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Earnings Reports: Cedar Fair, Owner of Worlds of Fun, Posts 8 Percent Gain

August 6, 2008

By Rick Alm, The Kansas City Star, Mo.

Aug. 6–Worlds of Fun owner Cedar Fair Entertainment on Tuesday reported an 8 percent revenue gain for the second quarter of 2008.

Much of the increase, to $296.2 million, was attributed to an adjustment in the company’s fiscal calendar. Overall, Ohio-based Cedar Fair reported a net loss of $29.1 million for the first six months of the year.

Cedar Fair owns and operates 11 amusement parks, six outdoor waterparks, one indoor waterpark and five hotels in the U.S. and Canada. It does not break out results for individual parks.

The company reported that through the end of the second quarter ended June 29, the parks had 7.6 million visitors, average in-park guest per capita spending of $40.45 and out-of-park revenues of $40.5 million. That compares with attendance of 6.7 million, average in-park guest per capita spending of $40.68 and out-of-park revenues of $38.3 million through the second quarter of 2007.

In the last five weeks, revenues have been up 5 percent, according to Dick Kinzel, Cedar Fair chief executive.

“Although attendance and revenue expectations through July were higher than we achieved, we are satisfied with our results, particularly given the continued pressures on the discretionary dollar as a result of higher gas prices and current economic conditions,” he said.

In other earnings reports:

Procter & Gamble Co. earned $3.02 billion, or 92 cents per share, on revenues of $21.3 billion, up from $2.27 billion, or 67 cents per share on revenues of 19.3 billion in the same quarter last year.

Whole Foods Market Inc. earned $33.9 million, or 24 cents a share, on revenues of $1.8 billion, down from $49.1 million, or 35 cents a share, on revenues of $1.5 billion in the same quarter last year.

News Corp. earned $1.13 billion, or 43 cents per share, on revenues of $8.6 billion, up from $890 million, or 28 cents per share, on revenues of $7.4 billion in the same quarter last year.

Cisco Systems Inc. earned $2.01 billion, or 33 cents per share, on revenues of $10.4 billion, up from $1.93 billion, or 31 cents per share, on revenues of $9.4 billion in the same quarter last year.

Molson Coors Brewing Co. earned $80.9 million, or 43 cents per share on revenues of $1.76 billion, down from $184.9 million, or $1.02 per share on revenues of $1.68 billion in the same quarter a year ago.

Weyerhaeuser Co. lost $96 million, or 45 cents per share, on revenues of $3.61 billion, compared with a profit of $32 million, or 15 cents per share, for the same quarter a year ago.

The Associated Press contributed to this report.

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