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FORM 10 - Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________. Commission file number 1-9444 CEDAR FAIR, L.P. (Exact name of Registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 34-1560655 (I.R.S. Employer Identification No.) One Cedar Point Drive, Sandusky, Ohio 44870-5259 (Address of principal executive offices) (zip code) (419) 626-0830 (Registrant's telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No
Title of Class
Depositary Units
(Representing Limited Partner Interests)
Units Outstanding As Of
November 1, 2000
50,914,923
CEDAR FAIR, L.P.
INDEX
FORM 10 - Q
Part I - Financial Information |
||||
Item 1. |
Financial Statements |
3-8 |
||
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
9 |
||
Part II - Other Information |
||||
Item 4. |
Submission of Matters to a Vote of Security Holders |
10 |
||
Item 6. |
Exhibits and Reports on Form 8-K |
10 |
||
Signatures |
11 |
|||
Index to Exhibits |
12 |
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
CEDAR FAIR, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands)
9/24/00 |
12/31/99 |
|||
ASSETS |
||||
Current Assets: |
||||
Cash |
$ 4,667 |
$ 638 |
||
Receivables |
20,645 |
7,457 |
||
Inventories |
14,292 |
11,951 |
||
Prepaids |
2,530 |
4,138 |
||
42,134 |
24,184 |
|||
Land, Buildings, Rides and Equipment: |
||||
Land |
136,544 |
134,884 |
||
Land improvements |
111,949 |
95,240 |
||
Buildings |
237,232 |
207,973 |
||
Rides and equipment |
466,094 |
391,312 |
||
Construction in progress |
4,191 |
44,484 |
||
956,010 |
873,893 |
|||
Less accumulated depreciation |
(231,055) |
(199,253) |
||
724,955 |
674,640 |
|||
Intangibles, net of amortization |
9,950 |
10,137 |
||
$ 777,039 |
$ 708,961 |
|||
LIABILITIES AND PARTNERS' EQUITY |
||||
Current Liabilities: |
||||
Accounts payable |
$ 25,228 |
$ 21,563 |
||
Distribution payable to partners |
19,949 |
18,860 |
||
Short-term borrowings |
40,000 |
- |
||
Accrued interest |
1,211 |
2,789 |
||
Accrued taxes |
13,351 |
20,176 |
||
Accrued salaries, wages and benefits |
16,498 |
10,831 |
||
Self-insurance reserves |
9,855 |
9,371 |
||
Other accrued liabilities |
6,741 |
2,969 |
||
132,833 |
86,559 |
|||
Other Liabilities |
19,864 |
11,216 |
||
Long-Term Debt: |
||||
Revolving credit loans |
154,600 |
161,200 |
||
Term debt |
100,000 |
100,000 |
||
254,600 |
261,200 |
|||
Partners' Equity: |
||||
Special L.P. interests |
5,290 |
5,290 |
||
General partner |
137 |
549 |
||
Limited partners, 51,400 and 51,798 units outstanding at |
||||
September 24, 2000 and December 31, 1999, respectively |
364,315 |
344,147 |
||
369,742 |
349,986 |
|||
$ 777,039 |
$ 708,961 |
The accompanying Notes to Consolidated Financial Statements are an integral part of these balance sheets.
CEDAR FAIR, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per unit data)
Three months ended |
Twelve months ended |
||||||||
9/24/00 |
9/26/99 |
9/24/00 |
9/26/99 |
||||||
Net revenues: |
|||||||||
Admissions |
$ 136,523 |
$ 123,811 |
$ 231,309 |
$ 217,525 |
|||||
Food, merchandise and games |
103,912 |
96,321 |
191,839 |
182,651 |
|||||
Accommodations and other |
26,388 |
20,542 |
43,654 |
34,616 |
|||||
266,823 |
240,674 |
466,802 |
434,792 |
||||||
Costs and expenses: |
|||||||||
Cost of products sold |
26,451 |
24,641 |
50,946 |
49,004 |
|||||
Operating expenses |
80,443 |
70,414 |
201,958 |
184,327 |
|||||
Selling, general and administrative |
23,996 |
21,527 |
54,182 |
50,268 |
|||||
Depreciation and amortization |
18,961 |
15,759 |
38,027 |
34,257 |
|||||
Non-recurring cost to terminate |
|||||||||
general partner fees |
7,838 |
- |
7,838 |
- |
|||||
157,689 |
132,341 |
352,951 |
317,856 |
||||||
Operating income |
109,134 |
108,333 |
113,851 |
116,936 |
|||||
Interest expense |
5,548 |
3,723 |
18,987 |
14,942 |
|||||
Income before taxes |
103,586 |
104,610 |
94,864 |
101,994 |
|||||
Provision for taxes |
9,107 |
8,447 |
16,061 |
15,573 |
|||||
Net income |
94,479 |
96,163 |
78,803 |
86,421 |
|||||
Net income allocated to general partner |
94 |
481 |
48 |
432 |
|||||
Net income allocated to limited partners |
$ 94,385 |
$ 95,682 |
$ 78,755 |
$ 85,989 |
|||||
Earnings per limited partner unit: |
|||||||||
Weighted average limited partner units outstanding - basic |
51,350 |
51,940 |
51,622 |
51,742 |
|||||
Net income per limited partner unit - basic |
