Cedar Fair bonuses drop

Saturday, 30 April 2005

Execs paid more in salary, but park performance cuts perks for some top earners.

By BRANDI BARHITE
brandibarhite@sanduskyregister.com

SANDUSKY - Cedar Fair executives got bigger salaries in 2004 than the year before, but bonuses were sometimes smaller because of "flat-ish" performances at the parks, said Corporate Treasurer Brian Witherow.

President and Chief Executive Officer Dick Kinzel earned $901,250 and a $405,563 bonus, compared to $875,000 and a $393,750 bonus in 2003.

Kinzel also received a long-term bonus award valued at $1.2 million, and $20,000 in company contributions to his 401K/profit sharing, according to a proxy report filed this month.

In large part, Witherow said bonuses are based on how the company or individual park performed, depending on which position the executive holds.

Witherow said some parks suffered last year because of inclement weather, and Cedar Fair's newest park, Geauga Lake, didn't do that well during its inaugural year.

Cedar Fair's net revenues were $542 million in 2004, compared to $510 million in 2003.

"It was an average year," Witherow said Friday. "We all along said that results at several of the parks were coming in down or flat-ish."

Bruce Jackson, corporate vice president of finance and chief financial officer, earned $452,000 in 2004 and a $172,890 bonus, compared to $440,000 in 2003 and a $193,050 bonus.

Last week, Jackson announced he would be retiring from Cedar Fair. Jackson, who has served as the partnership's chief financial officer for the past 16 years, has not set a definite date for his departure, and has agreed to stay on while a search is conducted for his successor.

Jack Falfas, former vice president and general manager of West Coast Operations, was paid $387,000 and a $239,940 bonus in 2004, compared to $375,000 and a $206,250 bonus in 2003.

Falfas recently took over Cedar Fair's new chief operating officer position and has relocated to Sandusky.

Daniel Keller, former vice president and general manager of Cedar Point, earned $347,000 and a $95,425 bonus in 2004, compared to $335,000 in 2003 and a $128,416 bonus.

Keller retired from his position in March, and former Dorney Park vice president and general manager John Hildebrandt took over the job.

Richard Collingwood, corporate vice president of administration, earned $230,000 in 2004 with a $103,500 bonus, compared to $222,000 in 2003 and a $99,900 bonus. Collingwood is retiring in September.

After Kinzel, Cedar Fair is only required to report the top four compensated people, Witherow said. Cedar Fair's senior management includes 13 employees.

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