x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
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34-1560655
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(State or other jurisdiction of
incorporation or organization)
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|
(I.R.S. Employer
Identification No.)
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Large accelerated filer
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x
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Accelerated filer
|
|
o
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|
|
|
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|||
Non-accelerated filer
|
|
o
(Do not check if a smaller reporting company)
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Smaller reporting company
|
|
o
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|
|
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Title of Class
|
|
Units Outstanding As Of November 1, 2011
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Units Representing
Limited Partner Interests
|
|
55,345,858
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|
|
|
|
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Part I - Financial Information
|
|
|
|||
|
|
|
|||
Item 1.
|
|
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3-31
|
|
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|||
Item 2.
|
|
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32-42
|
|
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|||
Item 3.
|
|
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42
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|
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Item 4.
|
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43
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||||
Part II - Other Information
|
|
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|||
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|||
Item 1
|
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44
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|||
Item 1A.
|
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45
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Item 5
|
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Other Information
|
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45
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Item 6.
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45
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||||
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46
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|||
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||||
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47
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9/25/2011
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12/31/2010
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|
9/26/2010
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||||||
ASSETS
|
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||||||
Current Assets:
|
|
|
|
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||||||
Cash and cash equivalents
|
|
$
|
96,312
|
|
|
$
|
9,765
|
|
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$
|
61,701
|
|
Receivables
|
|
38,539
|
|
|
12,340
|
|
|
34,764
|
|
|||
Inventories
|
|
36,946
|
|
|
32,142
|
|
|
34,930
|
|
|||
Current deferred tax asset
|
|
5,874
|
|
|
5,874
|
|
|
6,725
|
|
|||
Prepaid insurance
|
|
2,155
|
|
|
5,009
|
|
|
842
|
|
|||
Other current assets
|
|
7,144
|
|
|
5,204
|
|
|
5,657
|
|
|||
|
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186,970
|
|
|
70,334
|
|
|
144,619
|
|
|||
Property and Equipment:
|
|
|
|
|
|
|
||||||
Land
|
|
311,877
|
|
|
309,980
|
|
|
307,139
|
|
|||
Land improvements
|
|
332,853
|
|
|
324,734
|
|
|
335,210
|
|
|||
Buildings
|
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578,249
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575,725
|
|
|
593,601
|
|
|||
Rides and equipment
|
|
1,437,590
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|
|
1,398,403
|
|
|
1,426,720
|
|
|||
Construction in progress
|
|
17,315
|
|
|
16,746
|
|
|
4,544
|
|
|||
|
|
2,677,884
|
|
|
2,625,588
|
|
|
2,667,214
|
|
|||
Less accumulated depreciation
|
|
(1,044,353
|
)
|
|
(948,947
|
)
|
|
(933,247
|
)
|
|||
|
|
1,633,531
|
|
|
1,676,641
|
|
|
1,733,967
|
|
|||
Goodwill
|
|
242,149
|
|
|
246,259
|
|
|
242,374
|
|
|||
Other Intangibles, net
|
|
40,067
|
|
|
40,632
|
|
|
41,000
|
|
|||
Other Assets
|
|
56,622
|
|
|
48,578
|
|
|
41,528
|
|
|||
|
|
$
|
2,159,339
|
|
|
$
|
2,082,444
|
|
|
$
|
2,203,488
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
|
||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
—
|
|
|
11,750
|
|
||
Accounts payable
|
|
28,458
|
|
|
10,787
|
|
|
24,841
|
|
|||
Deferred revenue
|
|
32,694
|
|
|
26,328
|
|
|
27,437
|
|
|||
Accrued interest
|
|
13,968
|
|
|
20,409
|
|
|
16,219
|
|
|||
Accrued taxes
|
|
33,093
|
|
|
15,144
|
|
|
29,314
|
|
|||
Accrued salaries, wages and benefits
|
|
41,109
|
|
|
18,220
|
|
|
29,234
|
|
|||
Self-insurance reserves
|
|
21,942
|
|
|
21,487
|
|
|
21,631
|
|
|||
Current derivative liability
|
|
59,366
|
|
|
47,986
|
|
|
—
|
|
|||
Other accrued liabilities
|
|
12,247
|
|
|
8,491
|
|
|
11,885
|
|
|||
|
|
242,877
|
|
|
168,852
|
|
|
172,311
|
|
|||
Deferred Tax Liability
|
|
125,588
|
|
|
131,830
|
|
|
153,563
|
|
|||
Derivative Liability
|
|
33,835
|
|
|
54,517
|
|
|
110,940
|
|
|||
Other Liabilities
|
|
2,872
|
|
|
10,406
|
|
|
6,662
|
|
|||
Long-Term Debt:
|
|
|
|
|
|
|
||||||
Revolving credit loans
|
|
—
|
|
|
23,200
|
|
|
—
|
|
|||
Term debt
|
|
1,156,100
|
|
|
1,157,062
|
|
|
1,163,250
|
|
|||
Notes
|
|
400,154
|
|
|
399,441
|
|
|
399,434
|
|
|||
|
|
1,556,254
|
|
|
1,579,703
|
|
|
1,562,684
|
|
|||
Partners’ Equity:
|
|
|
|
|
|
|
||||||
Special L.P. interests
|
|
5,290
|
|
|
5,290
|
|
|
5,290
|
|
|||
General partner
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
Limited partners, 55,346, 55,334 and 55,331 units outstanding at September 25, 2011, December 31, 2010 and September 26, 2010, respectively
|
|
221,611
|
|
|
165,555
|
|
|
242,239
|
|
|||
Accumulated other comprehensive loss
|
|
(28,988
|
)
|
|
(33,708
|
)
|
|
(50,200
|
)
|
|||
|
|
197,913
|
|
|
137,136
|
|
|
197,328
|
|
|||
|
|
$
|
2,159,339
|
|
|
$
|
2,082,444
|
|
|
$
|
2,203,488
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
Twelve months ended
|
||||||||||||||||||
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|
9/25/2011
|
|
9/26/2010
|
|
9/25/2011
|
|
9/26/2010
|
|
9/25/2011
|
|
9/26/2010
|
||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Admissions
|
|
$
|
333,924
|
|
|
$
|
320,920
|
|
|
$
|
505,155
|
|
|
$
|
488,391
|
|
|
$
|
585,526
|
|
|
$
|
553,331
|
|
Food, merchandise and games
|
|
191,494
|
|
|
183,268
|
|
|
307,265
|
|
|
296,030
|
|
|
348,591
|
|
|
329,344
|
|
||||||
Accommodations and other
|
|
46,850
|
|
|
40,812
|
|
|
71,207
|
|
|
63,482
|
|
|
79,199
|
|
|
70,798
|
|
||||||
|
|
572,268
|
|
|
545,000
|
|
|
883,627
|
|
|
847,903
|
|
|
1,013,316
|
|
|
953,473
|
|
||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
48,758
|
|
|
45,591
|
|
|
79,981
|
|
|
75,822
|
|
|
90,778
|
|
|
86,387
|
|
||||||
Operating expenses
|
|
161,452
|
|
|
152,314
|
|
|
351,558
|
|
|
336,005
|
|
|
426,955
|
|
|
403,015
|
|
||||||
Selling, general and administrative
|
|
51,978
|
|
|
48,443
|
|
|
110,126
|
|
|
110,935
|
|
|
133,192
|
|
|
135,087
|
|
||||||
Depreciation and amortization
|
|
62,619
|
|
|
63,746
|
|
|
109,173
|
|
|
111,624
|
|
|
124,345
|
|
|
130,765
|
|
||||||
Loss on impairment of goodwill and other intangibles
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,390
|
|
|
903
|
|
|
5,890
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
880
|
|
|
319
|
|
|
1,076
|
|
|
319
|
|
|
63,509
|
|
|
345
|
|
||||||
|
|
325,687
|
|
|
310,413
|
|
|
651,914
|
|
|
636,095
|
|
|
839,682
|
|
|
761,489
|
|
||||||
Operating income
|
|
246,581
|
|
|
234,587
|
|
|
231,713
|
|
|
211,808
|
|
|
173,634
|
|
|
191,984
|
|
||||||
Interest expense
|
|
41,353
|
|
|
41,487
|
|
|
124,650
|
|
|
103,886
|
|
|
171,049
|
|
|
137,598
|
|
||||||
Net effect of swaps
|
|
(3,962
|
)
|
|
3,306
|
|
|
(3,507
|
)
|
|
12,915
|
|
|
1,772
|
|
|
19,001
|
|
||||||
Loss on early debt extinguishment
|
|
—
|
|
|
35,289
|
|
|
—
|
|
|
35,289
|
|
|
—
|
|
|
35,289
|
|
||||||
Unrealized/realized foreign currency (gain) loss
|
|
18,549
|
|
|
(8,178
|
)
|
|
14,704
|
|
|
(8,182
|
)
|
|
2,323
|
|
|
(8,139
|
)
|
||||||
Other (income) expense
|
|
(250
|
)
|
|
(1,042
|
)
|
|
835
|
|
|
(1,080
|
)
|
|
761
|
|
|
(1,166
|
)
|
||||||
Income (loss) before taxes
|
|
190,891
|
|
|
163,725
|
|
|
95,031
|
|
|
68,980
|
|
|
(2,271
|
)
|
|
9,401
|
|
||||||
Provision (benefit) for taxes
|
|
38,161
|
|
|
87,977
|
|
|
22,327
|
|
|
37,380
|
|
|
(11,808
|
)
|
|
4,093
|
|
||||||
Net income
|
|
152,730
|
|
|
75,748
|
|
|
72,704
|
|
|
31,600
|
|
|
9,537
|
|
|
5,308
|
|
||||||
Net income (loss) allocated to general partner
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||||
Net income allocated to limited partners
|
|
$
|
152,728
|
|
|
$
|
75,748
|
|
|
$
|
72,703
|
|
|
$
|
31,600
|
|
|
$
|
9,536
|
|
|
$
|
5,309
|
|
Basic earnings per limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average limited partner units outstanding
|
|
55,346
|
|
|
55,328
|
|
|
55,345
|
|
|
55,310
|
|
|
55,342
|
|
|
55,284
|
|
||||||
Net income per limited partner unit
|
|
$
|
2.76
|
|
|
$
|
1.37
|
|
|
$
|
1.31
|
|
|
$
|
0.57
|
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
Diluted earnings per limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average limited partner units outstanding
|
|
55,828
|
|
|
55,772
|
|
|
55,847
|
|
|
55,803
|
|
|
55,886
|
|
|
55,837
|
|
||||||
Net income per limited partner unit
|
|
$
|
2.74
|
|
|
$
|
1.36
|
|
|
$
|
1.30
|
|
|
$
|
0.57
|
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
|
Nine months ended
|
||
|
9/25/11
|
||
Limited Partnership Units Outstanding
|
|
||
Beginning balance
|
55,334
|
|
|
Limited partnership unit options exercised
|
—
|
|
|
Issuance of limited partnership units as compensation
|
12
|
|
|
|
55,346
|
|
|
Limited Partners’ Equity
|
|
||
Beginning balance
|
$
|
165,555
|
|
Net income
|
72,703
|
|
|
Partnership distribution declared ($0.30 per limited partnership unit)
|
(16,604
|
)
|
|
Expense (income) recognized for limited partnership unit options
|
(228
|
)
|
|
Tax effect of units involved in option exercises and treasury unit transactions
|
5
|
|
|
Issuance of limited partnership units as compensation
|
180
|
|
|
|
221,611
|
|
|
General Partner’s Equity
|
|
||
Beginning balance
|
(1
|
)
|
|
Net income
|
1
|
|
|
|
—
|
|
|
Special L.P. Interests
|
5,290
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
||
Cumulative foreign currency translation adjustment:
|
|
||
Beginning balance
|
(4,053
|
)
|
|
Current period activity, net of tax $986
|
2,354
|
|
|
|
