in Dorney Park's history," said Kinzel. "This new coaster will continue to build upon the momentum we've established at Dorney Park through strategic capital spending over the past several years, and it will further increase the park's level of recognition in a very attractive and competitive market. Including next season's capital program, we've now invested more than $50 million in Dorney Park over the past five years."
Kinzel concluded by noting that construction is coming along well on the Partnership's other two major 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.
For more information visit cedarfair.com.