Strong Momentum Continues As Cedar Fair Reports Record Results Through Labor Day Weekend
- Net revenues up approximately $51 million, or 6%, through Labor Day Weekend year-over-year
- New rides and entertainment offerings continue to drive record attendance and in-park guest spend
- Company increases its full-year guidance; expects year-over-year Adjusted EBITDA growth of 6% to 9%
SANDUSKY, Ohio, Sept. 3, 2013 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today reported that it has continued its strong performance through the Labor Day weekend. In conjunction, the Company has raised its 2013 full-year net revenue and Adjusted EBITDA guidance and remains on track for a fourth-consecutive year of record results.
As of September 1, 2013, year-to-date net revenues increased approximately $51 million, or 6%, to approximately $927 million compared with $876 million a year ago. Driving this year-over-year growth is a 5% increase in average in-park guest per capita spending to $44.10 and a 7% increase in out-of-park revenues to approximately $100 million. Attendance of 19.3 million visits was comparable with the same period a year ago. Excluding Knott's Soak City – San Diego, which was sold in November 2012, attendance increased 1%, or 181,000 visits.
"We are pleased with our strong performance across all aspects of our business," said Matt Ouimet, Cedar Fair's president and chief executive officer. "Our continued focus on providing our guests with the 'Best Day of Summer' experience each and every time they visit our parks has led to increases in attendance and average in-park guest per capita spending, as well as higher revenues at our resort properties.
"We are proud of the role we play in providing families and friends with the fun experiences that are so precious these days," added Ouimet. "Further enhancing these memory-making experiences is crucial and we are looking forward to our fall season with expanded thrills at our award-winning Halloween events. This year we will have more monsters than ever on our midways, along with more mazes and more scare zones. We will also be introducing 'Skeleton Key,' a new premium feature at Knott's Berry Farm and Worlds of Fun, which will allow those brave enough to dive deeper into the madness of our mazes to open up secret rooms giving them more gore, fright and backstories.
Ouimet concluded by stating, "We remain confident the positive momentum we have created thus far will continue into our increasingly important fall season as our special events provide an exceptional value proposition for our guests. Based on the strength of our performance to-date and our expectations through the end of the year, we now expect to achieve full-year net revenues between $1.100 billion and $1.125 billion and Adjusted EBITDA between $415 million and $425 million, remaining on track for a fourth consecutive year of record results."
The updated guidance now represents net revenue growth between 3% and 5% and Adjusted EBITDA growth between 6% and 9%. The Company's previously stated guidance for 2013 was net revenues of $1.090 billion and $1.115 billion, up between 2% and 4%, and Adjusted EBITDA between $400 million and $410 million, up between 2% and 5%.
About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, three outdoor water parks, one indoor water park and five hotels. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, and Toronto, Ontario. Cedar Fair also operates the Gilroy Gardens Family Theme Park in California under a management contract. Cedar Fair's flagship park, Cedar Point, has been consistently voted the "Best Amusement Park in the World" in a prestigious annual poll conducted by Amusement Today newspaper.
Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at our parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. This news release and prior news releases are available online at www.cedarfair.com.
SOURCE Cedar Fair Entertainment Company