$ 1.84 |
$ 1.84 |
$ 1.53 |
$ 1.66 |
|||||
Weighted average limited partner units outstanding - diluted |
51,673 |
52,388 |
52,072 |
52,381 |
|||||
Net income per limited partner unit - diluted |
$ 1.83 |
$ 1.83 |
$ 1.51 |
$ 1.64 |
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
CEDAR FAIR, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY
(In thousands)
Special |
General |
Limited |
Total |
|||||
L.P. |
Partner's |
Partners' |
Partners' |
|||||
Interests |
Equity |
Equity |
Equity |
|||||
Balance at December 31, 1999 |
$ 5,290 |
$ 549 |
$ 344,147 |
$ 349,986 |
||||
Units repurchased |
- |
- |
(4,105) |
(4,105) |
||||
Allocation of net loss |
- |
(133) |
(26,419) |
(26,552) |
||||
Distribution declared |
- |
(96) |
(19,341) |
(19,437) |
||||
($.375 per limited partner unit) |
||||||||
Balance at March 26, 2000 |
5,290 |
320 |
294,282 |
299,892 |
||||
Allocation of net income |
- |
93 |
18,550 |
18,643 |
||||
Distribution declared |
- |
(96) |
(19,341) |
(19,437) |
||||
($.375 per limited partner unit) |
||||||||
Balance at June 25, 2000 |
5,290 |
317 |
293,491 |
299,098 |
||||
Reduction of general partner interest |
- |
(254) |
(593) |
(847) |
||||
Units repurchased |
- |
- |
(11,897) |
(11,897) |
||||
Issuance of units for vested |
||||||||
deferred compensation |
- |
- |
8,858 |
8,858 |
||||
Allocation of net income |
- |
94 |
94,385 |
94,479 |
||||
Distribution declared |
- |
(20) |
(19,929) |
(19,949) |
||||
($.39 per limited partner unit) |
||||||||
Balance at September 24, 2000 |
$ 5,290 |
$ 137 |
$ 364,315 |
$ 369,742 |
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
CEDAR FAIR, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three months ended |
Twelve months ended |
|||||||
9/24/00 |
9/26/99 |
9/24/00 |
9/26/99 |
|||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES |
||||||||
Net income |
$ 94,479 |
$ 96,163 |
$ 78,803 |
$ 86,421 |
||||
Adjustments to reconcile net income to net cash from |
||||||||
operating activities |
||||||||
Depreciation and amortization |
18,961 |
15,759 |
38,027 |
34,257 |
||||
Change in assets and liabilities, net of effects from acquisitions: |
||||||||
(Increase) decrease in inventories |
7,268 |
7,034 |
(1,415) |
(1,383) |
||||
(Increase) decrease in current and other assets |
(794) |
555 |
(1,293) |
(1,172) |
||||
Increase (decrease) in accounts payable |
(19,044) |
(9,368) |
(5,684) |
7,347 |
||||
Increase (decrease) in accrued taxes |
(11,865) |
4,711 |
(7,697) |
3,430 |
||||
Increase in self-insurance reserves |
1,022 |
345 |
783 |
1,317 |
||||
Increase (decrease) in other current liabilities |
(2,944) |
(1,002) |
308 |
(3,521) |
||||
Increase (decrease) in other liabilities |
8,947 |
(491) |
9,050 |
88 |
||||
Net cash from operating activities |
96,030 |
113,706 |
110,882 |
126,784 |
||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES |
||||||||
Capital expenditures |
(15,537) |
(18,648) |
(110,224) |
(70,270) |
||||
Acquisition of the Buena Park Hotel: |
||||||||
Land, buildings, and equipment acquired |
- |
- |
- |
(17,230) |
||||
Working capital acquired |
- |
- |
- |
(206) |
||||
Acquisition of White Water Canyon: |
||||||||
Land, buildings, rides and equipment acquired |
- |
- |
(11,796) |
- |
||||
Negative working capital assumed |
- |
- |
227 |
- |
||||
Net cash (for) investing activities |
(15,537) |
(18,648) |
(121,793) |
(87,706) |
||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES |
||||||||
Net borrowings (payments) on revolving credit loans |
(63,050) |
(81,300) |
86,231 |
14,214 |
||||
Distributions paid to partners |
(19,437) |
(18,285) |
(76,670) |
(70,574) |
||||
Reduction of general partner interest |
(847) |
- |
(847) |
- |
||||
Repurchase of limited partnership units |
(11,897) |
- |
(19,445) |
- |
||||
Issuance of units for vested deferred compensation |
8,858 |
- |
8,858 |
- |
||||
Acquisition of the Buena Park Hotel: |
||||||||
Borrowings on revolving credit loans |
- |
- |
- |
17,436 |
||||
Acquisition of White Water Canyon: |
||||||||
Borrowings on revolving credit loans |
- |
- |
11,569 |
- |
||||
Net cash from (for) financing activities |
(86,373) |
(99,585) |
9,696 |
(38,924) |
||||
CASH |
||||||||
Net increase (decrease) for the period |
(5,880) |
(4,527) |
(1,215) |
154 |
||||
Balance, beginning of period |
10,547 |
10,409 |
5,882 |
5,728 |
||||
