Cedar Fair's Second Quarter has Record Performance

[IndyGuy4KI]

https://ir.cedarfair.com/news/news-details/2019/Cedar-Fair-Announces-2019-Second-Quarter-Results-and-Reports-Record-Performance-for-First-Seven-Months/default.aspx

Quote

Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced results for the second quarter ended June 30, 2019, and year-to-date performance trends through August 4, 2019. The Company also announced the declaration of a quarterly cash distribution.

Due to a shift in this year’s fiscal calendar, the second quarter of 2019 included an additional 64 operating days (combined across all parks) when compared with the second quarter of 2018, significantly impacting the Company’s quarter-over-quarter comparisons. The 2019 second quarter ended June 30, 2019, while the 2018 second quarter ended June 24, 2018.

Highlights

For the second quarter ended June 30, 2019, Cedar Fair’s net revenues totaled $436 million, an increase of 15%, or $56 million, compared with the second quarter of 2018. The increase in net revenues was due in large part to a 10% increase in operating days in the period and reflects improvements in attendance, in-park per capita spending and out-of-park revenues, all of which were up meaningfully in the quarter.

Net income for the 2019 second quarter increased $44 million to $63 million and Adjusted EBITDA1 increased $36 million to $163 million, compared with the second quarter 2018. The improvements were largely due to the additional operating days in the 2019 period. On a comparable operating calendar basis, net income in the period increased 50%, or $21 million, and Adjusted EBITDA2 increased 5%, or $7 million.

Year-to-date preliminary net revenues through August 4, 2019, totaled approximately $877 million, an increase of $59 million, or 7%, when compared with the same period in 2018. On a same-park basis, excluding the Schlitterbahn water parks acquired on July 1, 2019, preliminary net revenues totaled a record $850 million, up $31 million or 4%.

 

 

[FUN&ONLY!]

I watched this video on the stock holders call, and it looks like Kings Island is one of Cedar Fair’s main growth parks along with Cedar Point, Knott’s Berry Farm, and Canada’s Wonderland. Also, apparently Kings Island was among those parks receiving the honorable mentions throughout the earnings call. That is always good to hear.