Cedar Fair Announces 2009 Third-Quarter and Nine-Month Results

- Comments on Revenue and Attendance Trends Through October

SANDUSKY, Ohio, Nov. 3 /PRNewswire-FirstCall/ -- Cedar Fair Entertainment
Company (NYSE: FUN), a leader in regional amusement parks, water parks and
active entertainment, today announced results through the third quarter ended
September 27, 2009 and provided attendance and revenue trends through November
1, 2009.

Nine Month Results
Net revenues for the nine months ended September 27, 2009, which included 25
additional operating days compared with 2008, decreased $66.5 million to
$810.5 million from $877.0 million a year ago. Net income for the first nine
months of 2009 decreased $0.8 million to $61.7 million, or $1.10 per diluted
limited partner unit, from net income of $62.5 million, or $1.12 per diluted
limited partner unit, for the same period in 2008.

Adjusted EBITDA for the nine months ended September 27, 2009, which management
believes is a meaningful measure of the Company's park-level operating
results, decreased $37.9 million to $296.7 million from $334.6 million for the
same period a year ago. See the attached table for a reconciliation of
adjusted EBITDA to net income.

"As anticipated, 2009 has been a challenging year for us," said Dick Kinzel,
Cedar Fair chairman, president and chief executive officer. "In spite of 25
additional operating days during the first nine months of the year, our parks
have entertained 1.2 million less visitors compared to this time last year.
Through the end of the third quarter combined attendance across our parks
totaled 18.8 million visits, average in-park guest per capita spending was
$39.73 and out-of-park revenues totaled $86.4 million. This compares with
attendance of 20.0 million visits, average in-park guest per capita spending
of $40.28 and out-of-park revenues of $94.0 million through the first nine
months of 2008.

"The decrease in attendance was the result of a sharp decline in group sales
business, which continues to be negatively affected by the poor economy and
spending cuts at many businesses, schools and organizations," added Kinzel.
"Our attendance figures were also negatively impacted by a decrease in season
pass visits resulting from a decline in total pass sales, and by poor weather,
particularly cooler than normal temperatures throughout much of the season at
our northern and southern region parks."

Kinzel continued by noting that the 8% decrease in out-of-park revenues, which
represent the sale of hotel rooms, food, merchandise and other complementary
activities located outside of the park gates, was primarily due to declines in
hotel occupancy at most of the Company's hotel properties during the first
nine months of the year.

Excluding depreciation, amortization and other non-cash costs, operating costs
and expenses for the nine months decreased 5%, or $28.6 million, to $513.8
million compared with $542.4 million for the same period a year ago. "The
decrease in operating costs is the direct result of the successful
implementation of numerous cost savings initiatives across our parks, as a
proactive step to partially offset the impact of the negative attendance
trends, and to a lesser extent the closing of Star Trek in late 2008," said
Kinzel.

He also noted that in late August the Company completed the sale of 87 acres
of surplus land at Canada's Wonderland to the Vaughan Health Campus of Care in
Ontario, Canada as part of its ongoing efforts to reduce debt. Net proceeds
from this sale totaled $53.8 million and resulted in the recognition of a
$23.1 million gain during the nine-month period. After the gain on the sale
of the Canadian land, depreciation, amortization, loss (gain) on impairment /
retirement of fixed assets, and all other non-cash costs, operating income for
the first nine months decreased $7.9 million to $205.4 million in 2009
compared with $213.3 million in 2008.

Interest expense over this same period decreased $7.9 million to $91.0
million, primarily due to lower interest rates on the Company's variable-rate
debt, along with a reduction in average borrowings. Since the beginning of
the year, the Company has retired $101.2 million of term debt through
regularly scheduled debt amortization payments, as well as the use of
available cash from the reduction in the annual distribution rate and the net
proceeds from the sale of land at Canada's Wonderland.

A provision for taxes of $48.3 million was recorded for the nine-months ended
September 27, 2009 to account for the tax attributes of the Company's
corporate subsidiaries and publicly traded partnership (PTP) taxes. This
compares with a $52.1 million provision for taxes for the same period in 2008.

Third Quarter Results
Net revenues for the third quarter ended September 27, 2009, which included 64
additional operating days compared with 2008, decreased 4% to $519.9 million
from $540.3 million last year. Net income for the quarter was $107.6 million,
or $1.92 per diluted limited partner unit, versus net income of $91.5 million,
or $1.65 per diluted limited partner unit a year ago.

