Cedar Fair L P (FUN) has reported a 6.60 percent rise in profit for the quarter ended Sep. 25, 2016. The company has earned $174.99 million, or $3.10 a share in the quarter, compared with $164.15 million, or $2.92 a share for the same period last year.
Revenue during the quarter went up marginally by 0.88 percent to $650.28 million from $644.64 million in the previous year period. Gross margin for the quarter expanded 9 basis points over the previous year period to 91.99 percent. Total expenses were 58.82 percent of quarterly revenues, up from 56.92 percent for the same period last year. That has resulted in a contraction of 190 basis points in operating margin to 41.18 percent.
Operating income for the quarter was $267.80 million, compared with $277.69 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $336.02 million compared with $345.64 million in the prior year period. At the same time, adjusted EBITDA margin contracted 195 basis points in the quarter to 51.67 percent from 53.62 percent in the last year period.
"We are pleased with our accomplishments and record results to date for 2016," said Matt Ouimet, Cedar Fair's chief executive officer. "We believe our strategy of getting families to our parks early in the season and getting them to return often will result in our seventh consecutive year of record results, including record attendance, record guest spending and record cash flows.
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