Press Release: Cedar Fair, L.P.
September 7, 2001
SANDUSKY, OH -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates six amusement
parks and five water parks, yesterday reported that combined attendance at its parks for the month of August, including
the Labor Day weekend, increased 5% from a year ago, due to the addition of its two newest parks.
Richard L. Kinzel, president and chief executive officer, noted that the 2001 figures include results from the
Partnership's two recent acquisitions, Michigan's Adventure and Oasis Water Park, both of which were acquired at
the end of May. On a same-park basis, attendance was down slightly from August of 2000, and combined in-park guest
per capita spending increased only slightly due to aggressive promotions offered to stimulate attendance at several
of the parks.
``In spite of good weather, August attendance at several of our parks remained soft as the overall weakness in
the economy continued to negatively impact results,'' said Kinzel. ``Both Dorney Park and Knott's Berry Farm continued
to perform well, but trends at our other parks showed little improvement from prior months and attendance at those
parks remained below our expectations. Combined attendance through the first eight months of the year was up 3%
from 2000, but excluding results from our two newest properties, attendance was down 2%, while combined in-park
guest per capita spending remained relatively flat.''
Kinzel concluded by noting that based on the preliminary August results, the Partnership remains comfortable with
its revised 2001 expectations of full-year projected earnings, before non-cash charges, in the range of $1.40 to
$1.50 per unit, and full-year EBITDA, excluding non-cash charges, in the range of $150 million to $160 million.
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 in Chula Vista, California, near San Diego,
and Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also
operates Knott's Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.
The information contained in this news release, other than historical information, consists of forward-looking
statements. These statements may involve risks and uncertainties that 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 spending, adverse weather
conditions, unanticipated construction delays, and other factors could cause actual results to differ materially
from the Partnership's expectations.
SOURCE: Cedar Fair, L.P.