"In spite of 64 additional operating days in the period, third-quarter
revenues fell $20.4 million between years," said Kinzel. "This decrease
reflects a 3%, or 324,000-visit, decline in attendance, a 7%, or $3.6 million,
decrease in out-of-park revenues, and a less than 1% decrease in average
in-park guest per capita spending."

October Operations
Based on preliminary October results, revenues for the first ten months of the
year, on a same-park basis (excluding the impact of Star Trek: The Experience
which closed in September 2008), were $912.7 million compared with $983.2
million for the same period a year ago, on 28 more operating days. This is a
result of a 6% decrease in attendance to 20.6 million visitors compared with
22.0 million in 2008, a decrease of less than one percent in average in-park
guest per capita spending to $39.65, and a decrease in out-of-park revenues of
$8.0 million to $94.5 million, due to declines in hotel occupancy.

For the month of October, revenues decreased 11%, or $10.2 million. This was
in large part the result of a 255,000-visit shortfall in attendance and
$315,000, or 4%, decrease in out-of-park revenues. Average in-park guest per
capita spending was comparable to the same period last year.

"Despite our best efforts, most of the same challenges we faced during the
first nine months of the year continued to negatively impact our business in
the month of October," continued Kinzel. "In particular, unseasonably cool
temperatures and heavy rain over the past four weekends have softened the
positive impact we had expected to get from the very popular Halloween events
we had in place at our parks. Over this same period, however, our parks
maintained their focus on controlling operating costs, and we're confident
that we were able to offset some of the revenue shortfalls."

Distribution Outlook
Kinzel stated that based on trailing twelve month results as of September 27,
2009, preliminary October results and a tightening at December 31st of the
maximum consolidated leverage ratio within the credit agreement, it is
expected that the Company will suspend distributions beginning in 2010 and the
cash flow be redirected to retire term debt.

"Over the past 12 months we have accomplished initiatives that have reduced
debt by approximately $110 million and addressed our capital structure," said
Kinzel. "This has been done through the reduction of our annual distribution
rate, the sale of 87 acres of surplus land in Toronto, regular amortization
payments and an extension of $900 million of our term debt. We have also
considered several alternatives including the sale of selected assets, issuing
additional equity in a public or private offering, as well as others, but
concluded that, in the current market environment, these are not executable on
terms that would be beneficial to the Company and the unitholders.

"Our actions, although successful, have not been enough to offset the decrease
in operating performance we have experienced in 2009," continued Kinzel. "We
will be reviewing alternatives to improve operating performance and enable
unitholders to realize value consistent with our financial performance,
including changes to capital structure, corporate structure, the Company's
debt and other strategic options. We will pursue those alternatives that we
believe are in the best interest of the Company and the unitholders."

The Company previously announced that a cash distribution of $0.25 per limited
partner unit will be paid on November 16, 2009 to unitholders of record on
November 4, 2009.

Kinzel concluded by noting that virtually all of Cedar Fair's revenues from
its seasonal amusement parks, water parks and other seasonal resort facilities
are realized during a 130- to 140-day operating period beginning in early May,
with the major portion concentrated in the peak vacation months of July and
August. Only Knott's Berry Farm and Castaway Bay are open year-round, with
Knott's Berry Farm operating at its highest level of attendance during the
third and fourth quarters of the year.

Management will host a conference call with analysts today, November 3, 2009,
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, Tuesday, November 3, 2009,
until 11:59 p.m. ET, Tuesday, November 17, 2009. In order to access the
replay of the earnings call, please dial 1-800-406-7325 followed by the access
code 4151550.

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; California's Great America; and Gilroy Gardens, which is
managed under contract.

All statements other than statements of historical facts included in this
release, including those regarding our future financial position and results,
business strategy, plans and objectives of management for future operations,
and distribution policy, are forward-looking statements. These statements may
involve risk and uncertainties that could cause actual results to differ
materially from those described in such statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Important factors, including general economic conditions,
competition for consumer leisure time and spending, adverse weather
conditions, unanticipated construction delays and other factors could affect
attendance at our parks and cause actual results to differ materially from the
Company's expectations. The Company further cautions that the important
factors identified herein are not exclusive.

