Knott’s Owner Raises Its Dividend by 7.7%
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The Ohio partnership that bought Knott’s Berry Farm in 1997 increased its dividend Monday by 7.7%, citing “outstanding” performance at the Buena Park amusement park.
Cedar Fair L.P., which also owns four parks in the East and Midwest, raised the annual payout from $1.30 to $1.40 for each partnership unit. In the past, dividend increases had followed the busy summer season.
The first quarterly payout of 35 cents a share under the new rate will be payable May 14 to unit holders of record April 6. Richard L. Kinzel, Cedar Fair’s chief executive, noted that the other parks close for the winter while Knott’s operates year-round. He said the addition of the Supreme Scream and Ghostrider thrill rides gave Knott’s “significant momentum going into 1999.”
That and a successful Halloween season at several parks sent profits higher than expected, Kinzel said.
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