Friday, 16 September 2005
Cedar Fair, L.P. Press Release
SANDUSKY, OHIO, September 16, 2005 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today announced the declaration of a regular quarterly cash distribution of $0.46 per limited partner unit, continuing the Partnership’s annualized distribution rate of $1.84 per unit.
“With our third quarter nearly complete, we now expect full-year cash operating profit to be relatively flat to up slightly from last year,” said Dick Kinzel, chairman, president and chief executive officer. “On that basis, the Board of Directors determined that the Partnership’s cash flow is sufficient to maintain the annualized distribution rate of $1.84 per unit, which was already increased once this year in March.”
The distribution, which is payable November 15, 2005, to holders of record October 5, 2005, represents the Partnership’s 74th consecutive quarterly cash distribution.
Cedar Fair also announced the promotion of Craig Freeman to vice president of administration and the addition of Francis W. Lutz, Jr. as the Partnership’s corporate treasurer. Freeman, 51, has been with Cedar Fair since the Partnership acquired Knott’s Berry Farm in 1997 and will be assuming the duties of Dick Collingwood, who retired effective September 5, 2005. He had previously served as vice president and general manager of the Camp Snoopy Amusement Park located in the Mall of America.
Lutz, 34, will succeed Brian C. Witherow, who was promoted to vice president and corporate controller in July. Lutz joins Cedar Fair from KeyBank, Cleveland, Ohio, where he served as the vice president and portfolio manager for Diversified Industries, a segment of KeyBanc Capital Markets, since 1998.
“I am very pleased to announce the promotion of Craig Freeman and to welcome Fran Lutz to the Cedar Fair team,” said Dick Kinzel. “Each has a solid understanding of our industry, and I know they have the experience and ability to do an excellent job in their new roles.”
Cedar Fair’s seven 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; Geauga Lake & Wildwater Kingdom near Cleveland, Ohio; 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 owns and operates the Castaway Bay Indoor Waterpark Resort located in Sandusky, Ohio.
Some of the statements contained in this news release constitute forward-looking statements. These statements may involve risks and uncertainties that are difficult to predict, may be beyond the Partnership’s control, and could cause actual results to differ materially from those described in such statements. Although the Partnership 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, competition for consumer’s leisure time and spending, adverse weather conditions, unanticipated construction delays, the absence of historical operating experience for Geauga Lake & Wildwater Kingdom, and other factors could affect attendance and in-park guest per capita spending at our parks and cause actual results to differ materially from the Partnership’s expectations.
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