CEDAR FAIR
SUMMARY STATEMENTS OF OPERATIONS
THIRD QUARTER
(unaudited)

(In thousands Three Months Nine Months Twelve Months
except Ended Ended Ended
per unit) 9/27/2009 9/28/2008 9/27/2009 9/28/2008 9/27/2009 9/28/2008

Net revenues:
Admissions $307,011 $312,626 $467,874 $493,872 $540,268 $564,170
Food,
merchandise
and games 175,591 189,490 283,072 319,342 319,647 357,205
Accommodations
and other 37,311 38,206 59,559 63,744 69,864 71,030

Total net
revenues 519,913 540,322 810,505 876,958 929,779 992,405
Cash operating
costs and
expenses 255,292 257,778 513,801 542,369 611,774 648,405
Adjusted
EBITDA (a) 264,621 282,544 296,704 334,589 318,005 344,000
Depreciation
and
amortization 66,413 60,986 113,604 111,258 128,184 124,706
Gain on sale
of other
assets (23,098) - (23,098) - (23,098) -
Loss on
impairment of
goodwill
and other
intangibles - - - - 86,988 -
(Gain) loss on
impairment/
retirement
of fixed
assets, net 188 6,125 218 9,390 (747) 25,070
Equity-based
compensation 154 181 613 639 690 814
Operating
income 220,964 215,252 205,367 213,302 125,988 193,410
Interest
expense 31,183 31,849 90,994 98,912 121,643 133,588
Net change in
fair value of
swaps 3,084 - 3,084 - 3,084 -
Other
(income)
expense, net 1,508 240 1,303 (208) 1,102 (3,010)
Income
before taxes 185,189 183,163 109,986 114,598 159 62,832
Provision
(benefit)
for taxes 77,575 91,614 48,265 52,143 (4,813) 9,406
Net income $107,614 $91,549 $61,721 $62,455 $4,972 $53,426
Weighted
average
units
outstanding -
diluted 55,924 55,453 55,887 55,808 55,804 55,861

Per limited
partner unit:
Net income -
diluted $1.92 $1.65 $1.10 $1.12 $0.09 $0.96
Cash
distributions
paid $0.25 $0.48 $0.98 $1.44 $1.46 $1.91
Balance Sheet
Data:
Total
assets $2,209,093 $2,435,260
Total debt 1,600,159 1,710,100
Total
partners'
equity 150,152 275,110

(a) Adjusted EBITDA represents earnings before interest, taxes,
depreciation, amortization and other non-cash items. The
Company believes adjusted EBITDA is a meaningful measure of
park-level operating profitability. Adjusted EBITDA is not a
measurement of operating performance computed in accordance with
generally accepted accounting principles and is not intended to
be a substitute for operating income, net income or cash flow from
operating activities as defined under generally accepted accounting
principles. In addition, adjusted EBITDA may not be comparable to
similarly titled measures of other companies.

CEDAR FAIR
RECONCILIATION TO ADJUSTED EBITDA
THIRD QUARTER
(unaudited)

Three Months Ended Nine Months Ended Twelve Months Ended
(In thousands) 9/27/09 9/28/08 9/27/09 9/28/08 9/27/09 9/28/08

Net income $107,614 $91,549 $61,721 $62,455 $4,972 $53,426
Provision
(benefit)
for taxes 77,575 91,614 48,265 52,143 (4,813) 9,406
Interest expense 31,183 31,849 90,994 98,912 121,643 133,588
Depreciation and
amortization 66,413 60,986 113,604 111,258 128,184 124,706
Gain on
sale of
other
assets (23,098) - (23,098) - (23,098) -
Equity-based
compensation 154 181 613 639 690 814
Loss on
impairment
of goodwill
and other
intangibles - - - - 86,988 -
(Gain) loss on
impairment/
retirement
of fixed
assets, net 188 6,125 218 9,390 (747) 25,070
Net change in
fair value
of swaps 3,084 - 3,084 - 3,084 -
Other
(income)
expense, net 1,508 240 1,303 (208) 1,102 (3,010)

Adjusted
EBITDA (a) $264,621 $282,544 $296,704 $334,589 $318,005 $344,000

(a) Adjusted EBITDA represents earnings before interest, taxes,
depreciation, amortization and other non-cash items. The
Company believes adjusted EBITDA is a meaningful measure of
park-level operating profitability. Adjusted EBITDA is not a
measurement of operating performance computed in accordance
with generally accepted accounting principles and is not
intended to be a substitute for operating income, net income or
cash flow from operating activities, as defined under generally
accepted accounting principles. In addition, adjusted EBITDA
may not be comparable to similarly titled measures of other
companies.

This news release and prior releases are available on the Cedar Fair website
at www.cedarfair.com.

Contact: Stacy Frole (419) 627-2227

SOURCE Cedar Fair Entertainment Company

Stacy Frole of Cedar Fair Entertainment Company, +1-419-627-2227