SANDUSKY, Ohio, Jan. 23 /PRNewswire-FirstCall/ -- 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 $0.48 per limited-partner unit, representing an
annualized distribution rate of $1.92 per unit. The distribution will be paid
on February 17, 2009 to holders of record February 4, 2009.
"As we enter 2009 it is apparent we will face many of the same market
challenges we faced during 2008," said Dick Kinzel, Cedar Fair's chairman,
president and chief executive officer. "In light of the weak economy and
uncertain credit environment, we are considering alternatives to reduce the
Company's debt levels and better position the Company for future growth. One
such alternative includes reconsidering the Company's distribution policy
based on its overall long-term capital structure objectives. We will complete
this evaluation in the near future and will not make any decisions on the
level of future distributions until that review is completed and reviewed by
the board."
Kinzel concluded by noting the company plans to issue a news release
announcing its 2008 fourth quarter and full year earnings results before
market hours on Thursday, February 12, 2009. The company will then host a
conference call with analysts at 10:00 a.m. Eastern Time, which will be web
cast live in "listen only" mode via the Cedar Fair web site
(www.cedarfair.com). It will also be available for replay starting at
approximately 1:00 p.m. ET, Thursday, February 12, 2009, until 11:59 p.m. ET,
Thursday, February 26, 2009. In order to access the replay of the earnings
call, please dial 1-800-406-7325 followed by the access code 3963219.
Cedar Fair is a publicly traded partnership headquartered in Sandusky,
Ohio, and one of the largest regional amusement-resort operators in the world.
The company owns and operates 11 amusement parks, six outdoor water parks, one
indoor water park and five hotels. Amusement parks in the company's northern
region include two in Ohio: Cedar Point, consistently voted "Best Amusement
Park in the World" in Amusement Today polls; and Kings Island; as well as
Canada's Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and
Michigan's Adventure, MI. In the southern region are Kings Dominion, VA;
Carowinds, NC; and Worlds of Fun, MO. Western parks in California include:
Knott's Berry Farm; Great America; and Gilroy Gardens, which is managed under
contract.
This news release and prior releases are available online at
www.cedarfair.com.
Contact:
Stacy Frole
(419) 627-2227
SOURCE Cedar Fair Entertainment Company