Cedar Fair Q2 Results

[GavG]

Cedar Fair issued a press release earlier this week on PRNewswire discussing the company??????s second quarter results, which ended June 26, 2011. Highlights of that announcement include increased attendance and revenues, as well as an increased projection of their end-of-year profits.

Cedar Fair??????s revenues increased by 3% in the second quarter, at $284.5 million, up approximately $8.9 million from the companies first quarter revenues. Compared to last year, net income was $4.7 million, as opposed to 2010??????s net loss of $4.2 million. Cedar Fair CEO said ??????As we reach the calendar mid-point of 2011 ?????? and proceed with our all-important summer season ?????? we are certainly pleased with the continued momentum growing throughout our industry-leading properties.

Furthermore, the company reported that its parks saw an estimated 6.7 million visitors, an increase of 93,000 from the same time last year. Dick Kinzel also stated that its western region of parks saw the largest increase in attendance. Attendance in July alone was up 5% this year, with 314,000 guests walking through their park??????s gates. To add to the increase in visitors, the company also found that the average amount of money their guests are spending inside the parks has increased approximately 1% ($0.39) to $38.95. Out of park revenues increased 4% from $27.8 million to $28.8 million for the second quarters of 2010 and 2011 respectively.

With 45% of the operating season left, and the biggest vacation month of the year occurring in August, the company feels it is in a strong position to continue growing, while still managing its debt. Based on Cedar Fair??????s park performances through July, the company is increasing its projected fully-year net revenues from $975 million, to approximately $1 billion (adjusted EBITDA increased from $350 to $370 million), which would beat out last year??????s record results.
Source

Any increase in profit is good news. Especially since how crappy the economy is.