Sixty Six Capital Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • COVID-19 Impact: All Cedar Fair parks remained closed as of March 14, 2020 due to the coronavirus pandemic. Openings have been indefinitely delayed pending guidance from state and local officials.
  • Operational Readiness: Parks are being maintained in a state of readiness to reopen within 2–3 weeks of receiving the green light from authorities.
  • Health & Safety Measures: New protocols are being finalized for reopening, including employee wellness checks, enhanced sanitation, social distancing on rides and restaurants, and expanded hand sanitization stations.
  • Technology Enhancements: Plans to implement a reservation system, mobile food ordering, virtual ride queuing, and expanded cashless transactions to improve guest experience and manage attendance levels.

Q1 2020 Financial Results (Compared to Q1 2019)

  • Net Revenues: $54M, down from $67M. Decline due to COVID-19-related closures beginning March 14.
  • Attendance: Decreased by 239,000 visits. Estimated loss of 388,000 visits in final two weeks of Q1 versus same period in 2019.
  • Out-of-Park Revenue: Down $3M YoY.
  • Operating Costs: $138M, flat vs. Q1 2019. Excluding newly acquired Schlitterbahn parks, expenses were down 6% YoY.

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Operator: Ladies and gentlemen, thank you for standing by and welcome to the Cedar Fair Entertainment Company 2020 First Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Michael Russell, Corporate Director, Investor Relations. Thank you. Please go ahead. Michael Russell: Thank you, Christina and good morning, everyone. Welcome to our 2020 first quarter earnings conference call. Earlier this morning, we distributed via wire service our earnings news release, a copy of which is available under the News tab of our Investors website at ir.cedarfair.com. On the call with me this morning are Richard Zimmerman, Cedar Fair President and CEO; and Brian Witherow, our Executive Vice President and CFO. Before we begin, I need to remind you that comments made during this call will include forward-looking statements within the meaning of the federal securities laws. These statements may involve risks and uncertainties that could cause actual results to differ from those described in such statements. For a more detailed discussion of these risks, you may refer to the company’s filings with the SEC. In compliance with the SEC’s Regulation FD, this webcast is being made available to the media and the general p

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