Tuesday, amusement and water parks operator Cedar Fair L.P. (FUN) 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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