(1,699
|
)
|
|
Unrealized loss on cash flow hedging derivatives:
|
|
||
Beginning balance
|
(29,655
|
)
|
|
Current period activity, net of tax $5,256
|
2,366
|
|
|
|
(27,289
|
)
|
|
|
(28,988
|
)
|
|
Total Partners’ Equity
|
$
|
197,913
|
|
Summary of Comprehensive Income (Loss)
|
|
||
Net income
|
$
|
72,704
|
|
Other comprehensive income
|
4,720
|
|
|
Total Comprehensive Income (Loss)
|
$
|
77,424
|
|
|
|
Nine months ended
|
|
Twelve months ended
|
||||||||||||
|
|
9/25/2011
|
|
9/26/2010
|
|
9/25/2011
|
|
9/26/2010
|
||||||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
72,704
|
|
|
31,600
|
|
|
$
|
9,537
|
|
|
$
|
5,308
|
|
||
Adjustments to reconcile net income to net cash from (for) operating activities:
|
|
|
|
|
|
|
|
|
||||||||
Non-cash expense
|
|
130,105
|
|
|
107,562
|
|
|
138,905
|
|
|
128,572
|
|
||||
Loss on early extinguishment of debt
|
|
—
|
|
|
35,289
|
|
|
—
|
|
|
35,289
|
|
||||
Loss on impairment of goodwill and other intangibles
|
|
—
|
|
|
1,390
|
|
|
903
|
|
|
5,890
|
|
||||
Loss on impairment / retirement of fixed assets, net
|
|
1,076
|
|
|
319
|
|
|
63,509
|
|
|
345
|
|
||||
Net effect of swaps
|
|
(3,507
|
)
|
|
12,915
|
|
|
1,772
|
|
|
19,001
|
|
||||
Net change in working capital
|
|
30,463
|
|
|
12,142
|
|
|
10,604
|
|
|
(21,435
|
)
|
||||
Net change in other assets/liabilities
|
|
(8,476
|
)
|
|
9,894
|
|
|
(31,006
|
)
|
|
(3,783
|
)
|
||||
Net cash from operating activities
|
|
222,365
|
|
|
211,111
|
|
|
194,224
|
|
|
169,187
|
|
||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
(72,880
|
)
|
|
(59,669
|
)
|
|
(84,914
|
)
|
|
(75,609
|
)
|
||||
Net cash (for) investing activities
|
|
(72,880
|
)
|
|
(59,669
|
)
|
|
(84,914
|
)
|
|
(75,609
|
)
|
||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
||||||||
Net borrowings (payments) on revolving credit loans
|
|
(23,200
|
)
|
|
(86,300
|
)
|
|
—
|
|
|
—
|
|
||||
Term debt borrowings
|
|
22,938
|
|
|
1,175,000
|
|
|
22,938
|
|
|
1,175,000
|
|
||||
Note borrowings
|
|
—
|
|
|
399,383
|
|
|
—
|
|
|
399,383
|
|
||||
Term debt payments, including early termination penalties
|
|
(23,900
|
)
|
|
(1,548,952
|
)
|
|
(41,838
|
)
|
|
(1,609,066
|
)
|
||||
Distributions paid to partners
|
|
(16,604
|
)
|
|
—
|
|
|
(30,438
|
)
|
|
(13,802
|
)
|
||||
Exercise of limited partnership unit options
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
Payment of debt issuance costs
|
|
(20,490
|
)
|
|
(40,997
|
)
|
|
(22,757
|
)
|
|
(40,997
|
)
|
||||
Net cash (for) financing activities
|
|
(61,256
|
)
|
|
(101,866
|
)
|
|
(72,088
|
)
|
|
(89,482
|
)
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
(1,682
|
)
|
|
197
|
|
|
(2,611
|
)
|
|
1,402
|
|
||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
||||||||
Net increase for the period
|
|
86,547
|
|
|
49,773
|
|
|
34,611
|
|
|
5,498
|
|
||||
Balance, beginning of period
|
|
9,765
|
|
|
11,928
|
|
|
61,701
|
|
|
56,203
|
|
||||
Balance, end of period
|
|
$
|
96,312
|
|
|
$
|
61,701
|
|
|
$
|
96,312
|
|
|
$
|
61,701
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
|
|
|
|
|
||||||||
Cash payments for interest expense
|
|
$
|
124,875
|
|
|
$
|
89,210
|
|
|
$
|
165,480
|
|
|
$
|
126,557
|
|
Interest capitalized
|
|
868
|
|
|
1,200
|
|
|
1,011
|
|
|
1,713
|
|
||||
Cash payments for income taxes
|
|
6,020
|
|
|
16,331
|
|
|
8,763
|
|
|
21,888
|
|
(In thousands)
|
|
Goodwill
(gross)
|
|
Accumulated
Impairment
Losses
|
|
Goodwill
(net)
|
||||||
Balance at December 31, 2010
|
|
$
|
326,127
|
|
|
$
|
(79,868
|
)
|
|
$
|
246,259
|
|
Foreign currency translation
|
|
(4,110
|
)
|
|
—
|
|
|
(4,110
|
)
|
|||
September 25, 2011
|
|
$
|
322,017
|
|
|
$
|
(79,868
|
)
|
|
$
|
242,149
|
|
|
|
|
|
|
|
|
September 25, 2011
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
39,645
|
|
|
$
|
—
|
|
|
$
|
39,645
|
|
License / franchise agreements
|
|
734
|
|
|
312
|
|
|
422
|
|
|||
Non-compete agreements
|
|
200
|
|
|
200
|
|
|
—
|
|
|||
Total other intangible assets
|
|
$
|
40,579
|
|
|
$
|
512
|
|
|
$
|
40,067
|
|
|
|
|
|
|
|
|
||||||
December 31, 2010
|
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
40,227
|
|
|
$
|
—
|
|
|
$
|
40,227
|
|
License / franchise agreements
|
|
13,569
|
|
|
13,184
|
|
|
385
|
|
|||
Non-compete agreements
|
|
200
|
|
|
180
|
|
|
20
|
|
|||
Total other intangible assets
|
|
$
|
53,996
|
|
|
$
|
13,364
|
|
|
$
|
40,632
|
|
|
|
|
|
|
|
|
||||||
September 26, 2010
|
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
40,580
|
|
|
$
|
—
|
|
|
$
|
40,580
|
|
License / franchise agreements
|
|
13,564
|
|
|
13,174
|
|
|
390
|
|
|||
Non-compete agreements
|
|
200
|
|
|
170
|
|
|
30
|
|
|||
Total other intangible assets
|
|
$
|
54,344
|
|
|
$
|
13,344
|
|
|
$
|
41,000
|
|
(In thousands):
|
|
Condensed Consolidated
Balance Sheet Location
|
|
Fair Value as of
|
|
Fair Value as of
|
|
Fair Value as of
|
||||||
September 25, 2011
|
|
December 31, 2010
|
|
September 26, 2010
|
||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
Other Assets
|
|
$
|
—
|
|
|
$
|
6,294
|
|
|
$
|
—
|
|
Interest rate swaps
|
|
Current derivative liability
|
|
(4,797
|
)
|
|
(47,986
|
)
|
|
—
|
|
|||
Interest rate swaps
|
|
Derivative Liability
|
|
(33,835
|
)
|
|
—
|
|
|
(63,575
|
)
|
|||
Total derivatives designated as hedging instruments:
|
|
|
|
$
|
(38,632
|
)
|
|
$
|
(41,692
|
)
|
|
$
|
(63,575
|
)
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
||||||
Foreign currency swaps
|
|
Current derivative liability
|
|
$
|
(16,846
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Cross-currency swaps
|
|
Current derivative liability
|
|
(37,723
|
)
|
|
—
|
|
|
—
|
|
|||
Cross-currency swaps
|
|
Derivative Liability
|
|
—
|
|
|
(54,517
|
)
|
|
(47,365
|
)
|
|||
Total derivatives not designated as hedging instruments:
|
|
|
|
$
|
(54,569
|
)
|
|
$
|
(54,517
|
)
|
|
$
|
(47,365
|
)
|
Net derivative liability
|
|
|
|
$
|
(93,201
|
)
|
|
$
|
(96,209
|
)
|
|
$
|
(110,940
|
)
|
($'s in thousands)
|
Forward-Starting Interest Rate Swaps
|
|||||
|
Notional Amounts
|
|
LIBOR Rate
|
|||
|
$
|
200,000
|
|
|
2.40
|
%
|
|
75,000
|
|
|
2.43
|
%
|
|
|
50,000
|
|
|
2.42
|
%
|
|
|
150,000
|
|
|
2.55
|
%
|
|
|
50,000
|
|
|
2.42
|
%
|
|
|
50,000
|
|
|
2.55
|
%
|
|
|
25,000
|
|
|
2.43
|
%
|
|
|
50,000
|
|
|
2.54
|
%
|
|
|
30,000
|
|
|
2.54
|
%
|
|
|
70,000
|
|
|
2.54
|
%
|
|
|
50,000
|
|
|
2.54
|
%
|
|
Total $'s / Average Rate
|
$
|
800,000
|
|
|
2.48
|
%
|
(In thousands):
|
|
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
|
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Recognized in Income on Derivative
(Ineffective Portion)
|
||||||||||||||||||||||
Derivatives designated as
Cash Flow Hedging
Relationships
|
|
Three months ended
|
|
Three months ended
|
|
|
|
Three months ended
|
|
Three months ended
|
|
|
|
Three months ended
|
|
Three months ended
|
||||||||||||
|
9/25/11
|
|
9/26/10
|
|
|
|
9/25/11
|
|
9/26/10
|
|
|
|
9/25/11
|
|
9/26/10
|
|||||||||||||
Interest rate swaps
|
|
$
|
(17,085
|
)
|
|
$
|
(4,165
|
)
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net effect of swaps
|
|
$
|
15,396
|
|
|
$
|
8,951
|
|
Total
|
|
$
|
(17,085
|
)
|
|
$
|
(4,165
|
)
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
15,396
|
|
|
$
|
8,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands):
|
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivative
|
||||||||
Derivatives not designated as Cash Flow
Hedging Relationships
|
|
|
|
Three months ended
|
|
Three months ended
|
||||
|
|
|
9/25/11
|
|
9/26/10
|
|||||
Cross-currency swaps
(1)
|
|
Net effect of swaps
|
|
13,622
|
|
|
9
|
|
||
Foreign currency swaps
|
|
Net effect of swaps
|
|
(13,210
|
)
|
|
—
|
|
||
|
|
|
|
$
|
412
|
|
|
$
|
9
|
|
|
|
|
|
|
|
|
(1)
|
The cross-currency swaps became ineffective and were de-designated in August 2009.
|
(In thousands):
|
|
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
|
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Recognized in Income on Derivative
(Ineffective Portion)
|
||||||||||||||||||||||
Derivatives designated as
Cash Flow Hedging
Relationships
|
|
Nine months ended
|
|
Nine months ended
|
|
|
|
Nine months ended
|
|
Nine months ended
|
|
|
|
Nine months ended
|
|
Nine months ended
|
||||||||||||
|
9/25/11
|
|
9/26/10
|
|
|
|
9/25/11
|
|
9/26/10
|
|
|
|
9/25/11
|
|
9/26/10
|
|||||||||||||
Interest rate swaps
|
|
$
|
(36,788
|
)
|
|
$
|
(4,165
|
)
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net effect of swaps
|
|
$
|
43,190
|
|
|
$
|
23,949
|
|
Total
|
|
$
|
(36,788
|
)
|
|
$
|
(4,165
|
)
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
43,190
|
|
|
$
|
23,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands):
|
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivative
|
||||||||
Derivatives not designated as Cash Flow
Hedging Relationships
|
|
|
|
Nine months ended
|
|
Nine months ended
|
||||
|
|
|
9/25/11
|
|
9/26/10
|
|||||
Interest rate swaps
(1)
|
|
Net effect of swaps
|
|
$
|
(3,342
|
)
|
|
$
|
—
|
|
Cross-currency swaps
(2)
|
|
Net effect of swaps
|
|
15,582
|
|
|
(190
|
)
|
||
Foreign currency swaps
|
|
Net effect of swaps
|
|
(17,516
|
)
|
|
—
|
|
||
|
|
|
|
$
|
(5,276
|
)
|
|
$
|
(190
|
)
|
|
|
|
|
|
|
|
(1)
|
The September 2010 swaps became ineffective and were de-designated in February 2011.
|
(2)
|
The cross-currency swaps became ineffective and were de-designated in August 2009.
|
(In thousands):
|
|
Amount of Gain (Loss)
Recognized in Accumulated OCI on Derivatives
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Recognized in Income on Derivative
(Ineffective Portion)
|
||||||||||||||||||||||
Derivatives designated as
Cash Flow Hedging
Relationships
|
|
Twelve months ended
|
|
Twelve months ended
|
|
|
|
Twelve months ended
|
|
Twelve months ended
|
|
|
|
Twelve months ended
|
|
Twelve months ended
|
||||||||||||
|
9/25/11
|
|
9/26/10
|
|
|
|
9/25/11
|
|
9/26/10
|
|
|
|
9/25/11
|
|
9/26/10
|
|||||||||||||
Interest rate swaps
|
|
$
|
(26,329
|
)
|
|
$
|
(4,165
|
)
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net effect of swaps
|
|
$
|
54,613
|
|
|
$
|
32,349
|
|
Cross-currency swaps
(2)
|
|
—
|
|
|
—
|
|
|
Interest Expense
|
|
—
|
|
|
—
|
|
|
|
|
N/A
|
|
|
N/A
|
|
||||||
Total
|
|
$
|
(26,329
|
)
|
|
$
|
(4,165
|
)
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
54,613
|
|
|
$
|
32,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands):
|
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivative
|
||||||||
Derivatives not designated as Cash Flow Hedging
Relationships
|
|
|
|
Twelve months ended
|
|
Twelve months ended
|
||||
|
|
|
9/25/11
|
|
9/26/10
|
|||||
Interest rate swaps
(1)
|
|
Net effect of swaps
|
|
$
|
(3,342
|
)
|
|
$
|
—
|
|
Cross-currency swaps
(2)
|
|
Net effect of swaps
|
|
10,016
|
|
|
(9,349
|
)
|
||
Foreign currency swaps
|
|
Net effect of swaps
|
|
(17,516
|
)
|
|
—
|
|
||
|
|
|
|
$
|
(10,842
|
)
|
|
$
|
(9,349
|
)
|
|
|
|
|
|
|
|
(1)
|
The September 2010 swaps became ineffective and were de-designated in February 2011.
