[The Interpreter]

From that same press release:

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.

So net income this year for the first nine months was $61.7 million dollars, compared to last years $62.5 million.

2009 isn't over yet.

Expenditures? Again from that same press release, for nine months:

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.

[pkimike]

Thanks - Man your fast!

Still a little confused - Not used to the language they use.

This is what you posted:
"So net income this year for the first nine months was $61.7 million dollars, compared to last years $62.5 million."


So they have made money? $61.7 million dollars?

[The Interpreter]

The way they define things, yes. Cedar Fair likes to use the term EBITDA...earnings BEFORE interest, taxes, depreciation, amortization and "other non-cash items." It is a non-standard way of accounting that others in the park industry also use. Under that:

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.

Interestingly, this time the EBITDA looks worse than the usual, standard measure. That's VERY unusual.

The table at the end of this PDF file is VERY helpful:

http://www.cedarfair...ngs-release.pdf

[The Interpreter]

An interesting perspective, including this:

..."We are definitely going through a change in investor base with this announcement," said spokeswoman Stacy Frole. "We had investors who invested because of that distribution. Now, we're seeing interest from value investors who see an opportunity."

Frole said she couldn't predict whether the distribution would be brought back. But she said debt reducing measures should produce better total return for investors.

"We believe it's going to make us a stronger company in the end," she said.

http://www.cleveland...cut_its_di.html

That article may well deserve your reading in its entirety...

[The Interpreter]

Cedar Fair has made a big deal out of the fact that it is currently changing investors, given its announcement that distributions to unitholders are being curtailed. The market has responded negatively, and continued to do so today. In a generally up market, FUN closed at $6.10 per unit, down 20 cents, or 3.17%. The six dollar level may soon be tested, or investors may rush in to buy at a perceived bargain price. Time will tell.

[jzarley]

..."We are definitely going through a change in investor base with this announcement," said spokeswoman Stacy Frole. "We had investors who invested because of that distribution. Now, we're seeing interest from value investors who see an opportunity."

Interesting spin: "see, it's good we're not paying a dividend anymore because now we'll get shareholders who really care about the company, instead of all these greedy divdend-grubbers."

[The Interpreter]

Especially given how much no less than Dick Kinzel himself used to rhasodize during conference calls about the importance of that dividend to the unitholders. Interesting it was Stacy, and not Dick, who was delegated the duty to spin that one. I guess given a choice of protecting the dividend and protecting one's own hide, management chose to save its hide.

For now.

[jzarley]

^ especially considering that they extended their debt load specifically to be able to continue the dividends.

[The Interpreter]

To be fair, I think one or more of the debt covenants would have been violated had the distributions not been suspended. And quite a bit of the questioning hinged around questions about whether this and management's other actions would be enough to keep from triggering other covenants. I do find it rather astounding that so far no one on an investor call has questioned management's pricing and capex strategy. Then again, over at that place that numbers its flags, no one during such a call seems to have questioned keeping Mr. Snyder in control, even with his what seems to be apparent self-dealing, about which:

http://www.washingto...s-stockholders/

[Diamondback FOF]

I just want to make sure it is true and it isn't many typos by many people on this website:

Cedar Fair did try to cancel both Intimidator coasters, but they were not able to do so, correct? I was on kdfansite.com talking about Intimidator 305 and brought up CF trying to cancel both Intimidators, and no one believes it.

I'm guessing

Our capital is pretty well dictated a couple of years ahead of time, too cautious that we are putting it next year, actually we ordered two years ago. So, consequently, we had to stick with those and not only we try to stay between $80 and $90 million, we are in that range, unfortunately, up this time last year when the banks were having their problems, we sort of anticipated it was going to be a soft year.

So we really postponed that the $10 million flume that we are putting at Cedar Point this year, we ask our ride manufacturer to put that off for a year. So, consequently, that took us a little bit over what we wanted to do this year in capital, but looking forward, hopefully while the economy is going to start turning around in the first quarter of next year, but again the major emphasis was that we really have those rights ordered.

We really could not get out of them (speaking of Intimidator's), but hindsight I think it’s going to be a great ride and I think next year could be a very promising year for us.

is referring to cancelling those two coasters?

[Diamondback FOF]

Sorry to double post. Can someone please answer my two above questions?

[The Interpreter]

Yes, someone can and will. Your assumption is correct. The transcript isn't quite as clear as the tone of voice, words and inflection Mr. Kinzel himself used during the call.

[74Gibson]

DbFOF, I was in that thread too and getting quite annoyed. I really haven't been impressed with the quality of post there or the attitudes of those who do. I thought you were more than kind in your response. Had I remembered my login I would have replied ahead of you, in your defense.

[Diamondback FOF]

Thanks. I definitely have noticed over the last couple of months there seems to have been TONS of arguing. And many people are unaccepting to other peoples' ideas. I think I'll stick to posting mainly here.

[74Gibson]

Your welcome.

Unfortunately (but also a kudos to KiCentral) I've made that decision for several sites.