Finance: Cedar Fair releases 3rd quarter earnings

Posted at 5:30 PM EST (2230 GMT)

Nov. 4th, 2004 -- Today Cedar Fair announced their earnings for the third quarter of 2004, which ended Sep. 26. Overall, the company preformed well, as revenues were better then expected.

The net profit for the quarter was $305.6 million, up 8% from last year. Attendance increased 5% and average spending per-guest was up 3%. Out-of-park profits increased 8%. The acquisition of Geauga Lake in April had a slightly negative effect on some numbers, including increasing operating costs by 15%.

Cedar Fair CEO Dick Kinzel stated that revenue would have been higher without the cool and rainy summer weather most of the company's parks experienced. Kinzel also drew attention to Castaway Bay, Cedar Point's indoor waterpark resort, which opens tomorrow.

See Yahoo Finance for the full press release.