Cedar Fair's net revenues reach record $1.03 billion in 2011

By Lisa Kerner

Charlotte, N.C., Feb. 21 - Cedar Fair Entertainment Co. is "very satisfied" with its liquidity and cash flow performance for the fourth quarter and year ended Dec. 31, according to president and chief executive officer Matt Ouimet.

The company, which announced its earnings results on Tuesday, reduced its leverage in 2011 and had a consolidated leverage ratio at year's end of 4.2 times and no outstanding borrowings under its revolving credit facility.

As of Dec. 31, Cedar Fair had $1.16 billion of variable-rate debt before giving consideration to fixed-rate interest rate swaps, $400.3 million of fixed-rate debt and cash on hand of $35.5 million.

Cedar Fair's credit facilities and cash flow from operations are expected to be sufficient to meet working capital needs, debt service, planned capital expenditures and distributions for the foreseeable future.

On Tuesday, Cedar Fair reported record full-year net revenues of $1.03 billion, up 5.2% from 2010.

Adjusted EBITDA for the full year was a record $375 million, up 4.3% from the prior year.

Ouimet attributed the increase in revenues and adjusted EBITDA to the strength of Cedar Fair's capital investments and the strategic marketing of the company's season pass programs.

Cedar Fair is a Sandusky, Ohio-based regional amusement resort operator.

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