SANDUSKY, Ohio, Feb. 22,
2017 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE:
FUN), a leader in regional amusement parks, water parks and active
entertainment, today announced the declaration of a regular
quarterly cash distribution of $0.855
per limited partner (LP) unit. This quarterly distribution
rate is consistent with the Company's annualized distribution rate
of $3.42 per LP unit announced in
November of last year.
The distribution, which is payable March
15, 2017 to unitholders of record as of March 3, 2017, represents the Company's
31st consecutive year of paying a cash distribution to
its unitholders.
Cedar Fair recently reported record performance for 2016 and
provided a positive outlook for 2017. Commenting on these recent
results, Matt Ouimet, Cedar Fair's
chief executive officer, said, "This past year was the most
successful year in our history. The talented teams at all of
our parks, the popularity of our innovative attractions and the
ongoing success of our marketing programs combined to produce our
seventh consecutive year of record results. Based on our 2016
performance and our expectations for the coming year, we are on
track to meet our long-term Adjusted EBITDA target of $500 million by the end of 2017, a full year
earlier than our original forecast.
"Cedar Fair has a long history of delivering returns to our
investors," continued Ouimet. "This includes 31 consecutive
years of paying a distribution. During this time our
investors have enjoyed a compound rate of return of 11%, increasing
to 17% with distribution reinvestment. This long-term success
has come from making significant investments that are designed to
not only have immediate impact, but also serve to create value for
decades to come. The continued high-quality enhancements to
our existing parks; the lengthening of our operating season via
WinterFest; the expanded impact of our CRM and revenue management
systems; the activation of our 1,400 acres of land available for
development with resort hotels and amateur sports venues; and the
dramatic growth opportunity created by the rezoning of California's Great America provide us with the
confidence that we will continue to grow Cedar Fair well into the
future."
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 five 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 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.
This news release and prior releases are available online at
www.cedarfair.com.
Contacts:
Stacy Frole
(419) 627-2227
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cedar-fair-declares-2017-first-quarter-cash-distribution-300411792.html
SOURCE Cedar Fair Entertainment Company