|
(2)
|
The cross-currency swaps became ineffective and were de-designated in August 2009.
|
•
|
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
September 25, 2011
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
(1)
|
|
$
|
(33,835
|
)
|
|
$
|
—
|
|
|
$
|
(33,835
|
)
|
|
$
|
—
|
|
Interest rate swap agreements
(2)
|
|
(4,797
|
)
|
|
—
|
|
|
(4,797
|
)
|
|
—
|
|
||||
Cross-currency swap agreements
(2)
|
|
(37,723
|
)
|
|
—
|
|
|
(37,723
|
)
|
|
—
|
|
||||
Foreign currency swap agreements
(2)
|
|
(16,846
|
)
|
|
—
|
|
|
(16,846
|
)
|
|
—
|
|
||||
Net derivative liability
|
|
$
|
(93,201
|
)
|
|
$
|
—
|
|
|
$
|
(93,201
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2010
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
(3)
|
|
$
|
6,294
|
|
|
$
|
—
|
|
|
$
|
6,294
|
|
|
$
|
—
|
|
Interest rate swap agreements
(2)
|
|
(47,986
|
)
|
|
—
|
|
|
(47,986
|
)
|
|
—
|
|
||||
Cross-currency swap agreements
(1)
|
|
(54,517
|
)
|
|
—
|
|
|
(54,517
|
)
|
|
—
|
|
||||
Net derivative liability
|
|
$
|
(96,209
|
)
|
|
$
|
—
|
|
|
$
|
(96,209
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 26, 2010
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
(1)
|
|
$
|
(63,575
|
)
|
|
$
|
—
|
|
|
$
|
(63,575
|
)
|
|
$
|
—
|
|
Cross-currency swap agreements
(1)
|
|
(47,365
|
)
|
|
—
|
|
|
(47,365
|
)
|
|
—
|
|
||||
Net derivative liability
|
|
$
|
(110,940
|
)
|
|
$
|
—
|
|
|
$
|
(110,940
|
)
|
|
$
|
—
|
|
(1)
|
Included in “Derivative Liability” on the Unaudited Condensed Consolidated Balance Sheet
|
(2)
|
Included in "Current derivative liability" on the Unaudited Condensed Consolidated Balance Sheet
|
(3)
|
Included in "Other assets" on the Unaudited Condensed Consolidated Balance Sheet
|
(In thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2010
|
|
|
|
|
|
|
|
|
||||||||
Long-lived fixed assets
(1)
|
|
$
|
46,276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,276
|
|
Trade-names
(2)
|
|
697
|
|
|
—
|
|
|
—
|
|
|
697
|
|
||||
Total
|
|
$
|
46,973
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,973
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
Twelve months ended
|
||||||||||||||||||
|
|
9/25/2011
|
|
9/26/2010
|
|
9/25/2011
|
|
9/26/2010
|
|
9/25/2011
|
|
9/26/2010
|
||||||||||||
|
|
(In thousands except per unit amounts)
|
||||||||||||||||||||||
Basic weighted average units outstanding
|
|
55,346
|
|
|
55,328
|
|
|
55,345
|
|
|
55,310
|
|
|
55,342
|
|
|
55,284
|
|
||||||
Effect of dilutive units:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unit options
|
|
—
|
|
|
6
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
24
|
|
||||||
Phantom units
|
|
482
|
|
|
438
|
|
|
502
|
|
|
479
|
|
|
544
|
|
|
529
|
|
||||||
Diluted weighted average units outstanding
|
|
55,828
|
|
|
55,772
|
|
|
55,847
|
|
|
55,803
|
|
|
55,886
|
|
|
55,837
|
|
||||||
Net income per unit - basic
|
|
$
|
2.76
|
|
|
$
|
1.37
|
|
|
$
|
1.31
|
|
|
$
|
0.57
|
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
Net income per unit - diluted
|
|
$
|
2.74
|
|
|
$
|
1.36
|
|
|
$
|
1.30
|
|
|
$
|
0.57
|
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
49,000
|
|
|
$
|
2,489
|
|
|
$
|
36,473
|
|
|
$
|
8,350
|
|
|
$
|
—
|
|
|
$
|
96,312
|
|
Receivables
|
|
3
|
|
|
45,663
|
|
|
81,773
|
|
|
587,910
|
|
|
(676,810
|
)
|
|
38,539
|
|
||||||
Inventories
|
|
—
|
|
|
1,684
|
|
|
2,951
|
|
|
32,311
|
|
|
—
|
|
|
36,946
|
|
||||||
Current deferred tax asset
|
|
—
|
|
|
1,686
|
|
|
779
|
|
|
3,409
|
|
|
—
|
|
|
5,874
|
|
||||||
Other current assets
|
|
875
|
|
|
2,091
|
|
|
774
|
|
|
5,559
|
|
|
—
|
|
|
9,299
|
|
||||||
|
|
49,878
|
|
|
53,613
|
|
|
122,750
|
|
|
637,539
|
|
|
(676,810
|
)
|
|
186,970
|
|
||||||
Property and Equipment (net)
|
|
469,782
|
|
|
1,055
|
|
|
257,907
|
|
|
904,787
|
|
|
—
|
|
|
1,633,531
|
|
||||||
Investment in Park
|
|
536,918
|
|
|
684,411
|
|
|
118,514
|
|
|
54,054
|
|
|
(1,393,897
|
)
|
|
—
|
|
||||||
Intercompany Note Receivable
|
|
—
|
|
|
269,500
|
|
|
—
|
|
|
—
|
|
|
(269,500
|
)
|
|
—
|
|
||||||
Goodwill
|
|
9,061
|
|
|
—
|
|
|
121,869
|
|
|
111,219
|
|
|
—
|
|
|
242,149
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
17,258
|
|
|
22,809
|
|
|
—
|
|
|
40,067
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
49,845
|
|
|
—
|
|
|
—
|
|
|
(49,845
|
)
|
|
—
|
|
||||||
Intercompany Receivable
|
|
887,219
|
|
|
1,083,987
|
|
|
1,141,302
|
|
|
—
|
|
|
(3,112,508
|
)
|
|
—
|
|
||||||
Other Assets
|
|
28,962
|
|
|
16,884
|
|
|
9,616
|
|
|
1,160
|
|
|
—
|
|
|
56,622
|
|
||||||
|
|
$
|
1,981,820
|
|
|
$
|
2,159,295
|
|
|
$
|
1,789,216
|
|
|
$
|
1,731,568
|
|
|
$
|
(5,502,560
|
)
|
|
$
|
2,159,339
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
189,887
|
|
|
$
|
281,605
|
|
|
$
|
27,488
|
|
|
$
|
206,288
|
|
|
$
|
(676,810
|
)
|
|
$
|
28,458
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
3,701
|
|
|
28,993
|
|
|
—
|
|
|
32,694
|
|
||||||
Accrued interest
|
|
6,115
|
|
|
1,364
|
|
|
6,489
|
|
|
—
|
|
|
—
|
|
|
13,968
|
|
||||||
Accrued taxes
|
|
5,189
|
|
|
23,550
|
|
|
—
|
|
|
4,354
|
|
|
—
|
|
|
33,093
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
29,373
|
|
|
2,341
|
|
|
9,395
|
|
|
—
|
|
|
41,109
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
3,130
|
|
|
1,658
|
|
|
17,154
|
|
|
—
|
|
|
21,942
|
|
||||||
Current derivative liability
|
|
4,797
|
|
|
—
|
|
|
54,569
|
|
|
—
|
|
|
—
|
|
|
59,366
|
|
||||||
Other accrued liabilities
|
|
1,206
|
|
|
4,840
|
|
|
1,277
|
|
|
4,924
|
|
|
—
|
|
|
12,247
|
|
||||||
|
|
207,194
|
|
|
343,862
|
|
|
97,523
|
|
|
271,108
|
|
|
(676,810
|
)
|
|
242,877
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
61,444
|
|
|
113,989
|
|
|
(49,845
|
)
|
|
125,588
|
|
||||||
Derivative Liability
|
|
20,459
|
|
|
13,376
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,835
|
|
||||||
Other Liabilities
|
|
—
|
|
|
2,872
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,872
|
|
||||||
Intercompany Note Payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
269,500
|
|
|
(269,500
|
)
|
|
—
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
1,156,100
|
|
|
1,156,100
|
|
|
1,156,100
|
|
|
—
|
|
|
(2,312,200
|
)
|
|
1,156,100
|
|
||||||
Notes
|
|
400,154
|
|
|
400,154
|
|
|
400,154
|
|
|
—
|
|
|
(800,308
|
)
|
|
400,154
|
|
||||||
|
|
1,556,254
|
|
|
1,556,254
|
|
|
1,556,254
|
|
|
—
|
|
|
(3,112,508
|
)
|
|
1,556,254
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
197,913
|
|
|
242,931
|
|
|
73,995
|
|
|
1,076,971
|
|
|
(1,393,897
|
)
|
|
197,913
|
|
||||||
|
|
$
|
1,981,820
|
|
|
$
|
2,159,295
|
|
|
$
|
1,789,216
|
|
|
$
|
1,731,568
|
|
|
$
|
(5,502,560
|
)
|
|
$
|
2,159,339
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
1,461
|
|
|
$
|
6,943
|
|
|
$
|
1,361
|
|
|
$
|
—
|
|
|
$
|
9,765
|
|
Receivables
|
|
—
|
|
|
59,686
|
|
|
94,404
|
|
|
508,676
|
|
|
(650,426
|
)
|
|
12,340
|
|
||||||
Inventories
|
|
—
|
|
|
1,732
|
|
|
2,536
|
|
|
27,874
|
|
|
—
|
|
|
32,142
|
|
||||||
Current deferred tax asset
|
|
—
|
|
|
1,686
|
|
|
779
|
|
|
3,409
|
|
|
—
|
|
|
5,874
|
|
||||||
Other current assets
|
|
460
|
|
|
1,242
|
|
|
370
|
|
|
8,141
|
|
|
—
|
|
|
10,213
|
|
||||||
|
|
460
|
|
|
65,807
|
|
|
105,032
|
|
|
549,461
|
|
|
(650,426
|
)
|
|
70,334
|
|
||||||
Property and Equipment (net)
|
|
465,364
|
|
|
1,090
|
|
|
268,258
|
|
|
941,929
|
|
|
—
|
|
|
1,676,641
|
|
||||||
Investment in Park
|
|
504,414
|
|
|
642,278
|
|
|
116,053
|
|
|
60,602
|
|
|
(1,323,347
|
)
|
|
—
|
|
||||||
Intercompany Note Receivable
|
|
—
|
|
|
270,188
|
|
|
20,000
|
|
|
—
|
|
|
(290,188
|
)
|
|
—
|
|
||||||
Goodwill
|
|
9,061
|
|
|
—
|
|
|
125,979
|
|
|
111,219
|
|
|
—
|
|
|
246,259
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
17,840
|
|
|
22,792
|
|
|
—
|
|
|
40,632
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
44,450
|
|
|
—
|
|
|
—
|
|
|
(44,450
|
)
|
|
—
|
|
||||||
Intercompany Receivable
|
|
886,883
|
|
|
1,107,030
|
|
|
1,165,493
|
|
|
—
|
|
|
(3,159,406
|
)
|
|
—
|
|
||||||
Other Assets
|
|
23,855
|
|
|
13,469
|
|
|
9,998
|
|
|
1,256
|
|
|
—
|
|
|
48,578
|
|
||||||
|
|
$
|
1,890,037
|
|
|
$
|
2,144,312
|
|
|
$
|
1,828,653
|
|
|
$
|
1,687,259
|
|
|
$
|
(5,467,817
|
)
|
|
$
|
2,082,444
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
115,116
|
|
|
$
|
303,387
|
|
|
$
|
22,261
|
|
|
$
|
220,449
|
|
|
$
|
(650,426
|
)
|
|
$
|
10,787
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
3,384
|
|
|
22,944
|
|
|
—
|
|
|
26,328
|
|
||||||
Accrued interest
|
|
4,754
|
|
|
72
|
|
|
15,583
|
|
|
—
|
|
|
—
|
|
|
20,409
|
|
||||||
Accrued taxes
|
|
3,899
|
|
|
2,168
|
|
|
6,200
|
|
|
2,877
|
|
|
—
|
|
|
15,144
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
11,433
|
|
|
1,242
|
|
|
5,545
|
|
|
—
|
|
|
18,220
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
3,354
|
|
|
1,687
|
|
|
16,446
|
|
|
—
|
|
|
21,487
|
|
||||||
Current derivative liability
|
|
47,986
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,986
|
|
||||||
Other accrued liabilities
|
|
1,443
|
|
|
5,831
|
|
|
420
|
|
|
797
|
|
|
—
|
|
|
8,491
|
|
||||||
|
|
173,198
|
|
|
326,245
|
|
|
50,777
|
|
|
269,058
|
|
|
(650,426
|
)
|
|
168,852
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
62,290
|
|
|
113,990
|
|
|
(44,450
|
)
|
|
131,830
|
|
||||||
Derivative Liability
|
|
—
|
|
|
—
|
|
|
54,517
|
|
|
—
|
|
|
—
|
|
|
54,517
|
|
||||||
Other Liabilities
|
|
—
|
|
|
10,406
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,406
|
|
||||||
Intercompany Note Payable
|
|
—
|
|
|
20,000
|
|
|
—
|
|
|
270,188
|
|
|
(290,188
|
)
|
|
—
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revolving credit loans
|
|
23,200
|
|
|
23,200
|
|
|
23,200
|
|
|
—
|
|
|
(46,400
|
)
|
|
23,200
|
|
||||||
Term debt
|
|
1,157,062
|
|
|
1,157,062
|
|
|
1,157,062
|
|
|
—
|
|
|
