Cedar Fair concludes year strong

Company reports fifth consecutive year of record results.

Thursday, 19 February 2015

Cedar Fair Entertainment Company reported record financial results for the year ended December 31, 2014.

  • The Company reported record full-year net revenues of $1.16 billion, up 2% from 2013; net income of $104 million, or $1.86 per diluted limited partner (LP) unit, was down $4 million from a year ago.
  • Adjusted EBITDA for the full year was a record $431 million, up 1% from the prior year, on increases in average in-park guest per capita spending and out-of-park revenues, while comparable-park attendance was consistent with last year’s record results.
  • The Company maintained its Consolidated Leverage ratio at 3.6 times debt to Adjusted EBITDA, while reducing its average cost of debt going forward to approximately 5.3%, down from 6.3% a year ago.
  • The Company remains confident in the strength of its strategy and business model and is on track to achieve its FUNforward long-term growth goal of $450 million, or more, in Adjusted EBITDA by 2016.

“We are pleased to report a very strong finish to 2014, allowing us to achieve our fifth consecutive year of record results,” said Matt Ouimet , Cedar Fair’s president and chief executive officer. “More importantly, we were able to advance important long-term initiatives that support our ability to continue to grow our business in the years to come. Examples of longer-term initiatives that we will launch, or ramp up, in 2015 include: the complete renovation of our beachfront hotel and group catering pavilions at our flagship park, Cedar Point; the second phase of a multi-year investment in Carowinds, a park we are growing to meet the demands of an expanding Charlotte market; the portfolio-wide rollout of our all-season dining program; the continued development of FunTV, our in-park television network that provides programming and a sponsorship activation platform in all of our parks; and the enhanced data-analytics capabilities which are increasingly valuable as we look to compare consumer behavior over multiple years.”

Read the entire press release at cedarfair.com