USA: Cedar Fair Closes 2016 FY with New Record Results
Knott's Berry Farm
US Cedar Fair operating group once again reached new records in its financial year results in the past 2016 season, already for the seventh year in a row. With full-year net revenues of 1.29 billion US Dollar (approx. 1.22 billion Euros) the company reached a plus of four percent compared to 2015 (c.f. EAP news from February 26th, 2016). According to the annual financial report, the company’s net income reached 178 million US Dollar (around 168 million Euros). With 25.1 million guests in 2016, total attendance saw an increase of three percent (2015: 24.4 million guests). Out-of-park revenues recorded 146 million US Dollar, a six percent increase from a year ago. This positive figures confirm the company’s strategy and consolidate the outlook to achieve the long-term growth goal of 500 million US Dollar adjusted EBITDA by the end of 2017 – one year earlier than planned.
“Our liquidity, cash flow and capital structure remain strong, and we continue to have great financial flexibility heading into 2017, which positions us well to capitalize on our opportunities to drive additional long-term value for our unitholders. In addition, 2016 represented our 30th consecutive year of paying a distribution to unitholders. During this time, we have paid to unitholders approx. 2.3 billion in distribution payments, contributing to an annual total return to investors of 17 percent,” said Brian Witherow, Cedar Fair’s executive vice president and chief financial officer.
This year, visitors to Cedar Fair parks can look forward to two new attractions at Canada’s Wonderland (c.f. EAP news from September 30th, 2016) and the new “Mystic Timbers” wooden coaster from Great Coasters International at Kings Island (c.f. EAP news from August 1st, 2016). Additionally, Cedar Fair recently received approval on its rezoning application for its Great America amusement park in Santa Clara, California. This approval will allow the company to better capture the growth opportunities in this very attractive market by aggressively investing to enhance the park’s attractions and entertainment offerings. In our upcoming EAP issue 2/17 you can read how European amusement park operators evaluate the 2016 season. (eap)