Balance, end of period |
$ 4,667 |
$ 5,882 |
$ 4,667 |
$ 5,882 |
||||
SUPPLEMENTAL INFORMATION |
||||||||
Cash payments for interest expense |
$ 7,590 |
$ 6,036 |
$ 18,838 |
$ 15,010 |
||||
Interest capitalized |
130 |
- |
2,155 |
- |
||||
Cash payments for income taxes |
4,226 |
3,960 |
8,157 |
11,568 |
||||
Reduction of final purchase price of Knott's Berry Farm |
- |
- |
- |
3,506 |
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
CEDAR FAIR, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTERS ENDED
SEPTEMBER 24, 2000 AND SEPTEMBER 26, 1999
The accompanying consolidated financial statements have been prepared from the financial records of Cedar Fair, L.P. (the Partnership) without audit and reflect all adjustments which are, in the opinion of management, necessary to fairly present the results of the interim periods covered in this report.
Due to the highly seasonal nature of the Partnership's amusement park operations, the results for any interim period are not indicative of the results to be expected for the full fiscal year. Accordingly, the Partnership has elected to present financial information regarding operations for the preceding twelve month periods ended September 24, 2000 and September 26, 1999 to accompany the quarterly results. Because amounts for the 12 months ended September 24, 2000 include actual 1999 fourth quarter operating results, they may not be indicative of 2000 full calendar year operations.
(1) Significant Accounting and Reporting Policies:
The Partnership's consolidated financial statements for the quarters ended September 24, 2000 and September 26, 1999 included in this Form 10-Q report have been prepared in accordance with the accounting policies described in the Notes to Consolidated Financial Statements for the year ended December 31, 1999, which were included in the Form 10-K filed on March 30, 2000. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K referred to above.
(2) Interim Reporting:
The Partnership owns and operates five amusement parks: Cedar Point in Sandusky, Ohio; Knott's Berry Farm located near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair in Shakopee, Minnesota; and Worlds of Fun / Oceans of Fun in Kansas City, Missouri. The Partnership also owns and operates four seasonal water parks in Sandusky, Ohio; Buena Park, California; Chula Vista, California, near San Diego; and Kansas City, Missouri, and operates Knott's Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract. Virtually all of the Partnership's revenues from its four seasonal amusement parks, as well as its four water parks, are realized during a 130-day operating period beginning in early May, with the major portion concentrated in the third quarter during the peak vacation months of July and August. Knott's Berry Farm is open year-round but also operates at its highest level of attendance during the third quarter of the year.
To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, the Partnership has adopted the following reporting procedures for its seasonal parks: (a) depreciation, advertising and certain seasonal operating costs are expensed ratably during the operating season, including certain costs incurred prior to the season which are amortized over the season and (b) all other costs are expensed as incurred or ratably over the entire year.
(3) Amendment to Limited Partnership Agreement:
On August 25, 2000, the Partnership obtained the approval from unitholders of a plan to revise its existing general partner fee and executive compensation systems at a special meeting of its limited partners. Under the approved plan, the partnership agreement was amended to reduce the general partner's interest in the Partnership from 0.5% to 0.1% and to eliminate the fees paid by the Partnership to its general partner, retroactive to January 1, 2000. In addition, a new Equity Incentive Plan allowing the award of options and other forms of equity as an element of compensation to senior management and other key employees was established. The 2,330,000 unit options awarded in 2000 to senior management under this plan had an exercise price of $19.25 at September 24, 2000. Because the exercise price was higher than the market price of limited partnership units at that date, no compensation expense related to unit options has been recognized in these financial statements.
