Tue Feb 09 2010
Cedar Fair has dismal
first 9 months of 2009
Cedar Fair Entertainment Co. has reported that despite 25 more operating days for its parks, net revenues for the nine months ended Sept. 27 declined by $66.5 million.
Officials said they will not make any cash distribution in 2010 to the owners of unit shares for the first time since the company went public with its stock in 1987.
Net revenues were $810.5 million in 2009, compared to $877 million in 2008. Net income also decreased to $61.7 million from $62.5 million in 2008.
"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, our parks entertained 1.2 million fewer visitors [18.8 million in 2009, 20 million in 2008] compared to this time last year.
"The decrease in attendance was the result of a sharp decline in group sales, which continues to be negatively affected by the poor economy and spending cuts at many businesses, schools and organizations."
Mazda open at former
Montrose Chevy locale
Montrose Mazda of Kent has opened at 1127 W. Main St., the site of the former Montrose Chevrolet.
The new location features a renovated facility and is adjacent to the Montrose Wholesale Outlet. The two locations will offer area car buyers a selection of new and pre-owned vehicles.
"We're very excited to return our new and used car operations to the Kent community by launching our Mazda sales and service departments alongside our neighboring wholesale outlet," said Michael Thompson Sr., CEO and president of the Montrose Auto Group.
"Adding this second Mazda location provides us with an eastside complement to our Montrose Mazda of Cleveland westside store to offer Northeast Ohio communities unparalleled Mazda inventory and service."
Montrose VIP and loyalty cards are accepted at the Kent location.
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