FUN Q1 Conference Call Transcript

[The Interpreter]

http://seekingalpha....call-transcript

Lots and lots of transcription errors in the transcript this time. Take care in interpreting what is said.

[The Interpreter]

All in all, that was perhaps the most anticlimactic conference call I have ever heard/read.

Supposedly, no parks are currently for sale.

They have engaged JPMorgan Chase to revisit their capital structure.

In both of the last two quarters, they used short term borrowings to pay some long term debt to avoid breaching financial covenants.

Refinancing is almost certainly coming.

Weather, capital expenditures and the overall economy drive the future of the company.

And they go forward as an independent, public company.

For now.

At least.

[jzarley]

The FUN calls have always been relatively drama-free, but you'd think if there would ever be fireworks in one, now would be the time

For pure entertainment value, the best conference calls in my opinion were the old PKS/SIX calls with the old mgmt of Burke, et. al. There was always lots of drama on those!

[CoastersRZ]

And if capital expenditures drive the future of the company, they better get smart with how they use those funds. Especially considering that they are spending LESS than what Paramount and Cedar Fair were spending combined, pre-Paramount buyout.

I still think that adding some family rides and attractions to the park, particularly Kings Island, would be a big hit. Bring back the Eagles from Carowinds (and give Carowinds a new set), and add in some other flat rides of that nature, and it would really pull in some people, in my opinion. Not to mention flat rides, while they can be expensive, are no where near the large dollar amount as rides such as the Intimidator coasters or Diamondback.

Cedar Fair needs to invest in capital projects that have the most return on investment. While Kings Island desperately needed Diamondback, the days of continually adding large coasters of that size to parks and see the typical incremental bounce in attendance are unfortunately likely behind us.

What remains clear, is that there are certainly interesting times ahead. With lots of questions that will not be answered for quite some time. Will Cedar Fair be able to refinance their debt? What will Q`s interest in the company be moving forward, and will the two new board members have any direct impact on the company? And more importantly, how long will the head brass remain in control of the company?

[Captain Picard]

The best part was when Dick asked what day in November was Halloween.

[shark6495]

i read that and was like what the........ so the two parks that were for sale last year.... Geuaga lake? and the other one?

[coaster_junky]

not for sure, but i believe california's great america

[CoastersRZ]

Actually, the two parks that they had mentioned putting up for sale were Worlds of Fun and Valleyfair! Obviously, those parks no longer have the for sale sign in front of them. Great America`s future remains uncertain, and depends in part on the outcome of the 49ers stadium. Until that issue is resolved, I doubt that park sees any substantial capital improvements from Cedar Fair.