In connection with terminating the existing general partner fee and executive compensation systems, non-recurring costs totaling approximately $7.8 million were incurred by the Partnership in the third quarter. In addition, the general partner was paid $1.0 million to reduce its interest in the Partnership to 0.1% effective January 1, 2000. This amount was offset somewhat by cash distributions accrued for the general partner during the first and second quarters, which were in excess of its revised 0.1% interest.
(4) Earnings per Unit:
Net income per limited partner unit is calculated based on the following unit amounts:
Three months ended |
Twelve months ended |
||||||||||
9/24/00 |
9/26/99 |
9/24/00 |
9/26/99 |
||||||||
(in thousands except per unit data) |
|||||||||||
Basic weighted average units outstanding |
51,350 |
51,940 |
51,622 |
51,742 |
|||||||
Effect of dilutive units: |
|||||||||||
Deferred units |
323 |
408 |
440 |
401 |
|||||||
Contingent units - Knott's acquisition |
- |
40 |
10 |
238 |
|||||||
Diluted weighted average units outstanding |
51,673 |
52,388 |
52,072 |
52,381 |
|||||||
Net income per unit - basic |
$ 1.84 |
$ 1.84 |
$ 1.53 |
$ 1.66 |
|||||||
Net income per unit - diluted |
$ 1.83 |
$ 1.83 |
$ 1.51 |
$ 1.64 |
|||||||
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations:
Net revenues for the quarter ended September 24, 2000, increased 11% to $266.8 million from $240.7 million for the quarter ended September 26, 1999, and earnings before interest, taxes, depreciation and amortization (EBITDA), after a non-recurring charge of $7.8 million, increased 3% to $128.1 million from $124.1 million for the same period last year. Operating income for the period increased 1% to $109.1 million from $108.3 million, and net income, after the one-time charge and a significant rise in interest expense, decreased 2% to $94.5 million, or $1.83 per limited partner unit (diluted), from $96.2 million, or $1.83 per unit, in 1999.
The operating results for the current period were significantly impacted by the $7.8 million, or $.15 per unit, of non-recurring costs related to the termination of the Partnership's existing general partner fee and executive compensation systems. Excluding this one-time charge, earnings per limited partner unit for the quarter would have increased 8% to $1.98 and EBITDA would have increased 10% to $135.9 million.
The increase in interest expense for the quarter was primarily the result of higher interest rates, as well as increased borrowings from the 1999 acquisitions of a hotel and water park in California, large repurchases of units, and significant capital expenditures at several parks for the 2000 season. All other costs as a percent of revenues have remained relatively level between years.
For the quarter, we achieved increases of 7% in in-park guest per capita spending and 17% in out-of-park revenues at our five amusement parks. These gains were offset slightly by a 1% decrease in combined third-quarter attendance, due largely to inconsistent weather at each of our seasonal parks. Meanwhile, combined third-quarter water park attendance nearly doubled between years on the very successful debuts of our two new California water parks.
Through the first nine months of 2000, net revenues were up 7% over last year on a 7% increase in in-park guest per capita spending and an 11% increase in out-of-park revenues, which were offset slightly by a 2% decrease in combined attendance. Over this same period, EBITDA, excluding the non-recurring charge in 2000, increased 5% between years.
The approved plan to revise the Partnership's former general partner fee and executive compensation systems is expected to have a favorable impact on net income and cash flow from operations in future periods.
Financial Condition:
Current assets and liabilities are at normal seasonal levels at September 24, 2000, and the negative working capital ratio of 3.2 is the result of the Partnership's highly seasonal business and careful management of cash flow. The Partnership has available through April 2002 a $200 million revolving credit facility and an additional $90 million revolving credit facility is available through November 2000. Borrowings under these credit facilities were $194.6 million as of September 24, 2000, of which $40 million is classified as a current liability under the terms of the smaller facility. During the fourth quarter of 2000, the Partnership expects to arrange appropriate revolving credit facilities sufficient to fund future working capital needs, planned capital expenditures and regular quarterly distributions to partners through the end of 2001.
