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In a release Monday, Cedar Fair said it had cut its dividens and completed a strategic review of its assets and decided to explore the possible sale of Worlddof Fun, in Kansas City, Mo., and Valleyfair in Shakopee, along with excess land in its Cleveland and Toront o markets. Great America is adjacent to thepropose 49ers' stadium in Santa Clara and Cedar Fair'xs objections to impact from that plan has been helped hold up the The company said it will lower its annual dividened to $1 per share, makinvg its quarterly distribution 25 centds a share, beginning in the second quarter.
The reducede dividend will enable Cedar Fair to lowerf its debt byabout $200 million in the next threse fiscal years and is the first step in its plan to cut debt and strengthenm its balance sheet, according to the release. “Althoug Cedar Fair has continued to reporg solid earnings and cash flowd with some of the best operatingv margins among regionalamusement parks, the boarde of directors is taking this actiom in order to retain additional cash flow to deliver the companu over the next several years,” Chairmanj and CEO Dick Kinzel said in the release.
“The current macrko environment requires us to balance the distribution of excess cash flow toour unit-holderd with the company’s strategic objectiver of strengthening our balance sheet.” Sandusky, Ohio-based Cedar Fair (NYSE:FUN) owns and operatees 11 amusement parks, six outdoor watedr parks, one indoor water park and five hotels.
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