Cedar Fair Entertainment Company (FUN) saw its loss widen to $64.75 million, or $1.16 a share for the quarter ended Mar. 26, 2017. In the previous year period, the company reported a loss of $48.49 million, or $0.87 a share. Revenue during the quarter dropped 17.32 percent to $48.32 million from $58.44 million in the previous year period. Gross margin for the quarter contracted 67 basis points over the previous year period to 88.66 percent.
Operating loss for the quarter was $75.96 million, compared with an operating loss of $65.82 million in the previous year period.
“We are pleased with our early-season trends through the end of April, which for the most part normalizes for the spring break calendar shift associated with a later Easter holiday,” said Matt Ouimet, Cedar Fair’s chief executive officer. “Net revenues through April are up 2% over the same four-month period last year. While it is too early to predict definitive full-year trends at this point in the year, we are encouraged by the early-season strength in all of our advance purchase channels, including early-season trends in season pass sales, all-season dining and beverage sales, and group event bookings. At the parks that are currently open, average in-park guest per capita spending has also been trending higher than at this time last year. Based on the momentum coming out of our record performance in 2016 and the strong early-season trends in long-lead indicators this year, we remain confident in our ability to execute on our long-term strategy and expect 2017 to be another record year for Cedar Fair.”
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