Cedar Fair brass gets more gold

Wednesday, 12 April 2006

Higher salaries for top five; bigger bonuses for most at Cedar Point's parent company.

By BRANDI BARHITE
brandibarhite@sanduskyregister.com

SANDUSKY - The top five earning Cedar Fair executives received higher salaries in 2005. Most earned bigger bonuses, too.

President and Chief Executive Officer Dick Kinzel earned $930,000, in addition to a $465,000 bonus, in 2005, compared to $901,250 and a $405,563 bonus in 2004, according to a proxy report filed Monday.

Kinzel also received long-term compensation partnership unit awards valued at $1.2 million in 2005, which can be cashed, kept as units, or some combination of both, said Stacy Frole, director of investor relations.

Cedar Fair trades under the symbol FUN on the New York Stock Exchange.

Kinzel also received $21,300 in company contributions to his 401K/profit sharing in 2005, as well as exercised 70,000 unit options, valued at $677,500.

Compensation, which is determined by the board of directors, is linked to individual, as well as partnership performance.

While attendance at the company's amusement parks and water parks are factored into the decision, it isn't the sole factor, Frole said Tuesday. Still, attendance is significant, she said.

Only 3.1 million people visited the partnership's flagship park, Cedar Point, last summer, down from 3.2 million in 2004, which was down 4 percent from 2003, according to park officials.

Cedar Fair lowered admission prices at Cedar Point for the 2006 season to boost attendance.

Cedar Fair's net revenues were $569 million compared to $542 million in 2004.

After Kinzel, Cedar Fair is required to report only the top four compensated people. The others were:

• Jack Falfas, chief operating officer, was paid $398,822 for his salary, in addition to a $205,000 bonus, compared to a $387,000 salary and $239,940 bonus in 2004.

Falfas, former vice president and general manager of West Coast Operations, was promoted one year ago to COO. He received long-term compensation units valued at $175,000 in 2005 and $18,275 toward his 401K. In 2005, Falfas exercised 100,000 unit options valued at $1.92 million.

• John Hildebrandt, vice president and general manager of Cedar Point, was paid $242,384 with a $132,926 bonus in 2005, compared to $175,587 and a $75,426 bonus in 2004. Hildebrandt did not receive any unit awards, but received $19,300 in 2005 for his 401K. In 2005, he exercised 5,900 units valued at $100,755.

Hildebrandt took over Cedar Point last spring. He was vice president and general manager of Cedar Fair's Dorney Park before that.

• Pete Crage, corporate vice president of finance and chief financial officer, received $213,307 in 2005, in addition to a $125,000 bonus. Crage was hired last year to replace Bruce Jackson who retired.

Crage received unit awards valued at $175,000 in 2005 as part of his compensation. He received $7,000 toward his 401K. Crage did not exercise any units.

• Gregory Picon, vice president and general manager of West Coast Operations, was paid $197,356 in 2005, in addition to a $135,355 bonus. Picon, who replaced Falfas in 2005, was paid $105,328 on top of a $38,159 bonus in 2004.

Picon did not receive any unit awards, but $14,616 was put toward his 401K. Picon also did not exercise any of his units in 2005.

FunCoast.com is your online guide to summer fun for Cedar Point, the LakeErie Islands and Sandusky area. Our site offers up-to-date information on area attractions, restaurants, hotels, gasoline prices, ferry schedules, swimming, birding and fishing, along with a complete listing of events happening in the Sandusky/Cedar Point area. To use our Webcam and zoom in on Cedar Point's rollercoasters, go to http://funcam.funcoast.com

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