(2,314,124
|
)
|
|
1,157,062
|
|
||||||
Notes
|
|
399,441
|
|
|
399,441
|
|
|
399,441
|
|
|
—
|
|
|
(798,882
|
)
|
|
399,441
|
|
||||||
|
|
1,579,703
|
|
|
1,579,703
|
|
|
1,579,703
|
|
|
—
|
|
|
(3,159,406
|
)
|
|
1,579,703
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
137,136
|
|
|
207,958
|
|
|
81,366
|
|
|
1,034,023
|
|
|
(1,323,347
|
)
|
|
137,136
|
|
||||||
|
|
$
|
1,890,037
|
|
|
$
|
2,144,312
|
|
|
$
|
1,828,653
|
|
|
$
|
1,687,259
|
|
|
$
|
(5,467,817
|
)
|
|
$
|
2,082,444
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
21,000
|
|
|
$
|
3,646
|
|
|
$
|
29,202
|
|
|
$
|
7,853
|
|
|
$
|
—
|
|
|
$
|
61,701
|
|
Receivables
|
|
259
|
|
|
46,456
|
|
|
57,237
|
|
|
545,241
|
|
|
(614,429
|
)
|
|
34,764
|
|
||||||
Inventories
|
|
—
|
|
|
1,816
|
|
|
2,616
|
|
|
30,498
|
|
|
—
|
|
|
34,930
|
|
||||||
Current deferred tax asset
|
|
—
|
|
|
2,539
|
|
|
801
|
|
|
3,385
|
|
|
—
|
|
|
6,725
|
|
||||||
Other current assets
|
|
828
|
|
|
1,298
|
|
|
861
|
|
|
3,512
|
|
|
—
|
|
|
6,499
|
|
||||||
|
|
22,087
|
|
|
55,755
|
|
|
90,717
|
|
|
590,489
|
|
|
(614,429
|
)
|
|
144,619
|
|
||||||
Property and Equipment (net)
|
|
463,955
|
|
|
1,151
|
|
|
258,887
|
|
|
1,009,974
|
|
|
—
|
|
|
1,733,967
|
|
||||||
Investment in Park
|
|
559,682
|
|
|
705,040
|
|
|
119,326
|
|
|
64,979
|
|
|
(1,449,027
|
)
|
|
—
|
|
||||||
Intercompany Note Receivable
|
|
—
|
|
|
271,563
|
|
|
—
|
|
|
—
|
|
|
(271,563
|
)
|
|
—
|
|
||||||
Goodwill
|
|
9,061
|
|
|
—
|
|
|
122,095
|
|
|
111,218
|
|
|
—
|
|
|
242,374
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
17,290
|
|
|
23,710
|
|
|
—
|
|
|
41,000
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
25,921
|
|
|
—
|
|
|
4
|
|
|
(25,925
|
)
|
|
—
|
|
||||||
Intercompany Receiveable
|
|
894,434
|
|
|
1,094,434
|
|
|
1,160,000
|
|
|
—
|
|
|
(3,148,868
|
)
|
|
—
|
|
||||||
Other Assets
|
|
20,375
|
|
|
10,217
|
|
|
9,645
|
|
|
1,291
|
|
|
—
|
|
|
41,528
|
|
||||||
|
|
$
|
1,969,594
|
|
|
$
|
2,164,081
|
|
|
$
|
1,777,960
|
|
|
$
|
1,801,665
|
|
|
$
|
(5,509,812
|
)
|
|
$
|
2,203,488
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current maturities of long-term debt
|
|
$
|
11,750
|
|
|
$
|
11,750
|
|
|
$
|
11,750
|
|
|
$
|
—
|
|
|
$
|
(23,500
|
)
|
|
$
|
11,750
|
|
Accounts payable
|
|
121,855
|
|
|
275,030
|
|
|
6,203
|
|
|
236,182
|
|
|
(614,429
|
)
|
|
24,841
|
|
||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
4,251
|
|
|
23,186
|
|
|
—
|
|
|
27,437
|
|
||||||
Accrued interest
|
|
7,061
|
|
|
1,980
|
|
|
7,178
|
|
|
—
|
|
|
—
|
|
|
16,219
|
|
||||||
Accrued taxes
|
|
5,527
|
|
|
18,999
|
|
|
—
|
|
|
4,788
|
|
|
—
|
|
|
29,314
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
17,811
|
|
|
2,285
|
|
|
9,138
|
|
|
—
|
|
|
29,234
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
4,044
|
|
|
1,614
|
|
|
15,973
|
|
|
—
|
|
|
21,631
|
|
||||||
Other accrued liabilities
|
|
1,040
|
|
|
5,132
|
|
|
1,391
|
|
|
4,322
|
|
|
—
|
|
|
11,885
|
|
||||||
|
|
147,233
|
|
|
334,746
|
|
|
34,672
|
|
|
293,589
|
|
|
(637,929
|
)
|
|
172,311
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
48,498
|
|
|
130,990
|
|
|
(25,925
|
)
|
|
153,563
|
|
||||||
Derivative Liability
|
|
62,349
|
|
|
1,226
|
|
|
47,365
|
|
|
—
|
|
|
—
|
|
|
110,940
|
|
||||||
Other Liabilities
|
|
—
|
|
|
6,662
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,662
|
|
||||||
Intercompany Note Payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
271,563
|
|
|
(271,563
|
)
|
|
—
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
1,163,250
|
|
|
1,163,250
|
|
|
1,163,250
|
|
|
—
|
|
|
(2,326,500
|
)
|
|
1,163,250
|
|
||||||
Notes
|
|
399,434
|
|
|
399,434
|
|
|
399,434
|
|
|
—
|
|
|
(798,868
|
)
|
|
399,434
|
|
||||||
|
|
1,562,684
|
|
|
1,562,684
|
|
|
1,562,684
|
|
|
—
|
|
|
(3,125,368
|
)
|
|
1,562,684
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
197,328
|
|
|
258,763
|
|
|
84,741
|
|
|
1,105,523
|
|
|
(1,449,027
|
)
|
|
197,328
|
|
||||||
|
|
$
|
1,969,594
|
|
|
$
|
2,164,081
|
|
|
$
|
1,777,960
|
|
|
$
|
1,801,665
|
|
|
$
|
(5,509,812
|
)
|
|
$
|
2,203,488
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
82,713
|
|
|
$
|
147,138
|
|
|
$
|
84,679
|
|
|
$
|
487,352
|
|
|
$
|
(229,614
|
)
|
|
$
|
572,268
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
6,659
|
|
|
42,099
|
|
|
—
|
|
|
48,758
|
|
||||||
Operating expenses
|
|
1,257
|
|
|
69,119
|
|
|
19,397
|
|
|
301,293
|
|
|
(229,614
|
)
|
|
161,452
|
|
||||||
Selling, general and administrative
|
|
1,297
|
|
|
30,460
|
|
|
5,064
|
|
|
15,157
|
|
|
—
|
|
|
51,978
|
|
||||||
Depreciation and amortization
|
|
20,337
|
|
|
11
|
|
|
9,554
|
|
|
32,717
|
|
|
—
|
|
|
62,619
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
827
|
|
|
—
|
|
|
10
|
|
|
43
|
|
|
—
|
|
|
880
|
|
||||||
|
|
23,718
|
|
|
99,590
|
|
|
40,684
|
|
|
391,309
|
|
|
(229,614
|
)
|
|
325,687
|
|
||||||
Operating income
|
|
58,995
|
|
|
47,548
|
|
|
43,995
|
|
|
96,043
|
|
|
—
|
|
|
246,581
|
|
||||||
Interest expense, net
|
|
23,948
|
|
|
3,085
|
|
|
13,433
|
|
|
855
|
|
|
—
|
|
|
41,321
|
|
||||||
Net effect of swaps
|
|
(4,112
|
)
|
|
(192
|
)
|
|
342
|
|
|
—
|
|
|
—
|
|
|
(3,962
|
)
|
||||||
Unrealized / realized foreign currency loss
|
|
—
|
|
|
—
|
|
|
18,549
|
|
|
—
|
|
|
—
|
|
|
18,549
|
|
||||||
Other (income) expense
|
|
(30
|
)
|
|
(1,711
|
)
|
|
616
|
|
|
907
|
|
|
—
|
|
|
(218
|
)
|
||||||
(Income) from investment in affiliates
|
|
(118,052
|
)
|
|
(58,469
|
)
|
|
(8,433
|
)
|
|
(16,336
|
)
|
|
201,290
|
|
|
—
|
|
||||||
Income before taxes
|
|
157,241
|
|
|
104,835
|
|
|
19,488
|
|
|
110,617
|
|
|
(201,290
|
)
|
|
190,891
|
|
||||||
Provision for taxes
|
|
4,511
|
|
|
12,445
|
|
|
3,103
|
|
|
18,102
|
|
|
—
|
|
|
38,161
|
|
||||||
Net income
|
|
$
|
152,730
|
|
|
$
|
92,390
|
|
|
$
|
16,385
|
|
|
$
|
92,515
|
|
|
$
|
(201,290
|
)
|
|
$
|
152,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
80,132
|
|
|
$
|
144,532
|
|
|
$
|
74,726
|
|
|
$
|
470,028
|
|
|
$
|
(224,418
|
)
|
|
$
|
545,000
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
5,855
|
|
|
39,736
|
|
|
—
|
|
|
45,591
|
|
||||||
Operating expenses
|
|
1,290
|
|
|
69,953
|
|
|
17,823
|
|
|
287,666
|
|
|
(224,418
|
)
|
|
152,314
|
|
||||||
Selling, general and administrative
|
|
(1,488
|
)
|
|
28,866
|
|
|
4,744
|
|
|
16,321
|
|
|
—
|
|
|
48,443
|
|
||||||
Depreciation and amortization
|
|
19,510
|
|
|
11
|
|
|
8,749
|
|
|
35,476
|
|
|
—
|
|
|
63,746
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
299
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
319
|
|
||||||
|
|
19,611
|
|
|
98,830
|
|
|
37,191
|
|
|
379,199
|
|
|
(224,418
|
)
|
|
310,413
|
|
||||||
Operating income
|
|
60,521
|
|
|
45,702
|
|
|
37,535
|
|
|
90,829
|
|
|
—
|
|
|
234,587
|
|
||||||
Interest expense (income), net
|
|
24,215
|
|
|
7,789
|
|
|
9,196
|
|
|
(755
|
)
|
|
—
|
|
|
40,445
|
|
||||||
Net effect of swaps
|
|
2,519
|
|
|
—
|
|
|
787
|
|
|
—
|
|
|
—
|
|
|
3,306
|
|
||||||
Loss on early extinguishment of debt
|
|
24,831
|
|
|
—
|
|
|
10,458
|
|
|
—
|
|
|
—
|
|
|
35,289
|
|
||||||
Unrealized / realized foreign currency (gain)
|
|
—
|
|
|
(3,079
|
)
|
|
(5,099
|
)
|
|
—
|
|
|
—
|
|
|
(8,178
|
)
|
||||||
Other (income) expense
|
|
188
|
|
|
(1,834
|
)
|
|
516
|
|
|
1,130
|
|
|
—
|
|
|
—
|
|
||||||
(Income) from investment in affiliates
|
|
(71,399
|
)
|
|
(40,081
|
)
|
|
(812
|
)
|
|
(79
|
)
|
|
112,371
|
|
|
—
|
|
||||||
Income before taxes
|
|
80,167
|
|
|
82,907
|
|
|
22,489
|
|
|
90,533
|
|
|
(112,371
|
)
|
|
163,725
|
|
||||||
Provision for taxes
|
|
4,419
|
|
|
34,823
|
|
|
15,254
|
|
|
33,481
|
|
|
—
|
|
|
87,977
|
|
||||||
Net income
|
|
$
|
75,748
|
|
|
$
|
48,084
|
|
|
$
|
7,235
|
|
|
$
|
57,052
|
|
|
$
|
(112,371
|
)
|
|
$
|
75,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
118,280
|
|
|
$
|
210,407
|
|
|
$
|
115,163
|
|
|
$
|
768,126
|
|
|
$
|
(328,349
|
)
|
|
$
|
883,627
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
9,389
|
|
|
70,592
|
|
|
—
|
|
|
79,981
|
|
||||||
Operating expenses
|
|
4,180
|
|
|
131,955
|
|
|
38,959
|
|
|
504,813
|
|
|
(328,349
|
)
|
|
351,558
|
|
||||||
Selling, general and administrative
|
|
8,049
|
|
|
64,226
|
|
|
9,541
|
|
|
28,310
|
|
|
—
|
|
|
110,126
|
|
||||||
Depreciation and amortization
|
|
32,755
|
|
|
34
|
|
|
15,409
|
|
|
60,975
|
|
|
—
|
|
|
109,173
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
1,023
|
|
|
—
|
|
|
10
|
|
|
43
|
|
|
—
|
|
|
1,076
|
|
||||||
|
|
46,007
|
|
|
196,215
|
|
|
73,308
|
|
|
664,733
|
|
|
(328,349
|
)
|
|
651,914
|
|
||||||
Operating income
|
|
72,273
|
|
|
14,192
|
|
|
41,855
|
|
|
103,393
|
|
|
—
|
|
|
231,713
|
|
||||||
Interest expense, net
|
|
70,822
|
|
|
8,395
|
|
|
39,129
|
|
|
6,184
|
|
|
—
|
|
|
124,530
|
|
||||||
Net effect of swaps
|
|
(7,230
|
)
|
|
910
|
|
|
2,813
|
|
|
—
|
|
|
—
|
|
|
(3,507
|
)
|
||||||
Unrealized / realized foreign currency loss
|
|
—
|
|
|
—
|
|
|
14,704
|
|
|
—
|
|
|
—
|
|
|
14,704
|
|
||||||
Other (income) expense
|
|
1,517
|
|
|
(4,712
|
)
|
|
2,072
|
|
|
2,078
|
|
|
—
|
|
|
955
|
|
||||||
(Income) loss from investment in affiliates
|
|
(72,520
|
)
|
|
(35,527
|
)
|
|
(12,389
|
)
|
|
88
|
|
|
120,348
|
|
|
—
|
|
||||||
Income (loss) before taxes from continuing operations
|
|
79,684
|
|
|
45,126
|
|
|
(4,474
|
)
|
|
95,043
|
|
|
(120,348
|
)
|
|
95,031
|
|
||||||
Provision (benefit) for taxes
|
|
6,980
|
|
|
2,527
|
|
|
(4,435
|
)
|
|
17,255
|
|
|
—
|
|
|
22,327
|
|
||||||
Net income (loss)
|
|
$
|
72,704
|
|
|
$
|
42,599
|
|
|
$
|
(39
|
)
|
|
$
|
77,788
|
|
|
$
|
(120,348
|
)
|
|
$
|
72,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
115,759
|
|
|
$
|
208,795
|
|
|
$
|
102,321
|
|
|
$
|
745,225
|
|
|
$
|
(324,197
|
)
|
|
$
|
847,903
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
