Austin
08-06-2009, 11:27 AM
Cedar Fair has reported lower than expected attendance and earnings in the first half of 2009. For Q2 the parks only brought in $7.4 million, compared to the $14.7 million earned in the same quarter last year. Attendance has also dropped for the time period to 6.6 million from 7.6 million last year.
From cleveland.com business section:
Cedar Fair Entertainment Co. (NYSE: FUN (http://www.google.com/finance?client=ob&q=NYSE:FUN)) saw its earnings fall in its second quarter as corporations booked fewer company outings and individuals bought fewer season passes.
The Sandusky amusement park operator on Tuesday reported second-quarter earnings of $7.4 million, or 13 cents a limited partner unit, about half of the $14.7 million, or 26 cents a unit, earned in the same quarter last year.
Cedar Fair owns 11 amusement and seven water parks, including Cedar Point in Sandusky, Geauga Lake's Wildwater Kingdom in Aurora and Kings Island near Cincinnati.
Cedar Fair's net revenue in the first quarter declined 11 percent to $264.1 million from $296.2 million in the comparable quarter last year.
For the first six months of the year ending June 28, the company reported a net loss of $45.9 million, down from a net loss of $29.1 million for the first six months of last year. Net revenue for that period fell to $290.6 million, or 83 cents a share, from $333.6 million, or 53 cents a share, in the year prior.
Cedar Fair typically reports a loss in its first-quarter, since the time period reflects only about 5 percent of the companys business but takes into account preseason operating costs. Cedar Fair brings in the most revenue during the peak vacation months of July and August, which fall during its third quarter. But this years first half was worse than usual.
"Our performance through the first half of the year has been a challenge for us," **** Kinzel, Cedar Fairs chairman, president and chief executive said in a statement. He blamed economic conditions for the drop in attendance to 6.6 million from 7.6 million during the first six months of last year. The average spending per person inside the park also dropped from $40.45 to $39.50.
However, Kinzel also noted that the company had fewer operating days in its first quarter of 2009, compared to 2008.
From cleveland.com business section:
Cedar Fair Entertainment Co. (NYSE: FUN (http://www.google.com/finance?client=ob&q=NYSE:FUN)) saw its earnings fall in its second quarter as corporations booked fewer company outings and individuals bought fewer season passes.
The Sandusky amusement park operator on Tuesday reported second-quarter earnings of $7.4 million, or 13 cents a limited partner unit, about half of the $14.7 million, or 26 cents a unit, earned in the same quarter last year.
Cedar Fair owns 11 amusement and seven water parks, including Cedar Point in Sandusky, Geauga Lake's Wildwater Kingdom in Aurora and Kings Island near Cincinnati.
Cedar Fair's net revenue in the first quarter declined 11 percent to $264.1 million from $296.2 million in the comparable quarter last year.
For the first six months of the year ending June 28, the company reported a net loss of $45.9 million, down from a net loss of $29.1 million for the first six months of last year. Net revenue for that period fell to $290.6 million, or 83 cents a share, from $333.6 million, or 53 cents a share, in the year prior.
Cedar Fair typically reports a loss in its first-quarter, since the time period reflects only about 5 percent of the companys business but takes into account preseason operating costs. Cedar Fair brings in the most revenue during the peak vacation months of July and August, which fall during its third quarter. But this years first half was worse than usual.
"Our performance through the first half of the year has been a challenge for us," **** Kinzel, Cedar Fairs chairman, president and chief executive said in a statement. He blamed economic conditions for the drop in attendance to 6.6 million from 7.6 million during the first six months of last year. The average spending per person inside the park also dropped from $40.45 to $39.50.
However, Kinzel also noted that the company had fewer operating days in its first quarter of 2009, compared to 2008.