KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comCedar Fair: no cash distribution to owners in 2010
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SANDUSKY, Ohio (AP) - Cedar Fair Entertainment Co. says it will not make any cash distribution in 2010 to the owners who hold unit shares in the company as a result of lower revenues.
Cedar Fair officials said Tuesday that the struggling economy combined with bad weather led to more than a million fewer visitors to its amusement and water parks this year.
Cedar Fair says revenue for the nine months ended Sept. 27 fell to $810.5 million from $877 million a year ago and attendance fell 1.2 million at the company's parks.
The Ohio-based company says 2010 will be the first time it has not made cash distributions since Cedar Fair went public in 1987 as a limited partnership.
Cedar Fair will make a previously announced cash distribution of 25 cents per limited partner unit on Nov. 16 to unitholders of record as of Nov. 4.
Cedar Fair owns and operates 11 amusement parks, including Cedar Point in Sandusky, Dorney Park in Pennsylvania and Knott's Berry Farm in California.
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