AP News

Cedar Fair backs 2012 revenue forecast

SANDUSKY, Ohio (AP) — After a strong summer, amusement park owner Cedar Fair Entertainment Co. backed its revenue guidance for the full year.

The owner of Cedar Point and Knott's Berry Farm said attendance and spending at its parks are up this year.

As of Monday, the Sandusky, Ohio-based company's revenue for the year totaled about $881 million, up about 5 percent from the same period a year ago. Average guest spending rose 4 percent inside the company's parks, while park attendance rose 1 percent.

It still expects revenue for 2012 of $1.06 billion to $1.08 billion. Analysts, on average, expect $1.07 billion in revenue, according to FactSet.

The company also says that it's on track to pay more than $2 per share in distributions to investors in 2013, up from its current rate of $1.60 per share this year.

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