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Cedar Fair, L.P. (FUN)
Q2 2011 Earnings Call
August 3, 2011 2:00 PM ET
Stacy Frole – Director, IR
Richard Kinzel – Chairman and CEO
Matthew Ouimet – President
Brian Witherow – VP and Controller,
David Hoffman – VP, Finance and Corporate Tax
Scott Hamann – KeyCorp Investment Banking
James Hardiman – Longbow Research LLC
Timothy Conder – Wells Fargo Advisors LLC
Michael Walsh – Wells Fargo Advisors LLC
Colin Murphy – Longacre Fund Management
Previous Statements by FUN
» Cedar Fair's CEO Discusses Q1 2011 Results - Earnings Call Transcript
» Cedar Fair CEO Discusses Q4 2010 Results - Earnings Call Transcript
» Cedar Fair CEO Discusses Q3 2010 Results – Earnings Call Transcript
» Cedar Fair, L.P Q2 2010 Earnings Call Transcript
And I would now like to turn the conference over to Stacy Frole, Director of Investor Relations.
Please go ahead ma’am.
Thank you, Michaela. Good afternoon and welcome to our second quarter earnings conference call. I’m Stacy Frole, Cedar Fair’s Director of Investor Relations. Earlier today, we issued our 2011 second quarter earnings release. A copy of that release can be obtained on our corporate website at www.cedarfair.com or by contacting our Investor Relations offices at 419-627-2233.
On the call this morning are Dick Kinzel our Chief Executive Officer and Matt Ouimet our President, Brian Witherow our Vice President and Corporate Controller and Dave Hoffman our Vice President of Finance and Corporate Tax are also with us and will be available during the question-and-answer portion of today’s call.
Before we begin, I need to caution you that comments made during this call will include forward-looking statements within the meaning of the Federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. You may refer to your filings by the company with the SEC for a more detailed discussion of these risks.
In addition in accordance with Regulation G, non-GAAP financial measures used on the conference call today are required to be reconciled to most directly comparable GAAP measures. During today’s call, we will make reference to adjusted EBITDA as defined in our earnings release. The required reconciliation of adjusted EBITDA is in the earnings release and it’s also available to investors on our website via the conference call access page.
In compliance with SEC Regulation FD, this webcast is being made available to the media and the general public, as well as analysts and investors. Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated, all content of the call will be considered fully disclosed.
Now I’ll like to turn the call over to, Dick Kinzel.
Good afternoon and thank you for joining us on the call today. We appreciate your interest in Cedar Fair and we look forward to further enhancing our communications with you and expanding our Investor Relations outreach through 2011 and beyond.
As we are moving forward with our leadership succession plan, today’s call will be slightly different than in the past. As usual, I will update you on our results for the second quarter as well as a more part review of attendance and revenue trends through this past weekend. Matt Ouimet, our new President who joined Cedar Fair a little over a month ago will discuss his experiences over the past month and future outlook for the company.
And finally, Brian Witherow our Vice President and Corporate Controller will discuss the second quarter and six months’ financial statements in more detail. At that point, we will open up the call for your questions and comments. As you can see from today’s earnings release, results for the second quarter of 2011 are quite strong and it remained strong into the peak vacation month of July.
Based on our performance through this past weekend, we are on target for another solid year and quite possibly a record performance following last year’s record results. For the quarter, revenues were up 3% due primarily to increases in both attendance and average in-park guest per capita spending.
The strongest region this quarter was our western region where our parks in California reported an increase of more than 10% in revenues, a result of both higher attendance and average in-park guest per capita spending. Revenues in our northern and southern regions remained comparable with the second quarter of last year.
Looking at our more recent results for the month of July, we have experienced increases in all areas of our business including a 314,000 visit or 5% increase in attendance, a 2% increase in average in-park guest per capita spending and a 3% in increase out-of-park revenues.
The strength at all aspects of our business has resulted in a total revenue increase of 4% or $24 million through the end of July. I’m particularly pleased that July was strong as it was given the heatwave many of our parks experienced. These favorable trends are a direct result of our innovative marketing campaigns including a renewed focus on seasons pass sales in the western region along with a strong capital investment program.
In June, we introduced WindSeeker, a 301-foot tall thrill ride and our three largest seasonal amusement parks, Cedar Point at Sandusky, Ohio, Kings Island near Cincinnati, and Canada’s Wonderland near Toronto. Knott’s Berry Farm, our only year-around property is scheduled to introduce the same thrill ride to its customers any day now.