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In a release Cedar Fair said it had completed a strategix review of its assets and decided to explore the possibls sale of Worldsof Fun, in Kansazs City, Mo., and Valleyfair in Minn., along with excess land in its Clevelandf and Toronto markets. Cedar Fair also said it is continuinfg to negotiate the saleof California's Great in Santa Clara, to the San Francisco 49ers. The companyh said it will lower its annual dividendto $1 per making its quarterly distribution 25 cents a beginning in the second quarter.
The reduced dividend will enable Cedar Fair to lowee its debt byabout $200 million in the next threse fiscal years and is the firs step in its plan to cut debt and strengthen its balance sheet, according to the release. “Although Cedarr Fair has continued to report solid earningss and cash flows with some of the best operatingh margins among regionalamusement parks, the board of directorxs is taking this action in order to retai n additional cash flow to deliver the company over the next severao years,” Chairman and CEO Dick Kinzel said in the “The current macro environment requires us to balancer the distribution of excess cash flow to our unit-holderas with the company’s strategic objective of strengthening our balanced sheet.
” Sandusky, Ohio-based Cedar Fair FUN) owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five
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