PDF Download: 180214-2017-Year-End-Earnings-Release.Pdf
NEWS RELEASE FOR IMMEDIATE RELEASE Contact: Stacy Frole http://ir.cedarfair.com 419.627.2227 CEDAR FAIR REPORTS FULL-YEAR AND FOURTH-QUARTER 2017 RESULTS SANDUSKY, OHIO, February 14, 2018 -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today reported financial results for the year ended December 31, 2017. Highlights • The Company reported record full-year net revenues of $1.32 billion, up 3% from 2016; net income of $215 million, or $3.79 per diluted limited partner (LP) unit, up $38 million from a year ago. • Attendance at Cedar Fair's parks was a record 25.7 million guests, a 2% increase from 2016; average in-park guest per capita spending increased 1%, to a record $47.30. • Expanded special events in the fourth quarter resulted in a 19% increase in fourth-quarter net revenues and a 14% increase in fourth-quarter Adjusted EBITDA when compared with the same quarter last year. • Full-year Adjusted EBITDA of $479 million declined $2 million, or less than 1%, from the record Adjusted EBITDA achieved in the prior year, due to higher operating costs combined with lower than anticipated attendance growth. • Sales from advance purchase commitments, including season passes, through the end of January are up 10% from the same time last year, driven by a strong capital program for 2018. “We are pleased to report a record fourth quarter performance as our parks had a strong finish to 2017,” said Richard Zimmerman, Cedar Fair’s president and chief executive officer. “Guests of all ages responded well to our new WinterFest celebrations and our expanded Haunt events were more popular than ever.
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