Cedar Fair, L.P. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2015; Reports Loss on Impairment for the Second Quarter Ended June 28, 2015; Reports Revenues Results for the Month Ended August 2, 2015
Aug 4 15
Cedar Fair, L.P. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2015. For the quarter, the company reported net revenues of $377,408,000 compared to $363,014,000 a year ago. This increase reflects a 2%, or $0.84, increase in average in-park guest per capita spending, a 1%, or 91,000-visit, increase in attendance, and a 12%, or $4 million, increase in out-of-park revenues, compared with the second quarter of 2014. Operating income was $93,027,000 compared to $91,847,000 a year ago. Income before taxes was $80,877,000 compared to $51,090,000 a year ago. Net income allocated to limited partners was $57,582,000 or $1.02 per diluted limited partner unit compared to $43,901,000 or $0.79 per diluted limited partner unit a year ago. Adjusted EBITDA was $144,224,000 compared to $141,080,000 a year ago.
For the six months, the company reported net revenues of $424,225,000 compared to $403,480,000 a year ago. The increase in Revenue was the result of a 3%, or 220,000-visit, increase in attendance, a 2%, or $0.79, increase in average in-park guest per capita spending, and an 11%, or $5 million, increase in out-of-park revenues. Operating income was $23,394,000 compared to $20,270,000 a year ago. Loss before taxes was $47,350,000 compared to $62,701,000 a year ago. Net income allocated to limited partners was $26,250,000 or $0.47 per diluted limited partner unit compared to $39,638,000 or $0.71 per diluted limited partner unit a year ago. Adjusted EBITDA was $83,777,000 compared to $79,115,000 a year ago. The increase in adjusted EBITDA was driven by the solid revenue growth and a strict focus on cost control.
For the second quarter ended June 28, 2015, the company reported loss on impairment of $780,000 compared to $215,000 a year ago.
Based on preliminary results, net revenues through August 2, 2015, were approximately $754 million, up 5%, or $39 million, compared with $715 million for the same period last year. The increase was the result of an approximate 2%, or $0.79 increase in average in-park guest per capita spending to $45.87, a 3%, or 484,000-visit, increase in attendance and an 8%, or $6 million increase in out-of-park revenues to $82 million, compared with 2014.
Cedar Fair Entertainment Company Reports Preliminary Revenue Results for the Year to Date Ended July 5, 2015
Jul 8 15
Cedar Fair Entertainment Company reported preliminary revenue results for the year to date ended July 5, 2015. For the period, net revenues were $491 million, an increase of $24 million, or 5%, when compared with the same period a year ago. The higher net revenues are a result of a 2% increase in attendance, a 2% increase in average in-park guest per capita spending and a 10% increase in out-of-park revenues.