Cedar Fair Q1 Loss Narrows, Revenues Rise; Approves Dividend

(RTTNews) - Cedar Fair, L.P. (FUN), an amusement parks company, on Thursday reported that its first-quarter net loss was $133 million, narrower than last year's net loss of $135 million.

Loss was $2.63 per LP unit, compared to a loss of $2.61 per LP unit last year.

The company typically operates at a loss during the first quarter as most parks in Cedar Fair's portfolio are closed during the period, and the results represent around 5% of its full-year attendance and net revenues.

Due to a calendar shift, the latest quarter included 13 weeks, while the prior year quarter included 12 weeks of results.

The Adjusted EBITDA loss for the quarter totaled $97 million, compared with a loss of $101 million a year ago.

For the quarter, net revenues totaled $102 million on attendance of 1.3 million guests, higher than $85 million on attendance of 1.1 million guests in the prior year.

On a same-week basis, or comparing the three months ended March 31, with the three months ended April 2, 2023, net revenues would have increased 3%, and attendance would have increased 10%.

Further, the company announced the Cedar Fair Board of Directors has approved a quarterly cash distribution of $0.30 per LP unit, to be paid on June 19 to unitholders of record on June 5.

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