September 7, 2001
Sandusky, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today reported that combined attendance at its parks for the month of August, including the Labor Day weekend, increased 5% from a year ago, due to the addition of its two newest parks.
Richard L. Kinzel, president and chief executive officer, noted that the 2001 figures include results from the Partnership's two recent acquisitions, Michigan's Adventure and Oasis Water Park, both of which were acquired at the end of May. On a same-park basis, attendance was down slightly from August of 2000, and combined in-park guest per capita spending increased only slightly due to aggressive promotions offered to stimulate attendance at several of the parks.
"In spite of good weather, August attendance at several of our parks remained soft as the overall weakness in the economy continued to negatively impact results," said Kinzel. "Both Dorney Park and Knott's Berry Farm continued to perform well, but trends at our other parks showed little improvement from prior months and attendance at those parks remained below our expectations. Combined attendance through the first eight months of the year was up 3% from 2000, but excluding results from our two newest properties, attendance was down 2%, while combined in-park guest per capita spending remained relatively flat."
Kinzel concluded by noting that based on the preliminary August results, the Partnership remains comfortable with its revised 2001 expectations of full-year projected earnings, before non-cash charges, in the range of $1.40 to $1.50 per unit, and full-year EBITDA, excluding non-cash charges, in the range of $150 million to $160 million.
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 in Chula Vista, California, near San Diego, and Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also operates Knott's Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.