Cedar Fair 4th-qtr loss swells as admissions fall
SANDUSKY, Ohio (AP) — Theme park operator Cedar Fair LP said Tuesday that its fourth-quarter loss ballooned to $10.4 million, hurt by a drop in admissions revenue and lower sales from food, merchandise and games.
The Sandusky, Ohio-based company, also known as Cedar Fair Entertainment Co., posted a loss that amounted to 19 cents per limited partner unit and compared with a loss of $2 million, or 4 cents per limited partner unit, in the final three months of 2011.
Revenue fell 11 percent to $129.2 million, from $144.8 million.
The company, which runs Cedar Point and Knott's Berry Farm among other parks, said admissions revenue dropped 13 percent to $78.9 million, while revenue from food merchandise and games fell 12 percent to $37 million. Accommodation and other revenue rose 13 percent to $13.3 million.
For the full year 2012, Cedar Fair earned $101.2 million, or $1.81 per limited partner unit, up from $70.7 million, or $1.27 per limited partner unit, in 2011. Revenue rose to $1.07 billion from $1.03 billion.
Cedar fair units fell 16 cents to $38 in morning trading. In the past 52 weeks, they have changed hands between $25 and $39.55.