Friday, May 7, 2010

Cedar Fair News Items

Two noteworthy news items came out this past week with regards to Cedar Fair - first, they've announced that they will add two new members to the board of directors, upping the number from 7 to 9.

Q Funding, the group who now owns a significant portion of the company, had requested that changes be made to the board and apparently this satisfies them. A wide search will be conducted so that the new members can be voted on. Hopefully this better rounds out the decisions that come from the board that impact the operations of the parks.

Also, the first quarter earnings were released just yesterday. Net revenues were up just slightly, but operating loss widened on several factors, including funds lost while pursuing the purchase by Apollo Management. Also announced as that they have retained JP Morgan to help them find a way to better take of advantage of capital opportunities in the market. Hopefully good will come as of as well - they still have that massive debt nagging them!