Cedar Fair Entertainment Co., owner of the Kings Island and Cedar Point amusement parks, on Wednesday reported a wider net loss for the first-quarter. But The company also predicted it will have another record year for full-year results.
Since many of the company’s amusement parks are closed during the first quarter, it typically operates at a loss during that time.
The net loss for the quarter totaled $109.1 million, or $1.95 per diluted limited partnership unit, compared with a net loss of $65.4 million, or $1.18 per diluted unit, for the first quarter a year ago. The larger net loss for the period is primarily due to a $34.6 million non-cash charge related to the early extinguishment of debt, a $10.2 million unfavorable change in the net effect of swaps and a $17.2 million unfavorable change in the unrealized/realized foreign currency exchange between years. These losses were offset somewhat by the increased first-quarter revenues.
First-quarter net revenues increased to $41.8 million, up $13.6 million from the quarter ended March 25. Season pass sales and hotel and group bookings experienced positive early-season trends, Cedar Fair said.
Operating costs are in line with the Company’s expectations.
Company expects full-year 2013 net revenues in the range of $1.09 billion to $1.115 billion.
“We are pleased with our solid first-quarter net revenues and encouraged by the positive momentum in season pass sales and hotel and group business bookings,” said Matt Ouimet, Cedar Fair’s president and chief executive officer. “While it is too early to see definitive trends at this point in the year, we anticipate that 2013 will mark our fourth consecutive year of record results.”
Thank you for reading the Springfield News-Sun and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Springfield News-Sun. Get more news when you want it with email newsletters just for subscribers. Sign up here.