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
A special meeting of the limited partners of the Partnership was held on August 25, 2000 at Knott's Berry Farm in Buena Park, California, to consider and vote upon the following two proposals and to transact any other business that might properly have come before the special meeting:
Of the 51,980,183 units entitled to vote at the special meeting, the following votes were cast by the limited partners with respect to these proposals:
Votes For |
Votes Against |
Votes Abstained |
Nonvotes |
||||
Proposal 1 |
32,788,810 |
1,991,416 |
418,507 |
16,781,450 |
|||
Proposal 2 |
29,931,183 |
4,727,685 |
539,865 |
16,781,450 |
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - The following exhibits are filed with this Form 10-Q:
Exhibit (20) 2000 Third Quarter Press Release
(b) Reports on Form 8-K - The Registrant filed the following report on Form 8-K during the third quarter ended September 24, 2000, and through the date of this filing:
On August 25, 2000, a Form 8-K was filed announcing the approval of a plan to revise the Partnership's existing general partner fee and executive compensation systems at a special meeting of its limited partners held that day.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CEDAR FAIR, L.P.
(Registrant)
By Cedar Fair Management Company
General Partner
Date: November 8, 2000 |
Bruce A. Jackson |
Bruce A. Jackson |
|
Corporate Vice President - Finance |
|
(Chief Financial Officer) |
|
Charles M. Paul |
|
Charles M. Paul |
|
Corporate Controller |
|
(Chief Accounting Officer) |
INDEX TO EXHIBITS
Page Number
Exhibit (20) 2000 Third Quarter Press Release 13
Cedar Fair, L.P. Press Release
One Cedar Point Drive
Sandusky, Ohio 44870-5259
To Our Unitholders:
The following press release, which was distributed to the financial news media on November 6, 2000, is also being sent directly to our unitholders so that you may have the benefit of the complete text.
Richard L. Kinzel, President and Chief Executive Officer
Cedar Fair, L.P. Reports Record Revenues and EBITDA for the Third Quarter of 2000
SANDUSKY, OHIO, November 6, 2000-- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates five amusement parks and four water parks, today announced an 11% increase in 2000 third-quarter revenues and a 10% increase in earnings before interest, taxes, depreciation and amortization (EBITDA), before one-time charges for revising its partnership agreement.
Net revenues for the quarter ended September 24, 2000 increased 11% to $266.8 million from $240.7 million in 1999, and EBITDA increased 10% before the non-recurring charge to $135.9 million. After the $7.8 million special charge, EBITDA still increased 3% to $128.1 million from $124.1 million for the same period last year. Operating income for the period increased 1% to $109.1 million from $108.3 million, and net income, after the one-time charge and a significant rise in interest expense, decreased 2% to $94.5 million, or $1.83 per limited partner unit, from $96.2 million, or $1.83 per unit, in 1999.
Richard L. Kinzel, president and chief executive officer, explained that the operating results for the current period were significantly impacted by the $7.8 million, or $.15 per unit, of non-recurring costs related to the revision of the Partnership's general partner fee and executive compensation systems. Excluding this one-time charge, earnings per limited partner unit for the quarter would have increased 8% to $1.98. In addition, Kinzel explained that the increase in interest expense for the quarter was primarily the result of higher interest rates, as well as increased borrowings from the 1999 acquisitions of a hotel and water park in California, large unit repurchases, and significant capital expenditures at several parks for the 2000 season. All other costs as a percent of revenues have remained relatively level between years.
"Although our attendance expectations for 2000 were higher than we achieved, we are satisfied with the record third-quarter results, particularly given the unusually cool and wet weather experienced at our Pennsylvania park," said Kinzel. "At our five amusement parks, we achieved increases of 7% in in-park guest per capita spending and 17% in out-of-park revenues during the third quarter, offset slightly by a 1% decrease in combined attendance. Meanwhile, combined water park attendance nearly doubled in the third quarter on the very successful debuts of our two new California water parks."
Commenting on results through the first nine months of the year, Kinzel said, "The new rides, attractions and resort facilities we added for 2000 generated solid returns and strong guest satisfaction, even though we had less-than-ideal weather throughout much of the season at our seasonal parks." Through the first nine months of 2000, net revenues were up 7% over last year on a 7% increase in in-park guest per capita spending and an 11% increase in out-of-park revenues. These gains were offset slightly by a 2% decrease in combined attendance between years. Over this same period, EBITDA, excluding the one-time charge in 2000, has increased 5% between years.
Kinzel explained that virtually all of Cedar Fair's revenues from its seasonal parks are realized during a 130-day operating season beginning in early May, with the major portion concentrated in the peak vacation months of July and August. Knott's Berry Farm is open year-round but also operates at its highest level of attendance during the third quarter of the year.
Cedar Fair's five amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul; and Worlds of Fun/Oceans of Fun, located in Kansas City, Missouri. The Partnership's water parks are located in Sandusky, Ohio; Kansas City, Missouri; Chula Vista, California, near San Diego; and Buena Park, California. Cedar Fair also operates Knott's Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.
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