Cedar Fair Entertainment Company (FUN) saw its loss narrow to $6.80 million, or $0.12 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $25.68 million, or $0.46 a share. Revenue during the quarter grew 15.01 percent to $191.97 million from $166.92 million in the previous year period. Gross margin for the quarter expanded 120 basis points over the previous year period to 92.84 percent. Operating margin for the quarter period stood at positive 10.47 percent as compared to a negative 3.45 percent for the previous year period.
Operating income for the quarter was $20.10 million, compared with an operating loss of $5.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $53.47 million compared with $29.82 million in the prior year period. At the same time, adjusted EBITDA margin improved 999 basis points in the quarter to 27.85 percent from 17.87 percent in the last year period.
Matt Ouimet, Cedar Fair’s chief executive officer said, “This past year was the most successful year in our history. The talented teams at all of our parks, the popularity of our innovative attractions and the ongoing success of our marketing programs combined to produce our seventh consecutive year of record results. Based on our 2016 performance and our expectations for the coming year, we are on track to achieve our long-term Adjusted EBITDA target of $500 million by the end of 2017, a full year earlier than our original forecast.
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