(RTTNews) -  Tuesday, amusement and water parks operator Cedar Fair L.P. (FUN: News ) reported an increase in profit for the third quarter primarily due to lower operating costs, which offset the decline in revenue.

Net income for the quarter was $107.61 million or $1.92 per limited partner unit, compared with $91.54 million or $1.65 per limited partner unit a year-ago.

Net revenues for the third quarter, which included 64 additional operating days compared with the same period last year, decreased by 4% to $519.9 million from $540.3 million last year.

Segment-wise, revenue from admissions declined to $307.01 million from $312.62 million year-ago. Food, merchandise and games revenue declined to $175.59 million from $189.49 million year-ago, while accommodations and other revenue fell slightly to $37.31 million from $38.20 million in the prior year period.

According to Dick Kinzel, Cedar Fair chairman, president and chief executive officer, the decrease in revenue reflects a 3%, or 324,000-visit, decline in attendance, a 7%, or $3.6 million, decrease in out-of-park revenues, and a less than 1% decrease in average in-park guest per capita spending.
Cash operating costs and expenses declined to $255.29 million from $257.77 million. Other income earned by the company increased to $1.50 million from $0.240 million in the prior year period.

Year-to-date net income declined to $61.72 million or $1.10 per share from $62.45 million or $1.12 per share in the prior year period. Year-to-date total revenue declined to $467.87 million from $493.87 million year-ago.

FUN is currently trading on the New York Stock Exchange at $6.99, down $2.53 or 26.58%.

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by RTT Staff Writer

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