Cedar Fair net revenue down, but record year anticipated
May 9, 2014 at 6:20 PM
Cedar Fair anticipates a fifth year of record performance.
In the company’s quarterly distribution announcement Thursday, CEO and president Matt Ouimet said the amusement park operator would pay its unitholders 70 cents per unit. The distribution will be paid on June 16.
This is in line with the company’s anticipated yearly distribution rate of $2.80 per unit. Cedar Fair is aiming for another year of record revenue, in the range of $1.16 billion to $1.19 billion. “With eight of our parks now open, we are seeing firsthand the excitement our guests are experiencing as they leave this winter’s snowy, cold weather behind and create new memories with their families and friends,” Ouimet said.
The company also anticipates park guests will react favorably to a shift in thought process. Its services are moving away from a “Here-is-what-we-can-do-for-you” philosophy, and instead embracing a fully customizable “What-can-we-do-for-you” approach.
In the first quarter, January to March 31, Cedar Fair’s net revenues decreased 3 percent to $40.5 million, compared to $41.8 million in the same quarter last year. The company said this was in line with its expectations, and the decrease was entirely the result of the timing shift of the Easter and spring break holiday, which occurred in the second quarter this year, compared to the first quarter of 2013.
Cedar Fair stock closed at $51.18 on Thursday, down 80 cents from the close of business Wednesday, according to the New York Stock Exchange.