March 8, 2004
Sandusky, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced a 2% increase in its regular quarterly cash distribution to $0.45 per limited partner unit. On an annualized basis, the Partnership's distribution rate will increase for the 17th consecutive year, from $1.76 (paid over the past four quarters) to $1.80 per unit.
"We are pleased that our 2003 full-year revenues and operating cash flow were at record levels and at the high-end range of our expectations, due in large part to a strong fourth quarter performance across our company," said Dick Kinzel, chairman, president and chief executive officer. "It was on the basis of this strong finish that the Board of Directors determined that an increase in the Partnership's cash distribution rate was appropriate at this time."
Kinzel added that this represents the 13th increase in the Partnership's distribution rate in the past 10 years, during which time the distribution level has increased 80%. The next distribution, which is payable May 17, 2004 to holders of record April 5, 2004, represents the Partnership's 68th consecutive quarterly cash distribution.