Cedar Fair (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, disclosed that Dick Kinzel, its Chairman, President and Chief Executive Officer sold 167, 900 of his limited partner units of Cedar Fair, L.P. in order to meet a margin loan call. Additional units are pledged as security and future margin calls are possible.
Mr. Kinzel commented, "I am very disappointed to have been required to sell these units from my more than 1.3 million units of direct ownership in Cedar Fair L.P. This sale does not reflect my view of the Company’s financial position or its future performance potential. The margin debt is a result of an April 2008 option exercise and the related payment of federal and state income taxes. That option exercise, where I purchased and held the units, reflects my complete confidence in the value of the Company’s strategy and assets over the long run. My confidence in Cedar Fair remains unchanged."
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; Great America; and Gilroy Gardens, which is managed under contract.
See Also: Cedar Fair Reports Results for 2008
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Cedar Fair Entertains 22.7 Million Guests in 2008; Reports Solid Fourth Quarter Attendance Results
Cedar Fair Announces Capital Expenditures for 2009 Season