Cedar Fair Declares 2018 First-Quarter Cash Distribution
SANDUSKY, Ohio, Feb. 27, 2018 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in amusement parks, waters parks and immersive entertainment, today announced the declaration of a regular quarterly cash distribution of $0.89 per limited partner (LP) unit. This quarterly distribution rate is consistent with the Company's annualized distribution rate of $3.56 per LP unit announced in November of last year.
The distribution, which is payable March 19, 2018 to unitholders of record as of March 9, 2018, represents the Company's 32nd consecutive year of paying a cash distribution to its unitholders.
Cedar Fair recently reported record revenues, including record attendance and average in-park guest per capita spending, for 2017 and provided a positive outlook for 2018. Commenting on these recent results, Richard Zimmerman, Cedar Fair's president and chief executive officer, said, "Our record fourth-quarter results and strong early-season sales trends give us great confidence in the strength of our business model and the consumer demand for our offerings. And, even more importantly, the investments we are making in new attractions and accommodations are going to continue to strengthen our model and drive growth well into the future."
"Cedar Fair has a long history of investing in our business and delivering returns to our investors," continued Zimmerman. "We firmly believe we are well positioned to produce record results again in 2018 and maintain our average 4% Adjusted EBITDA growth trajectory well into the future, similar to the growth we have achieved over the past six years. In doing so, we remain committed to a steady 4% increase in our annual distribution rate going forward, making FUN an attractive investment for many years to come."
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to become "THE place to be for FUN," the Company owns and operates 11 amusement parks, including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and four hotels. It also operates an additional theme park under a management contract. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Forward-Looking Statements
Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, adverse weather conditions, competition for the consumer leisure time and spending, unanticipated construction delays, changes in the Company's capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at the Company's parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Stacy Frole, 419.627.2227
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SOURCE Cedar Fair Entertainment Company
