Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced record results for the second quarter ended June 26, 2016, discussed attendance and guest spending trends through July and declared a quarterly cash distribution.
Cedar Fair reported record net revenues of $446 million for the six months ended June 26, 2016. This $22 million increase over the same period last year reflects the Company's continued success in all areas of its business, including attendance, guest spending and out-of-park revenues.
Cedar Fair is on track for a seventh consecutive year of record results. Net revenues through this past Sunday, July 31, 2016, increased 2%, on a 1% increase in attendance, a 1% increase in average in-park guest per capita spending and a 4% increase in out-of-park revenues compared with the same period last year.
The Company declared a quarterly cash distribution of $0.825 per Limited Partner (LP) unit payable September 15, 2016, consistent with its annualized rate of $3.30 per LP unit. This distribution represents an attractive 5.6% yield.
Cedar Fair remains confident in its long-term business strategy and its ability to reach its long-term Adjusted EBITDA goal of $500 million earlier than its original target of 2018.
Commenting on the Company's strong second quarter and results through July 31, 2016, Matt Ouimet, Cedar Fair's president and chief executive officer, said, "Our record performance in the second quarter and through the first seven months of the year reinforces our confidence in our ability to deliver a seventh consecutive year of record results in 2016 and to continue this record-setting trend into future years. Our commitment to the quality of the guest experience and our investments in transformative capital projects are expanding our audience, enhancing repeatability and improving value perceptions, resulting in growth across all aspects of our business.