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Author: stillwater9999 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 21255  
Subject: Re: FUN Anyone? Date: 10/12/2009 11:52 AM
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kelbon -

Thanks for your thoughts.

Agree on your comment on the distribution. Current price may reflect thinking that it may be cut again in the future.

On the positive side I note that they sold some undeveloped land in Canada for $50 MM and used that to pay down debt. From what I can see they only have payments due of around $18 MM or so next few years and a very large payment hanging out after that (the latter could be subject to re-negotiation and extension). It appears to be with the nice cash flows they are not a candidate for bankruptcy in the next 2- 3 years. So they should be able to ride along as the economy recovers.

My guess is that 2009 was not a great year for the parks with the economy and some weather issues. I have not been to any of the parks for years. Dorney is the closest one to me. Would be interested in any recent park experience reports from others. Parks include Kings Island, Kings Dominion, Knotts Berry Farm, Valley Fair in MN, Carowinds Charlotte NC, Worlds of Fun in KC, in addition to Cedar and Geauga in OH

No position yet, may take a small position before earnings, subject to further DD.

sw
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