8,456
|
|
|
67,366
|
|
|
—
|
|
|
75,822
|
|
||||||
Operating expenses
|
|
3,989
|
|
|
132,951
|
|
|
35,696
|
|
|
487,566
|
|
|
(324,197
|
)
|
|
336,005
|
|
||||||
Selling, general and administrative
|
|
13,387
|
|
|
56,188
|
|
|
9,033
|
|
|
32,327
|
|
|
—
|
|
|
110,935
|
|
||||||
Depreciation and amortization
|
|
31,616
|
|
|
34
|
|
|
14,462
|
|
|
65,512
|
|
|
—
|
|
|
111,624
|
|
||||||
Loss on impairment of goodwill and other intangibles
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,390
|
|
|
—
|
|
|
1,390
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
299
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
319
|
|
||||||
|
|
49,291
|
|
|
189,173
|
|
|
67,667
|
|
|
654,161
|
|
|
(324,197
|
)
|
|
636,095
|
|
||||||
Operating income
|
|
66,468
|
|
|
19,622
|
|
|
34,654
|
|
|
91,064
|
|
|
—
|
|
|
211,808
|
|
||||||
Interest expense, net
|
|
56,930
|
|
|
24,978
|
|
|
18,553
|
|
|
2,345
|
|
|
—
|
|
|
102,806
|
|
||||||
Net effect of swaps
|
|
10,461
|
|
|
—
|
|
|
2,454
|
|
|
—
|
|
|
—
|
|
|
12,915
|
|
||||||
Loss on early extinguishment of debt
|
|
24,831
|
|
|
—
|
|
|
10,458
|
|
|
—
|
|
|
—
|
|
|
35,289
|
|
||||||
Unrealized / realized foreign currency (gain)
|
|
—
|
|
|
(3,079
|
)
|
|
(5,103
|
)
|
|
—
|
|
|
—
|
|
|
(8,182
|
)
|
||||||
Other (income) expense
|
|
563
|
|
|
(5,087
|
)
|
|
1,031
|
|
|
3,493
|
|
|
—
|
|
|
—
|
|
||||||
(Income) from investment in affiliates
|
|
(64,855
|
)
|
|
(36,003
|
)
|
|
(812
|
)
|
|
(103
|
)
|
|
101,773
|
|
|
—
|
|
||||||
Income before taxes
|
|
38,538
|
|
|
38,813
|
|
|
8,073
|
|
|
85,329
|
|
|
(101,773
|
)
|
|
68,980
|
|
||||||
Provision for taxes
|
|
6,938
|
|
|
1,254
|
|
|
3,331
|
|
|
25,857
|
|
|
—
|
|
|
37,380
|
|
||||||
Net income
|
|
$
|
31,600
|
|
|
$
|
37,559
|
|
|
$
|
4,742
|
|
|
$
|
59,472
|
|
|
$
|
(101,773
|
)
|
|
$
|
31,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
138,907
|
|
|
$
|
247,595
|
|
|
$
|
126,355
|
|
|
$
|
886,578
|
|
|
$
|
(386,119
|
)
|
|
$
|
1,013,316
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
9,850
|
|
|
80,928
|
|
|
—
|
|
|
90,778
|
|
||||||
Operating expenses
|
|
5,725
|
|
|
163,754
|
|
|
45,814
|
|
|
597,781
|
|
|
(386,119
|
)
|
|
426,955
|
|
||||||
Selling, general and administrative
|
|
9,755
|
|
|
79,492
|
|
|
11,347
|
|
|
32,598
|
|
|
—
|
|
|
133,192
|
|
||||||
Depreciation and amortization
|
|
36,708
|
|
|
95
|
|
|
17,152
|
|
|
70,390
|
|
|
—
|
|
|
124,345
|
|
||||||
Loss on impairment of goodwill and other intangibles
|
|
—
|
|
|
—
|
|
|
—
|
|
|
903
|
|
|
—
|
|
|
903
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
1,456
|
|
|
—
|
|
|
10
|
|
|
62,043
|
|
|
—
|
|
|
63,509
|
|
||||||
|
|
53,644
|
|
|
243,341
|
|
|
84,173
|
|
|
844,643
|
|
|
(386,119
|
)
|
|
839,682
|
|
||||||
Operating income
|
|
85,263
|
|
|
4,254
|
|
|
42,182
|
|
|
41,935
|
|
|
—
|
|
|
173,634
|
|
||||||
Interest expense, net
|
|
99,205
|
|
|
14,877
|
|
|
52,411
|
|
|
4,362
|
|
|
—
|
|
|
170,855
|
|
||||||
Net effect of swaps
|
|
(7,183
|
)
|
|
910
|
|
|
8,045
|
|
|
—
|
|
|
—
|
|
|
1,772
|
|
||||||
Unrealized / realized foreign currency loss
|
|
—
|
|
|
—
|
|
|
2,323
|
|
|
—
|
|
|
—
|
|
|
2,323
|
|
||||||
Other (income) expense
|
|
1,704
|
|
|
(5,748
|
)
|
|
2,852
|
|
|
2,147
|
|
|
—
|
|
|
955
|
|
||||||
(Income) loss from investment in affiliates
|
|
(26,059
|
)
|
|
574
|
|
|
(9,116
|
)
|
|
2,379
|
|
|
32,222
|
|
|
—
|
|
||||||
Income (loss) before taxes from continuing operations
|
|
17,596
|
|
|
(6,359
|
)
|
|
(14,333
|
)
|
|
33,047
|
|
|
(32,222
|
)
|
|
(2,271
|
)
|
||||||
Provision (benefit) for taxes
|
|
8,059
|
|
|
953
|
|
|
(7,295
|
)
|
|
(13,525
|
)
|
|
—
|
|
|
(11,808
|
)
|
||||||
Net income (loss)
|
|
$
|
9,537
|
|
|
$
|
(7,312
|
)
|
|
$
|
(7,038
|
)
|
|
$
|
46,572
|
|
|
$
|
(32,222
|
)
|
|
$
|
9,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
132,616
|
|
|
$
|
241,485
|
|
|
$
|
111,536
|
|
|
$
|
841,548
|
|
|
$
|
(373,712
|
)
|
|
$
|
953,473
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
8,721
|
|
|
77,666
|
|
|
—
|
|
|
86,387
|
|
||||||
Operating expenses
|
|
5,042
|
|
|
161,658
|
|
|
41,755
|
|
|
568,272
|
|
|
(373,712
|
)
|
|
403,015
|
|
||||||
Selling, general and administrative
|
|
19,040
|
|
|
69,396
|
|
|
10,527
|
|
|
36,124
|
|
|
—
|
|
|
135,087
|
|
||||||
Depreciation and amortization
|
|
35,532
|
|
|
45
|
|
|
16,044
|
|
|
79,144
|
|
|
—
|
|
|
130,765
|
|
||||||
Loss on impairment of goodwill and other intangibles
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,890
|
|
|
—
|
|
|
5,890
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
294
|
|
|
—
|
|
|
53
|
|
|
(2
|
)
|
|
—
|
|
|
345
|
|
||||||
|
|
59,908
|
|
|
231,099
|
|
|
77,100
|
|
|
767,094
|
|
|
(373,712
|
)
|
|
761,489
|
|
||||||
Operating income
|
|
72,708
|
|
|
10,386
|
|
|
34,436
|
|
|
74,454
|
|
|
—
|
|
|
191,984
|
|
||||||
Interest expense, net
|
|
71,836
|
|
|
39,034
|
|
|
23,693
|
|
|
1,959
|
|
|
—
|
|
|
136,522
|
|
||||||
Net effect of swaps
|
|
13,530
|
|
|
—
|
|
|
5,471
|
|
|
—
|
|
|
—
|
|
|
19,001
|
|
||||||
Loss on early extinguishment of debt
|
|
24,831
|
|
|
—
|
|
|
10,458
|
|
|
—
|
|
|
—
|
|
|
35,289
|
|
||||||
Unrealized / realized foreign currency (gain)
|
|
—
|
|
|
(3,079
|
)
|
|
(5,060
|
)
|
|
—
|
|
|
—
|
|
|
(8,139
|
)
|
||||||
Other (income) expense
|
|
777
|
|
|
(7,608
|
)
|
|
1,885
|
|
|
4,856
|
|
|
—
|
|
|
(90
|
)
|
||||||
(Income) from investment in affiliates
|
|
(51,556
|
)
|
|
(48,233
|
)
|
|
(812
|
)
|
|
(345
|
)
|
|
100,946
|
|
|
—
|
|
||||||
Income (loss) before taxes from continuing operations
|
|
13,290
|
|
|
30,272
|
|
|
(1,199
|
)
|
|
67,984
|
|
|
(100,946
|
)
|
|
9,401
|
|
||||||
Provision (benefit) for taxes
|
|
7,982
|
|
|
8,094
|
|
|
(17,634
|
)
|
|
5,651
|
|
|
—
|
|
|
4,093
|
|
||||||
Net income
|
|
$
|
5,308
|
|
|
$
|
22,178
|
|
|
$
|
16,435
|
|
|
$
|
62,333
|
|
|
$
|
(100,946
|
)
|
|
$
|
5,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
171,861
|
|
|
$
|
51,146
|
|
|
$
|
48,421
|
|
|
$
|
25,378
|
|
|
$
|
(74,441
|
)
|
|
$
|
222,365
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in joint ventures and affiliates
|
|
(32,504
|
)
|
|
(42,133
|
)
|
|
(6,352
|
)
|
|
6,548
|
|
|
74,441
|
|
|
—
|
|
||||||
Capital expenditures
|
|
(38,121
|
)
|
|
—
|
|
|
(10,510
|
)
|
|
(24,249
|
)
|
|
—
|
|
|
(72,880
|
)
|
||||||
Net cash from (for) investing activities
|
|
(70,625
|
)
|
|
(42,133
|
)
|
|
(16,862
|
)
|
|
(17,701
|
)
|
|
74,441
|
|
|
(72,880
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net borrowings on revolving credit loans
|
|
(23,200
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,200
|
)
|
||||||
Term debt borrowings
|
|
13,246
|
|
|
9,358
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
22,938
|
|
||||||
Term debt payments, including early termination penalties
|
|
(13,831
|
)
|
|
(9,763
|
)
|
|
(306
|
)
|
|
—
|
|
|
—
|
|
|
(23,900
|
)
|
||||||
Intercompany (payments) receipts
|
|
—
|
|
|
688
|
|
|
—
|
|
|
(688
|
)
|
|
—
|
|
|
—
|
|
||||||
Distributions (paid) received
|
|
(16,668
|
)
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,604
|
)
|
||||||
Payment of debt issuance costs
|
|
(11,783
|
)
|
|
(8,332
|
)
|
|
(375
|
)
|
|
—
|
|
|
—
|
|
|
(20,490
|
)
|
||||||
Net cash from (for) financing activities
|
|
(52,236
|
)
|
|
(7,985
|
)
|
|
(347
|
)
|
|
(688
|
)
|
|
—
|
|
|
(61,256
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(1,682
|
)
|
|
—
|
|
|
—
|
|
|
(1,682
|
)
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase for the period
|
|
49,000
|
|
|
1,028
|
|
|
29,530
|
|
|
6,989
|
|
|
—
|
|
|
86,547
|
|
||||||
Balance, beginning of period
|
|
—
|
|
|
1,461
|
|
|
6,943
|
|
|
1,361
|
|
|
—
|
|
|
9,765
|
|
||||||
Balance, end of period
|
|
$
|
49,000
|
|
|
$
|
2,489
|
|
|
$
|
36,473
|
|
|
$
|
8,350
|
|
|
$
|
—
|
|
|
$
|
96,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
151,851
|
|
|
$
|
(2,175
|
)
|
|
$
|
20,250
|
|
|
$
|
48,010
|
|
|
$
|
(6,825
|
)
|
|
$
|
211,111
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in joint ventures and affiliates
|
|
(42,082
|
)
|
|
158,079
|
|
|
(118,168
|
)
|
|
(4,654
|
)
|
|
6,825
|
|
|
—
|
|
||||||
Capital expenditures
|
|
(20,039
|
)
|
|
—
|
|
|
(4,764
|
)
|
|
(34,866
|
)
|
|
—
|
|
|
(59,669
|
)
|
||||||
Net cash from (for) investing activities
|
|
(62,121
|
)
|
|
158,079
|
|
|
(122,932
|
)
|
|
(39,520
|
)
|
|
6,825
|
|
|
(59,669
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net borrowings on revolving credit loans
|
|
(86,300
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(86,300
|
)
|
||||||
Term debt borrowings
|
|
680,000
|
|
|
480,000
|
|
|
15,000
|
|
|
—
|
|
|
—
|
|
|
1,175,000
|
|
||||||
Note borrowings
|
|
—
|
|
|
—
|
|
|
399,383
|
|
|
—
|
|
|
—
|
|
|
399,383
|
|
||||||
Intercompany term debt (payments) receipts
|
|
699,625
|
|
|
(698,250
|
)
|
|
—
|
|
|
(1,375
|
)
|
|
—
|
|
|
—
|
|
||||||
Term debt payments, including early termination penalties
|
|
(1,341,083
|
)
|
|
—
|
|
|
(207,869
|
)
|
|
—
|
|
|
—
|
|
|
(1,548,952
|
)
|
||||||
Return of capital
|
|
—
|
|
|
75,247
|
|
|
(75,247
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Payment of debt issuance costs
|
|
(20,972
|
)
|
|
(10,498
|
)
|
|
(9,527
|
)
|
|
—
|
|
|
—
|
|
|
(40,997
|
)
|
||||||
Net cash from (for) financing activities
|
|
(68,730
|
)
|
|
(153,501
|
)
|
|
121,740
|
|
|
(1,375
|
)
|
|
—
|
|
|
(101,866
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
197
|
|
|
—
|
|
|
—
|
|
|
197
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase for the period
|
|
21,000
|
|
|
2,403
|
|
|
19,255
|
|
|
7,115
|
|
|
—
|
|
|
49,773
|
|
||||||
Balance, beginning of period
|
|
—
|
|
|
1,243
|
|
|
9,947
|
|
|
738
|
|
|
—
|
|
|
11,928
|
|
||||||
Balance, end of period
|
|
$
|
21,000
|
|
|
$
|
3,646
|
|
|
$
|
29,202
|
|
|
$
|
7,853
|
|
