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Cedar Fair, L.P. Press Release
One Cedar Point Drive
Sandusky, Ohio 44870-5259
To Our Unitholders:
The following press release, which was distributed to the financial
news media on August 4, 2000, is also being sent directly to our
unitholders so that you may have the benefit of the complete text.
Richard L. Kinzel, President and Chief Executive Officer
Cedar Fair, L.P. Announces Increased Revenues and EBITDA for the
Second Quarter of 2000
SANDUSKY, OHIO, August 4, 2000 -- Cedar Fair, L.P. (NYSE: FUN), a
publicly traded partnership which owns and operates five amusement
parks and four water parks, today announced a 4% increase in revenues
and a 1% increase in earnings before interest, taxes, depreciation and
amortization (EBITDA) for the second quarter of 2000.
Net revenues for the quarter ended June 25, 2000, increased 4% to
$129.5 million from $124.2 million in 1999, and EBITDA increased 1% to
$40.6 million from $40.3 million for the same period last year.
Operating income for the quarter increased slightly to $28.8 million
from $28.3 million, and net income, after a significant rise in
interest expense, decreased 3% to $18.6 million, or $.36 per limited
partner unit, from $19.2 million, or $.37 per unit, in 1999.
Richard L. Kinzel, president and chief executive officer, explained
that the increase in interest expense for the quarter was primarily
the result of higher interest rates, as well as increased borrowings
from the 1999 acquisitions of a hotel and water park in California and
significant capital expenditures at several parks for the 2000 season.
All other costs as a percent of revenues have remained relatively
level between years.
"At our five amusement parks, we achieved a 5% increase in in-park
guest per capita spending for the quarter, offset slightly by a 1%
decrease in combined early-season attendance," said Kinzel.
"Meanwhile, early-season water park attendance was up strongly due to
our two new California water parks."
Kinzel continued by explaining that early-season attendance at the
Partnership's four seasonal amusement parks has been below
expectations due in part to cool and rainy weather, and that
attendance at these parks has generally remained below expected levels
as the season has progressed. "Guest response to the new rides and
attractions we introduced for the 2000 season has been excellent,
including Millennium Force at Cedar Point which has received the
highest guest-satisfaction ratings of any new ride we have ever
introduced," he said. "However, we have not yet seen the expected
impact on attendance."
"On a positive note," continued Kinzel, "guest per capita spending at
each of our parks has been very strong, up 6% through the first six
months of the year, and attendance at Knott's Berry Farm is meeting
our expectations. In addition, we are pleased with our two new water
parks in California, which are being received very well by their local
markets."
Kinzel concluded by noting that virtually all of Cedar Fair's revenues
from its four seasonal amusement parks, as well as its four water
parks, are realized during a 130-day operating period beginning in
early May, with the major portion concentrated in the peak vacation
months of July and August. The Partnership's fifth park, Knott's
Berry Farm, is open year-round but also operates at its highest level
of attendance in the third quarter of the year.
Cedar Fair'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/Oceans of Fun, located in Kansas City, Missouri. The
Partnership's water parks are located in Sandusky, Ohio; Kansas City,
Missouri; Chula Vista, California, near San Diego; and Buena Park,
California. Cedar Fair also operates Knott's Camp Snoopy at the Mall
of America in Bloomington, Minnesota under a management contract.
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The information contained in this news release, other than historical
information, consists of forward-looking statements. These statements
may involve risks and uncertainties that could cause actual results to
differ materially from those described in such statements. Although
the Partnership believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Important
factors, including general economic conditions, competition for
consumer spending, adverse weather conditions, unanticipated
construction delays, and other factors could cause actual results to
differ materially from the Partnership's expectations.
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Cedar Fair, L.P.
SUMMARY STATEMENTS OF OPERATIONS
(unaudited)
<CAPTION>
Three Months Six Months Ended Twelve Months
Ended Ended
(In thousands 06/25/00 06/27/99 06/25/00 06/27/99 06/25/00 06/27/99
except per unit)
<S> <C> <C> <C> <C> <C> <C>
Net Revenues $129,504 $124,203 $150,052 $147,400 $440,653 $428,344
Operating costs 88,893 83,896 127,876 121,262 292,778 279,746
and expenses
Depreciation and 11,831 12,048 15,080 15,337 34,825 34,373
amortization
Operating income 28,780 28,259 7,096 10,801 113,050 114,225
Interest expense 5,710 4,486 9,810 8,019 17,162 14,597
Provision for taxe 4,427 4,534 5,195 5,374 15,401 15,065
Net income $18,643 $19,239 $(7,909) $(2,592) $80,487 $84,563
Per limited partner
unit:
Net income - $.36 $.37 $(.15) $(.05) $1.53 $1.61
diluted
Cash $.375 $.35 $.75 $.70 $1.45 $1.35
distributions
declared
Weighted average
units outstanding - 52,053 52,381 52,090 52,383 52,250 52,375
diluted
</TABLE>
Mr. Kinzel will host a conference call with analysts at 11:00 a.m.
Eastern Time on Friday, August 4, 2000, which will be webcast live in
"listen-only" mode via the Cedar Fair web site (www.cedarfair.com).
It will also be available for replay starting at 2:00 p.m. ET, Friday,
August 4, 2000 until midnight ET, Friday, August 11, 2000. To access
the replay of the earnings call please dial 888-266-2081 followed by
the access code 4444301.
This press release and prior releases are available on the Cedar Fair,
L.P. website at www.cedarfair.com.
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