Cedar Fair declares 2017 first-quarter cash distribution

Company announces the declaration of a regular quarterly cash distribution of $0.855 per limited partner unit.

Wednesday, 22 February 2017

Cedar Fair Press Release

SANDUSKY, Ohio, Feb. 22, 2017 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced the declaration of a regular quarterly cash distribution of $0.855 per limited partner (LP) unit. This quarterly distribution rate is consistent with the Company's annualized distribution rate of $3.42 per LP unit announced in November of last year.

The distribution, which is payable March 15, 2017 to unitholders of record as of March 3, 2017, represents the Company's 31st consecutive year of paying a cash distribution to its unitholders.

Cedar Fair recently reported record performance for 2016 and provided a positive outlook for 2017. Commenting on these recent results, Matt Ouimet, Cedar Fair's chief executive officer, said, "This past year was the most successful year in our history. The talented teams at all of our parks, the popularity of our innovative attractions and the ongoing success of our marketing programs combined to produce our seventh consecutive year of record results. Based on our 2016 performance and our expectations for the coming year, we are on track to meet our long-term Adjusted EBITDA target of $500 million by the end of 2017, a full year earlier than our original forecast.

"Cedar Fair has a long history of delivering returns to our investors," continued Ouimet. "This includes 31 consecutive years of paying a distribution. During this time our investors have enjoyed a compound rate of return of 11%, increasing to 17% with distribution reinvestment. This long-term success has come from making significant investments that are designed to not only have immediate impact, but also serve to create value for decades to come. The continued high-quality enhancements to our existing parks; the lengthening of our operating season via WinterFest; the expanded impact of our CRM and revenue management systems; the activation of our 1,400 acres of land available for development with resort hotels and amateur sports venues; and the dramatic growth opportunity created by the rezoning of California's Great America provide us with the confidence that we will continue to grow Cedar Fair well into the future."