Cedar denies Destiny sale
"We have received numerous inquiries and questions regarding stories that have appeared in the press concerning a possible sale of the company," said Dick Kinzel, Cedar Fair chairman, president and chief executive officer in the statement.
Referring to reports that ‘constructive negotiations’ with a company called Destiny Capital have been undertaken, Kinzel confirmed that Cedar Fair was "not currently in discussions with that organisation or any other party for the sale of the company."
"Of course, the board continuously challenges management to find the best strategic alternatives available to increase value to our unit holders, and I do receive inquiries from time to time about a particular park or group of parks, whether it is to sell or to even buy additional parks. Consistent with our policy, I do not intend to comment on any of these discussions on an ongoing basis," he added.
Separately, the company has released its second quarter results ending June 24, 2007. Operations, including the acquired Paramount Parks chain, generated revenues of US$274m for the quarter and net income of $5.5m.
For the same period last year, which does not include the acquired parks, the company reported net income of $11.1m on revenues of $145.4m.
Consolidated adjusted EBITDA for the quarter increased $47.7m to $85.8m from $38.1m for the same period a year ago. Consolidated operating income for the second quarter was $40.2m compared with $19.9m in 2006, while operating costs were $188.2m versus $107.3m previously.