Cedar Fair, L.P. increases quarterly cash distribution rate

Monday, 08 March 2004

Cedar Fair, L.P. Press Release

SANDUSKY, OHIO, March 8, 2004 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement parks and five water parks, today announced a 2% increase in its regular quarterly cash distribution to $0.45 per limited partner unit. On an annualized basis, the Partnership’s distribution rate will increase for the 17th consecutive year, from $1.76 (paid over the past four quarters) to $1.80 per unit.

“We are pleased that our 2003 full-year revenues and operating cash flow were at record levels and at the high-end range of our expectations, due in large part to a strong fourth quarter performance across our company,” said Dick Kinzel, chairman, president and chief executive officer. “It was on the basis of this strong finish that the Board of Directors determined that an increase in the Partnership’s cash distribution rate was appropriate at this time.”

Kinzel added that this represents the 13th increase in the Partnership’s distribution rate in the past 10 years, during which time the distribution level has increased 80%. The next distribution, which is payable May 17, 2004 to holders of record April 5, 2004, represents the Partnership’s 68th consecutive quarterly cash distribution.

Cedar Fair’s six amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott’s Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan’s Adventure near Muskegon, Michigan. The Partnership’s water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott’s Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.

According to Kinzel, Worlds of Fun is scheduled to open on April 3, while Cedar Point, Dorney Park, Valleyfair and Michigan’s Adventure all open in early May. “Our capital improvement program for the upcoming season is coming along well, including expansions to the Lighthouse Point resort property and Soak City water park at Cedar Point,” he said. “In 2004, we are looking forward to another successful season of providing our guests with the very best in thrill rides, family entertainment and guest service.”