|
$
|
—
|
|
|
$
|
61,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
103,893
|
|
|
$
|
(7,134
|
)
|
|
$
|
25,380
|
|
|
$
|
19,124
|
|
|
$
|
52,961
|
|
|
$
|
194,224
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in joint ventures and affiliates
|
|
22,764
|
|
|
20,629
|
|
|
(1,356
|
)
|
|
10,924
|
|
|
(52,961
|
)
|
|
—
|
|
||||||
Capital expenditures
|
|
(44,247
|
)
|
|
—
|
|
|
(13,179
|
)
|
|
(27,488
|
)
|
|
—
|
|
|
(84,914
|
)
|
||||||
Net cash from (for) investing activities
|
|
(21,483
|
)
|
|
20,629
|
|
|
(14,535
|
)
|
|
(16,564
|
)
|
|
(52,961
|
)
|
|
(84,914
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt borrowings
|
|
13,246
|
|
|
9,358
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
22,938
|
|
||||||
Intercompany term debt (payments) receipts
|
|
—
|
|
|
2,063
|
|
|
—
|
|
|
(2,063
|
)
|
|
—
|
|
|
—
|
|
||||||
Term debt payments, including early termination penalties
|
|
(24,211
|
)
|
|
(17,091
|
)
|
|
(536
|
)
|
|
—
|
|
|
—
|
|
|
(41,838
|
)
|
||||||
Distributions (paid) received
|
|
(30,559
|
)
|
|
121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,438
|
)
|
||||||
Payment of debt issuance costs
|
|
(12,886
|
)
|
|
(9,110
|
)
|
|
(761
|
)
|
|
—
|
|
|
—
|
|
|
(22,757
|
)
|
||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Net cash from (for) financing activities
|
|
(54,410
|
)
|
|
(14,652
|
)
|
|
(963
|
)
|
|
(2,063
|
)
|
|
—
|
|
|
(72,088
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(2,611
|
)
|
|
—
|
|
|
—
|
|
|
(2,611
|
)
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the period
|
|
28,000
|
|
|
(1,157
|
)
|
|
7,271
|
|
|
497
|
|
|
—
|
|
|
34,611
|
|
||||||
Balance, beginning of period
|
|
21,000
|
|
|
3,646
|
|
|
29,202
|
|
|
7,853
|
|
|
—
|
|
|
61,701
|
|
||||||
Balance, end of period
|
|
$
|
49,000
|
|
|
$
|
2,489
|
|
|
$
|
36,473
|
|
|
$
|
8,350
|
|
|
$
|
—
|
|
|
$
|
96,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
186,166
|
|
|
$
|
(121,325
|
)
|
|
$
|
6,025
|
|
|
$
|
111,483
|
|
|
$
|
(13,162
|
)
|
|
$
|
169,187
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in joint ventures and affiliates
|
|
(115,055
|
)
|
|
277,270
|
|
|
(115,762
|
)
|
|
(59,615
|
)
|
|
13,162
|
|
|
—
|
|
||||||
Capital expenditures
|
|
(21,775
|
)
|
|
—
|
|
|
(5,197
|
)
|
|
(48,637
|
)
|
|
—
|
|
|
(75,609
|
)
|
||||||
Net cash from (for) investing activities
|
|
(136,830
|
)
|
|
277,270
|
|
|
(120,959
|
)
|
|
(108,252
|
)
|
|
13,162
|
|
|
(75,609
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt borrowings
|
|
680,000
|
|
|
480,000
|
|
|
15,000
|
|
|
—
|
|
|
—
|
|
|
1,175,000
|
|
||||||
Note borrowings
|
|
—
|
|
|
—
|
|
|
399,383
|
|
|
—
|
|
|
—
|
|
|
399,383
|
|
||||||
Intercompany term debt (payments) receipts
|
|
703,250
|
|
|
(700,500
|
)
|
|
—
|
|
|
(2,750
|
)
|
|
—
|
|
|
—
|
|
||||||
Term debt payments, including early termination penalties
|
|
(1,400,123
|
)
|
|
—
|
|
|
(208,943
|
)
|
|
—
|
|
|
—
|
|
|
(1,609,066
|
)
|
||||||
Distributions (paid) received
|
|
(13,891
|
)
|
|
89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,802
|
)
|
||||||
Return of capital
|
|
—
|
|
|
75,247
|
|
|
(75,247
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Payment of debt issuance costs
|
|
(20,972
|
)
|
|
(10,498
|
)
|
|
(9,527
|
)
|
|
—
|
|
|
—
|
|
|
(40,997
|
)
|
||||||
Net cash from (for) financing activities
|
|
(51,736
|
)
|
|
(155,662
|
)
|
|
120,666
|
|
|
(2,750
|
)
|
|
—
|
|
|
(89,482
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
1,402
|
|
|
—
|
|
|
—
|
|
|
1,402
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the period
|
|
(2,400
|
)
|
|
283
|
|
|
7,134
|
|
|
481
|
|
|
—
|
|
|
5,498
|
|
||||||
Balance, beginning of period
|
|
23,400
|
|
|
3,363
|
|
|
22,068
|
|
|
7,372
|
|
|
—
|
|
|
56,203
|
|
||||||
Balance, end of period
|
|
$
|
21,000
|
|
|
$
|
3,646
|
|
|
$
|
29,202
|
|
|
$
|
7,853
|
|
|
$
|
—
|
|
|
$
|
61,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
|
|
Nine months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
9/25/2011
|
|
9/26/2010
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands except per capita spending)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
Net revenues
|
|
$
|
883,627
|
|
|
$
|
847,903
|
|
|
$
|
35,724
|
|
|
4.2
|
%
|
Operating costs and expenses
|
|
541,665
|
|
|
522,762
|
|
|
18,903
|
|
|
3.6
|
%
|
|||
Depreciation and amortization
|
|
109,173
|
|
|
111,624
|
|
|
(2,451
|
)
|
|
(2.2
|
)%
|
|||
Loss on impairment of goodwill and other intangibles
|
|
—
|
|
|
1,390
|
|
|
(1,390
|
)
|
|
N/M
|
|
|||
Loss on impairment / retirement of fixed assets, net
|
|
1,076
|
|
|
319
|
|
|
757
|
|
|
N/M
|
|
|||
Operating income
|
|
$
|
231,713
|
|
|
$
|
211,808
|
|
|
$
|
19,905
|
|
|
9.4
|
%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
$
|
346,441
|
|
|
$
|
339,296
|
|
|
$
|
7,145
|
|
|
2.1
|
%
|
Adjusted EBITDA margin
|
|
39.2
|
%
|
|
40.0
|
%
|
|
—
|
|
|
(0.8
|
)%
|
|||
Attendance
|
|
20,114
|
|
|
19,773
|
|
|
341
|
|
|
1.7
|
%
|
|||
Per capita spending
|
|
$
|
40.15
|
|
|
$
|
39.35
|
|
|
$
|
0.80
|
|
|
2.0
|
%
|
Out-of-park revenues
|
|
$
|
97,622
|
|
|
$
|
92,173
|
|
|
$
|
5,449
|
|
|
5.9
|
%
|
|
|
Three months ended
|
|
Three months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
9/25/2011
|
|
9/26/2010
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands except per capita spending)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
Net revenues
|
|
$
|
572,268
|
|
|
$
|
545,000
|
|
|
$
|
27,268
|
|
|
5.0
|
%
|
Operating costs and expenses
|
|
262,188
|
|
|
246,348
|
|
|
15,840
|
|
|
6.4
|
%
|
|||
Depreciation and amortization
|
|
62,619
|
|
|
63,746
|
|
|
(1,127
|
)
|
|
(1.8
|
)%
|
|||
Loss on impairment / retirement of fixed assets
|
|
880
|
|
|
319
|
|
|
561
|
|
|
N/M
|
|
|||
Operating income
|
|
$
|
246,581
|
|
|
$
|
234,587
|
|
|
$
|
11,994
|
|
|
5.1
|
%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
$
|
309,704
|
|
|
$
|
299,742
|
|
|
$
|
9,962
|
|
|
3.3
|
%
|
Adjusted EBITDA margin
|
|
54.1
|
%
|
|
55.0
|
%
|
|
—
|
|
|
(0.9
|
)%
|
|||
Attendance
|
|
12,933
|
|
|
12,657
|
|
|
276
|
|
|
2.2
|
%
|
|||
Per capita spending
|
|
$
|
40.84
|
|
|
$
|
39.83
|
|
|
$
|
1.01
|
|
|
2.5
|
%
|
Out-of-park revenues
|
|
$
|
58,879
|
|
|
$
|
54,587
|
|
|
$
|
4,292
|
|
|
7.9
|
%
|
|
|
Twelve months ended
|
|
Twelve months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
9/25/2011
|
|
9/26/2010
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands except per capita spending)
|
|||||||||||||
Net revenues
|
|
$
|
1,013,316
|
|
|
$
|
953,473
|
|
|
$
|
59,843
|
|
|
6.3
|
%
|
Operating costs and expenses
|
|
650,925
|
|
|
624,489
|
|
|
26,436
|
|
|
4.2
|
%
|
|||
Depreciation and amortization
|
|
124,345
|
|
|
130,765
|
|
|
(6,420
|
)
|
|
(4.9
|
)%
|
|||
Loss on impairment of goodwill and other intangibles
|
|
903
|
|
|
5,890
|
|
|
(4,987
|
)
|
|
N/M
|
|
|||
Loss on impairment/retirement of fixed assets
|
|
63,509
|
|
|
345
|
|
|
63,164
|
|
|
N/M
|
|
|||
Operating income
|
|
$
|
173,634
|
|
|
$
|
191,984
|
|
|
$
|
(18,350
|
)
|
|
(9.6
|
)%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
$
|
366,376
|
|
|
$
|
348,166
|
|
|
$
|
18,210
|
|
|
5.2
|
%
|
Adjusted EBITDA margin
|
|
36.2
|
%
|
|
36.5
|
%
|
|
—
|
|
|
(0.4
|
)%
|
|||
Attendance
|
|
23,135
|
|
|
22,159
|
|
|
976
|
|
|
4.4
|
%
|
|||
Per capita spending
|
|
$
|
39.91
|
|
|
$
|
39.23
|
|
|
$
|
0.68
|
|
|
1.7
|
%
|
Out-of-park revenues
|
|
$
|
114,258
|
|
|
$
|
108,331
|
|
|
$
|
5,927
|
|
|
5.5
|
%
|
($'s in thousands)
|
Interest Rate Swaps
|
|
Cross-currency Swaps
|
||||||||||
|
Notional Amounts
|
|
LIBOR Rate
|
|
Notional Amounts
|
|
Interest Rate
|
||||||
|
$
|
200,000
|
|
|
5.64
|
%
|
|
$
|
256,000
|
|
|
7.31
|
%
|
|
200,000
|
|
|
5.64
|
%
|
|
500
|
|
|
9.50
|
%
|
||
|
200,000
|
|
|
5.64
|
%
|
|
|
|
|
||||
|
200,000
|
|
|
5.57
|
%
|
|
|
|
|
||||
|
100,000
|
|
|
5.60
|
%
|
|
|
|
|
||||
|
100,000
|
|
|
5.60
|
%
|
|
|
|
|
||||
Total $'s / Average Rate
|
$
|
1,000,000
|
|
|
5.62
|
%
|
|
$
|
256,500
|
|
|
7.31
|
%
|
|
|
|
|
|
|
|
|
($'s in thousands)
|
Forward-Starting Interest Rate Swaps
|
|||||
|
Notional Amounts
|
|
LIBOR Rate
|
|||
|
$
|
200,000
|
|
|
2.40
|
%
|
|
75,000
|
|
|
2.43
|
%
|
|
|
50,000
|
|
|
2.42
|
%
|
|
|
150,000
|
|
|
2.55
|
%
|
|
|
50,000
|
|
|
2.42
|
%
|
|
|
50,000
|
|
|
2.55
|
%
|
|
|
25,000
|
|
|
2.43
|
%
|
|
|
50,000
|
|
|
2.54
|
%
|
|
|
30,000
|
|
|
2.54
|
%
|
|
|
70,000
|
|
|
2.54
|
%
|
|
|
50,000
|
|
|
2.54
|
%
|
|
Total $'s / Average Rate
|
$
|
800,000
|
|
|
2.48
|
%
|
Exhibit (2.1)
|
|
Asset Purchase Agreement between Cedar Fair , L.P., Cedar Fair Southwest Inc., and Magnum Management Corporation and JMA Ventures, LLC, dated September 16, 2011, for the sale of assets of California's Great America.
|
|
|
|
Exhibit (3.1)
|
|
Sixth Amended and Restated Agreement of Limited Partnership of Cedar Fair, L.P.
|
|
|
|
Exhibit (3.2)
|
|
Regulations of Cedar Fair Management, Inc.
|
|
|
|
Exhibit (10.1)
|
|
Employment Agreement, by and between Cedar Fair, L.P., Cedar Fair Management, Inc., and Magnum Management Corporation and Richard Zimmerman, dated October 14, 2011, incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on October 18, 2011.
|
|
|
|
Exhibit (31.1)
|
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (31.2)
|
|
Certification of Interim Co-Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (31.3)
|
|
Certification of Interim Co-Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (32)
|
|
Certifications Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (101)
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 25, 2011 formatted in Extensible Business Reporting Language (XBRL): (i) The Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) The Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity and, (v) related notes
