Cedar Fair Announces Updated Capital Allocation Strategy – Business Wire | Omd Cialis

SANDUSKY, Ohio–(BUSINESS WIRE)–Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, announced today that its Board of Directors has approved an updated capital allocation strategy, which includes the declaration of a cash distribution of 0.30 $ per Limited Partner (LP) unit and approval of a $250 million unit buyback program.

  • The distribution is payable on September 15, 2022 to Shareholders of record on August 31, 2022.

  • The repurchase program authorizes the company to purchase shares on the open market or through privately negotiated transactions up to $250 million.

“Having weathered the worst of the pandemic, we are pleased that Cedar Fair has emerged with the capital structure and free cash flow generation to once again support the return of capital to shareholders,” said Cedar Fair President and CEO Richard Zimmerman. “Our strong performance this year, combined with the recent monetization of properties in Santa Clara, California, has strengthened our balance sheet and allowed us to strategically accelerate our capital allocation priorities, including deleveraging and reintroducing a cash distribution. In addition to reintroducing dividend payments, our Board of Directors has determined that Cedar Fair shares represent a very attractive investment opportunity, particularly at current price levels, and have approved a $250 million share repurchase program. Both of these strategic moves underscore the Management Board’s confidence in our business model and optimism about the company’s near- and long-term prospects. We remain committed to creating sustainable value through a balanced approach to investing in our business, while maintaining a strong balance sheet and returning capital to shareholders.”

The objectives of Cedar Fair’s capital allocation strategy are to maintain a strong balance sheet, provide sufficient liquidity to invest in growth opportunities and return excess capital to shareholders. Management plans to opportunistically repurchase units of Cedar Fair using a combination of existing cash on hand and free cash flow. Repurchases may be made from time to time at management’s discretion in accordance with all applicable securities and other laws and regulations. The extent and timing of the Company’s repurchase of its shares will depend on a variety of factors, including liquidity, the Company’s capital requirements, market conditions, regulatory requirements and other company considerations. The duration of the buyback program was not limited. The buyback program does not obligate the Company to repurchase a minimum dollar amount or number of units, and the program is subject to change, suspension or termination at any time.

About Cedar Fair

Cedar Fair, LP (NYSE: FUN), one of the largest regional amusement park operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive and memorable experiences, the Company owns and operates 13 properties consisting of 11 amusement parks, four gated outdoor water parks and resort accommodations totaling more than 2,300 rooms and more than 600 pitches for luxury mobile homes. Cedar Fair parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.

Forward-Looking Statements

Some of the statements contained in this press release that are not historical in nature constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding expectations, beliefs, objectives and Company’s strategies for the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, are beyond our control and 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 cannot guarantee that these expectations will prove to be correct, including the timing of any debt repayment or payment of partnership dividends, or the Company’s growth strategies achieve desired results. Important factors, including the impact of the COVID-19 pandemic, general economic conditions, adverse weather conditions, competition for consumer leisure and spending, unforeseen construction delays, changes in the Company’s investment plans and projects, and other factors that may arise from time to time Discussed by the Company in its reports filed with the Securities and Exchange Commission (the “SEC”), the presence at the Company’s parks and the timing of any debt repayment or payment of partnership dividends and the Company’s growth strategies could affect and cause actual results differ materially from the Company’s expectations or otherwise fluctuate or decrease. Additional information regarding risk factors that could affect the Company’s business and financial results is available in the Company’s Annual Report on Form 10-K and in the Company’s filings with the SEC from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, information, circumstances or otherwise arising after the date of this document.

This press release and previous publications are available under the ‘What’s New’ tab at http://ir.cedarfair.com

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