Weather, gas prices no help to Point

Tuesday, 01 August 2006

By BRANDI BARHITE
brandibarhite@sanduskyregister.com

SANDUSKY - Heavy rain and high gas prices continue to hurt Cedar Fair, despite decreased admission and food prices at many of its parks.

Most heavily impacted have been several of its northern parks, including Cedar Point, Dorney Park and Geauga Lake, said CEO and President Dick Kinzel during a Web cast Tuesday.

Cedar Fair doesn't release specific attendance for its parks before the end of the year, although reported combined attendance through July 30 was down 2 percent, or 140,000 visits, from 2005. Average in-park guest per capita spending was down less than 1 percent and out-of-park revenues were up $250,000.

Overall, combined revenues through the end of July decreased 2 percent, or $6.7 million, to $323.3 million in 2006 from $329 million through the first seven months of 2005.

Including results from the Paramount Parks since the June 30 acquisition, combined revenues through July 30 totaled $428.2 million. During the same period, combined attendance totaled 9.7 million visits.

With Paramount, Cedar Fair owns and operates 12 amusement parks, five outdoor waterparks, one indoor waterpark and six hotels.

Kinzel said Tuesday he's toured all the new parks, but the partnership won't change the properties this year. Eventually, the goal is to "combine the best of Cedar Fair and Paramount," he said.

Cedar Fair is not looking to acquire new parks because its "plate is full," Kinzel said in response to a question about an interest in Six Flags parks for sale.

Peter Crage, corporate vice president of finance and chief financial officer, warned against predicting year-end results on second quarter numbers.

Net revenues for the second quarter, which ended June 25, decreased 2 percent to $145.4 million, while net income, which factors in expenses, decreased $1.2 million to $11.1 million.

Crage said July and August are the biggest months for Cedar Fair parks, which include only two year-round properties, Knott's Berry Farm, near Los Angeles, and Castaway Bay, an indoor waterpark in Sandusky.

Kinzel hopes August and the popular fall events, such as HalloWeekends at Cedar Point, help the shortcomings. Sandusky's Cedar Point did have improved attendance in July, but it wasn't enough to make up for June, he said.

However, attendance shortfalls were slightly offset by improved operating results at Worlds of Fun in Kansas City, Mo., because of a successful debut of its new inverted roller coaster, Patriot.

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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