|
|
|
CEDAR FAIR, L.P.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By Cedar Fair Management, Inc.
|
|
|
|
General Partner
|
|
|
|
|
|
Date:
|
November 4, 2011
|
/s/ Richard L. Kinzel
|
|
|
|
Richard L. Kinzel
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date:
|
November 4, 2011
|
/s/ Brian C. Witherow
|
|
|
|
Brian C. Witherow
|
|
|
|
Vice President and Corporate Controller
|
|
|
|
(Chief Accounting Officer)
|
Exhibit (2.1)
|
|
Asset Purchase Agreement between Cedar Fair , L.P., Cedar Fair Southwest Inc., and Magnum Management Corporation and JMA Ventures, LLC, dated September 16, 2011, for the sale of assets of California's Great America.
|
|
|
|
Exhibit (3.1)
|
|
Sixth Amended and Restated Agreement of Limited Partnership of Cedar Fair, L.P.
|
|
|
|
Exhibit (3.2)
|
|
Regulations of Cedar Fair Management, Inc.
|
|
|
|
Exhibit (10.1)
|
|
Employment Agreement, by and between Cedar Fair, L.P., Cedar Fair Management, Inc., and Magnum Management Corporation and Richard Zimmerman, dated October 14, 2011. Incorporated herein by reference to exhibit 10.1 to the Registrant's Form 8-K filed on October 18, 2011.
|
|
|
|
Exhibit (31.1)
|
|
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (31.2)
|
|
Certification of Interim Co-Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (31.3)
|
|
Certification of Interim Co-Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (32)
|
|
Certifications Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Exhibit (101)
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 25, 2011 formatted in Extensible Business Reporting Language (XBRL): (i) The Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) The Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity and, (v) related notes
|
|
|
Page
|
|
|
|
ARTICLE 1
|
PURCHASE AND SALE................................................................
|
1
|
Section 1.1
|
Transaction; Assets..................................................................
|
1
|
Section 1.2
|
Excluded Assets.......................................................................
|
4
|
Section 1.3
|
Excluded Liabilities.................................................................
|
5
|
Section 1.4
|
Assumed Liabilities.................................................................
|
6
|
Section 1.5
|
Purchase Price.........................................................................
|
6
|
Section 1.6
|
Deposit of Escrow; Disposition of Escrow..............................
|
7
|
Section 1.7
|
Closing Date............................................................................
|
7
|
Section 1.8
|
Post Closing Adjustment.........................................................
|
8
|
Section 1.9
|
Closing Prorations...................................................................
|
9
|
Section 1.10
|
Consent of Third Parties..........................................................
|
10
|
Section 1.11
|
Liquor Licenses.......................................................................
|
11
|
|
|
|
ARTICLE 2
|
REPRESENTATIONS AND WARRANTIES OF SELLERS........
|
13
|
Section 2.1
|
Organization and Good Standing of Sellers............................
|
13
|
Section 2.2
|
Partnership and Corporate Power and Authority.....................
|
14
|
Section 2.3
|
Conflicts, Consents and Approvals..........................................
|
14
|
Section 2.4
|
Ground Lease...........................................................................
|
14
|
Section 2.5
|
Permits.....................................................................................
|
15
|
Section 2.6
|
Title to Tangible Personal Property and Equipment................
|
15
|
Section 2.7
|
Physical Condition of Improvements......................................
|
15
|
Section 2.8
|
Litigation.................................................................................
|
15
|
Section 2.9
|
Brokerage and Finder's Fees....................................................
|
16
|
Section 2.10
|
Environmental Matters............................................................
|
16
|
Section 2.11
|
Condition of Assets..................................................................
|
17
|
Section 2.12
|
Trademarks, Etc.......................................................................
|
17
|
Section 2.13
|
Financial Statements; Attendance............................................
|
18
|
Section 2.14
|
Absence of Changes or Events................................................
|
18
|
Section 2.15
|
Contracts..................................................................................
|
19
|
Section 2.16
|
Tax Matters..............................................................................
|
20
|
Section 2.17
|
Employee Benefits...................................................................
|
21
|
Section 2.18
|
Insurance..................................................................................
|
21
|
|
|
Page
|
Section 2.19
|
Compliance with Law..............................................................
|
22
|
Section 2.20
|
No Other Representations or Warranties.................................
|
22
|
|
|
|
ARTICLE 3
|
REPRESENTATIONS AND WARRANTIES OF BUYER............
|
22
|
Section 3.1
|
Organization and Good Standing of Buyer..............................
|
22
|
Section 3.2
|
Limited Liability Company Power and Authority...................
|
22
|
Section 3.3
|
Conflicts, Consents and Approvals..........................................
|
22
|
Section 3.4
|
Litigation.................................................................................
|
22
|
Section 3.5
|
Brokerage and Finder’s Fees...................................................
|
23
|
Section 3.6
|
Solvency...................................................................................
|
23
|
|
|
|
ARTICLE 4
|
PRE-CLOSING COVENANTS OF SELLERS
|
23
|
Section 4.1
|
Access; Cooperation; Due Diligence Period...........................
|
23
|
Section 4.2
|
Operation of the Business........................................................
|
24
|
Section 4.3
|
Consents and Approvals..........................................................
|
25
|
Section 4.4
|
Communications......................................................................
|
25
|
Section 4.5
|
Title Insurance and Survey......................................................
|
26
|
Section 4.6
|
Disclosure Schedules...............................................................
|
27
|
Section 4.7
|
Third-Party License Agreements.............................................
|
27
|
|
|
|
ARTICLE 5
|
POST-CLOSING COVENANTS OF SELLERS
|
27
|
Section 5.1
|
Further Assurances..................................................................
|
27
|
Section 5.2
|
Removal of Excluded Assets...................................................
|
27
|
Section 5.3
|
Preservation of Records...........................................................
|
27
|
Section 5.4
|
Social Media............................................................................
|
28
|
|
|
|
ARTICLE 6
|
PRE-CLOSING COVENANTS OF BUYER
|
28
|
Section 6.1
|
Consents and Approvals..........................................................
|
28
|
Section 6.2
|
Communications......................................................................
|
28
|
Section 6.3
|
Financing.................................................................................
|
29
|
|
|
|
ARTICLE 7
|
POST-CLOSING COVENANTS OF BUYER
|
29
|
Section 7.1
|
Further Assurances..................................................................
|
29
|
Section 7.2
|
Access to Tax and Other Information......................................
|
29
|
Section 7.3
|
Preservation of Records...........................................................
|
29
|
|
|
Page
|
ARTICLE 8
|
CONDITIONS PRECEDENT.........................................................
|
30
|
Section 8.1
|
Mutual Conditions Precedent..................................................
|
30
|
Section 8.2
|
Conditions Precedent of Buyer................................................
|
30
|
Section 8.3
|
Conditions Precedent of Sellers...............................................
|
33
|
|
|
|
ARTICLE 9
|
SURVIVAL AND INDEMNITY.....................................................
|
34
|
Section 9.1
|
Survival of Representations and Warranties............................
|
34
|
Section 9.2
|
Indemnity by Sellers................................................................
|
35
|
Section 9.3
|
Indemnity by Buyer.................................................................
|
36
|
Section 9.4
|
Tax Indemnity..........................................................................
|
36
|
Section 9.5
|
Claims Procedure.....................................................................
|
37
|
Section 9.6
|
Tax Treatment of Indemnity Payments....................................
|
38
|
Section 9.7
|
Calculation of Losses...............................................................
|
38
|
Section 9.8
|
Sole and Exclusive Remedy....................................................
|
40
|
|
|
|
ARTICLE 10
|
EMPLOYEE MATTERS.................................................................
|
40
|
Section 10.1
|
Employees...............................................................................
|
40
|
Section 10.2
|
Paid Time Off..........................................................................
|
41
|
Section 10.3
|
Health Insurance......................................................................
|
41
|
Section 10.4
|
COBRA...................................................................................
