November 23, 1999
Sandusky, Ohio -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates five amusement parks, today announced that its board of directors has authorized the repurchase of up to $25 million of Cedar Fair limited partnership units.
The unit repurchase plan authorizes the Partnership to make purchases from time to time in the open market or through privately negotiated transactions. Units repurchased by the Partnership will be held in treasury and may be used to meet requirements for employee benefit plans and other Partnership purposes.
"At current price levels, we believe Cedar Fair limited partnership units represent an attractive investment opportunity," said Richard L. Kinzel, president and chief executive officer. "Our unit repurchase program reflects our confidence in the fundamental soundness of our industry and our optimism about the Partnership's long-term prospects."
Kinzel added that in addition to the unit repurchase plan, the Partnership has announced plans for an aggressive capital expenditures program for the upcoming 2000 season. A total of $110 million will be invested in new attractions at the Partnership's five parks, including the world's tallest and fastest roller coaster at Cedar Point, a multi-million-dollar water park at Knott's Berry Farm, and a 275-foot-tall thrill ride at Valleyfair. The Partnership also has an agreement in principle to acquire a water park near San Diego, in Chula Vista, California.
The Partnership's five 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; and Worlds of Fun and Oceans of Fun in Kansas City, Missouri. Together, the five parks serve a total market area of more than 92 million people.
Cedar Fair Reports Record Revenues for Third Quarter November 17, 1999