|
41
|
Section 10.5
|
Severance.................................................................................
|
41
|
Section 10.6
|
WARN Act...............................................................................
|
41
|
Section 10.7
|
Past Service Credit...................................................................
|
42
|
|
|
|
ARTICLE 11
|
TERMINATION..............................................................................
|
42
|
Section 11.1
|
Termination..............................................................................
|
42
|
Section 11.2
|
Effect of Termination...............................................................
|
42
|
|
|
|
ARTICLE 12
|
MISCELLANEOUS........................................................................
|
44
|
Section 12.1
|
Expenses..................................................................................
|
44
|
Section 12.2
|
Entire Agreement.....................................................................
|
44
|
Section 12.3
|
Assignment; Binding Effect....................................................
|
44
|
Section 12.4
|
Modification; Waiver and Extensions.....................................
|
45
|
Section 12.5
|
Notices.........................................................................................
|
45
|
|
|
Page
|
Section 12.6
|
Casualty and Condemnation
|
45
|
Section 12.7
|
Bulk Sales Waiver
|
46
|
Section 12.8
|
Press Releases
|
46
|
Section 12.9
|
Captions
|
46
|
Section 12.10
|
Counterparts
|
46
|
Section 12.11
|
Severability
|
46
|
Section 12.12
|
Time
|
46
|
Section 12.13
|
Choice of Law
|
47
|
Section 12.14
|
Confidentiality Agreement
|
47
|
Section 12.15
|
No Third-Party Beneficiaries
|
47
|
Section 12.16
|
Terrorism/Governmental Action
|
47
|
Section 12.17
|
Specific Performance
|
47
|
|
|
Page
|
|
|
|
|
|
ARTICLE I
|
ORGANIZATIONAL MATTERS..................................................
|
1
|
|
1.1
|
|
Domicile.................................................................................................
|
1
|
1.2
|
|
Name......................................................................................................
|
2
|
1.3
|
|
Registered Office and Agent: Principal Office......................................
|
2
|
1.4
|
|
Power of Attorney..................................................................................
|
2
|
1.5
|
|
Term........................................................................................................
|
3
|
|
|
|
|
ARTICLE II
|
DEFINITIONS................................................................................
|
3
|
|
2.1
|
|
Definitions.............................................................................................
|
3
|
|
|
|
|
ARTICLE III
|
PURPOSE.......................................................................................
|
11
|
|
3.1
|
|
Purpose..................................................................................................
|
11
|
|
|
|
|
ARTICLE IV
|
CAPITAL CONTRIBUTIONS.......................................................
|
11
|
|
4.1
|
|
General Partner.....................................................................................
|
11
|
4.2
|
|
Limited Partners....................................................................................
|
11
|
4.3
|
|
Additional Issuances of Units and Securities........................................
|
11
|
4.4
|
|
No Preemptive Rights............................................................................
|
12
|
4.5
|
|
Capital Accounts...................................................................................
|
12
|
4.6
|
|
Interest....................................................................................................
|
15
|
4.7
|
|
No Withdrawal......................................................................................
|
15
|
4.8
|
|
Loans from Partners..............................................................................
|
15
|
4.9
|
|
Splits and Combinations.......................................................................
|
15
|
|
|
|
|
ARTICLE V
|
ALLOCATIONS AND DISTRIBUTIONS.....................................
|
16
|
|
5.1
|
|
Allocations for Capital Account Purposes............................................
|
16
|
5.2
|
|
Allocations for Tax Purposes................................................................
|
17
|
5.3
|
|
Distributions..............................................................................................
|
19
|
|
|
|
|
ARTICLE VI
|
MANAGEMENT AND OPERATION OF BUSINESS.................
|
21
|
|
6.1
|
|
Management..........................................................................................
|
21
|
6.2
|
|
Election of Board of Directors of General Partner by Limited Partners; Governance Matters..............................................................
|
22
|
6.3
|
|
Certificate of Limited Partnership........................................................
|
26
|
6.4
|
|
Reliance by Third Parties......................................................................
|
26
|
6.5
|
|
Rights of General Partner as Limited Partner......................................
|
27
|
6.6
|
|
Compensation and Reimbursement of General Partner........................
|
27
|
6.7
|
|
Outside Activities...................................................................................
|
27
|
6.8
|
|
Partnership Funds.................................................................................
|
28
|
6.9
|
|
Loans to or from General Partners; Contracts with Affiliates.............
|
28
|
6.10
|
|
Indemnification..........................................................................................
|
29
|
6.11
|
|
Liability of General Partner..................................................................
|
31
|
6.12
|
|
Resolution of Conflicts of Interest.........................................................
|
31
|
6.13
|
|
Other Matters Concerning General Partners.......................................
|
32
|
6.14
|
|
Title to Partnership Assets.....................................................................
|
32
|
|
|
|
|
ARTICLE VII
|
RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS.........
|
32
|
|
7.1
|
|
Limitation of Liability............................................................................
|
32
|
7.2
|
|
Management of Business.......................................................................
|
32
|
7.3
|
|
Outside Activities...................................................................................
|
32
|
7.4
|
|
Return of Capital...................................................................................
|
32
|
7.5
|
|
Rights of Limited Partners Relating to the Partnership........................
|
33
|
7.6
|
|
Rights of Special Limited Partners Relating to the Partnership...........
|
33
|
|
|
|
|
ARTICLE VIII
|
BOOKS, RECORDS, ACCOUNTING AND REPORTS...............
|
34
|
|
8.1
|
|
Records and Accounting........................................................................
|
34
|
8.2
|
|
Fiscal Year.............................................................................................
|
34
|
8.3
|
|
Reports..................................................................................................
|
34
|
8.4
|
|
Other information..................................................................................
|
35
|
|
|
|
|
ARTICLE IX
|
TAX MATTERS..............................................................................
|
35
|
|
9.1
|
|
Preparation of Tax Return.....................................................................
|
35
|
9.2
|
|
Tax Election...........................................................................................
|
35
|
9.3
|
|
Tax Controversies..................................................................................
|
35
|
9.4
|
|
Organizational Expenses.......................................................................
|
36
|
9.5
|
|
Taxation as a Partnership.....................................................................
|
36
|
9.6
|
|
Opinions Regarding Taxation as a Partnership....................................
|
36
|
9.7
|
|
Withholding...........................................................................................
|
36
|
|
|
|
|
ARTICLE X
|
PROHIBITIONS AND LIMITATIONS..........................................
|
36
|
|
10.1
|
|
Prohibitions and Limitations.................................................................
|
36
|
|
|
|
|
ARTICLE XI
|
TRANSFER OF INTEREST...........................................................
|
37
|
|
11.1
|
|
Transfer..................................................................................................
|
37
|
11.2
|
|
Transfer of Interests of General Partner...............................................
|
37
|
11.3
|
|
Transfer of Units...................................................................................
|
37
|
11.4
|
|
Transfer of Depositary Units.................................................................
|
37
|
11.5
|
|
Restrictions on Transfer.........................................................................
|
38
|
|
|
|
|
ARTICLE XII
|
ADMISSION OF PARTNERS........................................................
|
38
|
|
12.1
|
|
Existing Partners...................................................................................
|
38
|
12.2
|
|
Admission of Additional Limited Partners............................................
|
38
|
12.3
|
|
Admission of Successor General Partner..............................................
|
39
|
12.4
|
|
Amendment of Agreement and of Certificate of Limited Partnership...
|
39
|
|
|
|
|
ARTICLE XIII
|
WITHDRAWAL OR REMOVAL OF PARTNERS........................
|
40
|
|
13.1
|
|
Withdrawal or Removal of General Partner.........................................
|
40
|
13.2
|
|
Withdrawal of Limited Partners............................................................
|
41
|
13.3
|
|
Continuation of Partnership.................................................................
|
41
|
ARTICLE XIV
|
DISSOLUTION AND LIQUIDATION..........................................
|
41
|
|
14.1
|
|
Dissolution............................................................................................
|
41
|
14.2
|
|
Continuation of Business of Partnership after Dissolution..................
|
41
|
14.3
|
|
Liquidation............................................................................................
|
42
|
14.4
|
|
Distribution in Kind..............................................................................
|
43
|
14.5
|
|
Cancellation of Certificate of Limited Partnership...............................
|
43
|
14.6
|
|
Reasonable Time for Winding Up..........................................................
|
43
|
14.7
|
|
Return of Capital...................................................................................
|
44
|
14.8
|
|
Capital Account Restoration.................................................................
|
44
|
14.9
|
|
Waiver of Partition................................................................................
|
44
|
|
|
|
|
ARTICLE XV
|
AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE.......................................................
|
44
|
|
15.1
|
|
Amendments to be Adopted Solely by General Partner.........................
|
44
|
15.2
|
|
Amendment Procedures.........................................................................
|
45
|
15.3
|
|
Amendment Requirements.....................................................................
|
45
|
15.4
|
|
Meetings................................................................................................
|
45
|
15.5
|
|
Notice of a Meeting...............................................................................
|
46
|
15.6
|
|
Record Date...........................................................................................
|
46
|
15.7
|
|
Adjournment..........................................................................................
|
46
|
15.8
|
|
Waiver of Notice; Consent to Meeting; Approval of Minutes...............
|
46
|
15.9
|
|
Quorum.................................................................................................
|
47
|
15.10
|
|
Conduct of Meeting...............................................................................
|
47
|
15.11
|
|
Action Without a Meeting......................................................................
|
47
|
15.12
|
|
Voting Rights.........................................................................................
|
48
|
|
|
|
|
ARTICLE XVI
|
GENERAL PROVISIONS..............................................................
|
48
|
|
16.1
|
|
Addresses and Notices...........................................................................
|
48
|
16.2
|
|
Titles and Captions................................................................................
|
49
|
16.3
|
|
Pronouns and Plurals............................................................................
|
49
|
16.4
|
|
Further Action.......................................................................................
|
49
|
16.5
|
|
Binding Effect........................................................................................
|
49
|
16.6
|
|
Integration.............................................................................................
|
49
|
16.7
|
|
Creditors................................................................................................
|
49
|
16.8
|
|
Waiver....................................................................................................
|
49
|
16.9
|
|
Counterparts...........................................................................................
|
49
|
•
|
the name, age, business address and residence of such nominee;
|
•
|
the principal occupation or employment of such nominee;
|
•
|
the class and approximate number of units of the Partnership which are beneficially owned by such nominee on the date of such Limited Partner’s notice;
|
•
|
a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among such
|
•
|
all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in a contested election, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934 (including, without limitation, such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected).
|
•
|
a representation that the Limited Partner (a) is a holder of record of units of the Partnership entitled to vote at such meeting, including the class and number of units of such unit that are owned beneficially and of record by such Limited Partner, and (b) intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice;
|
•
|
the name and address, as they appear on the Partnership’s books, of such Limited Partner and any Limited Partner Associated Person known by such Limited Partner to be supporting such nominee(s);
|
•
|
any derivative positions with respect to securities of the Partnership (including, without limitation, any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion right or a settlement payment or mechanism at a price related to any class of units of the Partnership or with a value derived in whole or in part from the value of any class of units of the Partnership) held or beneficially held by the Limited Partner and any Limited Partner Associated Person and whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding has been made, the effect or intent of which is to increase or decrease the voting power and/or economic benefit and risks of, such Limited Partner or any Limited Partner Associated Person with respect to the Partnership’s units;
|
•
|
any proxy, contract, arrangement, understanding, or relationship pursuant to which such Limited Partner or any Limited Partner Associated Person has a right to vote any class of units of the Partnership;
|
•
|
an affirmative statement of such Limited Partner’s intent to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Partnership’s voting units to elect such nominee or nominees or a statement that the Limited Partner does not intend to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Partnership’s voting units to elect such nominee or nominees; and
|
•
|
all other information relating to such Limited Partner and any Limited Partner Associated Person that is required to be disclosed in solicitations of proxies for election of directors in a contested election, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934.
|
Section 12
.
|
Number
.
|
1)
|
I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5)
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 4, 2011
|
|
/s/ Richard L. Kinzel
|
|
|
|
Richard L. Kinzel
|
|
|
|
Chief Executive Officer
|
1)
|
I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5)
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 4, 2011
|
|
/s/ Brian C. Witherow
|
|
|
|
Brian C. Witherow
|
|
|
|
Vice President and Corporate Controller
|
|
|
|
Interim Co-Principal Financial Officer
|
1)
|
I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4)
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The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5)
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The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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November 4, 2011
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/s/ David R. Hoffman
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David R. Hoffman
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Vice President of Finance and Corporate Tax
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Interim Co-Principal Financial Officer
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
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/s/ Richard L. Kinzel
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Richard L. Kinzel
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Chief Executive Officer
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/s/ Brian C. Witherow
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Brian C. Witherow
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Vice President and Corporate Controller
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Interim Co-Principal Financial Officer
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/s/ David R. Hoffman
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David R. Hoffman
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Vice President of Finance and Corporate Tax
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|
Interim Co-Principal Financial Officer
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