Ladies and gentlemen, thank you for standing by and welcome to the Cedar Fair Second Quarter Earnings Conference Call. During today’s presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. [Operator Instructions] This conference is being recorded today, Thursday, August 09, 2012. I would now like to turn the conference over to Stacy Frole, Director of Investor Relations. Please go ahead.

Thank you Fudayo [ph]. Good morning, and welcome to our second quarter earnings conference call. I’m Stacy Frole, Cedar Fair’s Director of Investor Relations. Earlier this morning, we issued our 2012 second quarter earnings release. Before we begin, I need to caution 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 materially from those described in such statements. You may refer to filings by the company with the SEC for a more detailed discussion of these risks. In addition, in accordance with Regulation G, non-GAAP financial measures used on the conference call today are required to be reconciled to the most directly comparable GAAP measures. During today’s call we will make reference to adjusted EBITDA as defined in our earnings release. The required reconciliation of adjusted EBITDA is in the earnings release and is also available to investors on our website via the conference call access page. In compliance with SEC Regulation FD, this webcast is being made available to the media and the general public, as well as analysts and investors. Because the webcast is open to all constituents and prior notification has been widely and unselectively disseminated, all content of the call will be considered fully disclosed. ,: Before we begin, I need to caution 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 materially from those described in such statements. You may refer to filings by the company with the SEC for a more detailed discussion of these risks. In addition, in accordance with Regulation G, non-GAAP financial measures…

Thank you Stacy, and good morning, everyone. As we enter the final third of our operating season, I am pleased to report that results remain strong and our outlook positive. Based on our year-to-date results through this past weekend we are on target for another record year in 2012. This would be our third consecutive year of record-setting performance. Brian will review the details behind the results through the second quarter in just a bit, but first I would like to briefly comment on our performance to-date. Based on preliminary results through this past Sunday, August 5th, year-to-date revenues have increased 3% or $21 million when compared with Sunday August 7, 2011. This increase reflects a 4% or $1.46 increase in average in-park guest per capita spending and a 2% or $1 million increase in the out of park revenues. Year-to-date, attendants at our parks through this past weekend was comparable to the record setting performance of a year ago. While we are pleased with the strength of our revenue growth as a result of our increased per capita spending, I would first like to address our recent attendance trends. Performance in July 2011 was unusually strong, presenting difficult year-over-year comparisons. While this was largely anticipated, we were further impacted by the extended heat and accompanying storms in the east and mid-west. The combination of these factors explains why our year-to-date attendance is now flat to the high bar we set in the prior year. While we believe our unit holders appreciate performance updates throughout our operating season, it is important to remember that such abbreviated snapshots cannot be readily extrapolated to the full year. History has shown us that extreme weather conditions typically average out over the course of the full operating season and as we have seen a…

Thanks Matt, and good morning to everyone on the call. First I want to remind you that virtually all of the revenues from our seasonal amusement parks, water parks, and other resort facilities are realized during a 130 to 140 day operating period beginning in the second quarter. With the majority of the revenues concentrated in the third quarter during the peak vacation months of July and August. Only Knott’s Berry Farm and Castaway Bay are open year round and both of those properties also operate at their highest level of attendance during the third quarter. Thus I will caution you that it’s always risky to jump to any conclusions about full year results based on second quarter numbers alone. As of last Sunday, August 5th approximately one-third of our operating days are still to come. Also as noted in our release our 2012 fiscal results are not directly comparable to the prior year second quarter as the current periods include an additional week due to the timing of the fiscal second quarter close. Since material differences in our statements of operations are partly due to the additional week or 106 total operating days across all of our products combined, I will also discuss operating results based on the comparable 14 week periods ended July 1, 2012 and July 3, 2011. As Matt mentioned at the beginning of the call and is detailed in our earnings release this morning we had another strong quarter with meaningful increases in both attendance and revenues. For the second quarter 2012 we reported revenues of $357.6 million, up from $284.5 million a year ago with a portion of the increase directly attributable to the extra week in the current quarter. On a comparable number of operating weeks, second quarter revenues would have been up…

Thank you. Ladies and gentlemen we will now begin the question and answer session. [Operator Instructions] Our first question is from the line of Phil Anderson with Longbow Research. Please go ahead. Phil Anderson – Longbow Research: Yes, good morning and great quarter guys. You have talked about a lot of different initiatives, the Fastpass, [inaudible] all the different sort of initiatives you had going over the next couple of years. Just curious – I think you said in the past that those would have a bigger impact on 2013 and 2012 with these per capita increases. Does that indicate that you had a schedule or are you expecting some additional upside from the growth we have seen so far?

Yeah it’s a fair question. What I would say broadly is we are very happy with the traction we are getting on a number of initiatives particularly the dynamic pricing and the premium benefit offerings along with our season pass. They are all ramping up at a different pace. I will tell you, things like fast lane are coming together probably quicker than other things. But at the same time they are all at – I would say all are at our expectation or exceeding our expectation slightly at this point. Phil Anderson – Longbow Research: Okay. And then looking at sort of the calendar here, you guys obviously had an additional operating week in this quarter. Is that – do you give that back one of the remaining two quarters of the year or is this year a week longer from the operating standpoint?

No Phil. Those operating days will reverse and be given back in the third and fourth quarters. Phil Anderson – Longbow Research: So it’s spread over two?

Correct. Phil Anderson – Longbow Research: Okay. And then finally just wondering if there is any additional color you can give us around the 4% increase you have seen in the per cap so far, if there are particular initiatives that apply to an outsized role in that or just any additional color that you could give us there?

Hi there. You know Bill what I would say and as Brian touched on it that after front gate from an admission per cap standpoint we are up 3% and I give that – the lion share of that credit goes to our dynamic pricing and the capabilities provided by our e-commerce platform. We are – it’s not really weekly, it’s more daily looking at our pricing these days and having that platform available to do strictly fan stalkers that meet our objectives has clearly – we have seen that benefit, and it’s clearly playing through the admission per cap. Phil Anderson – Longbow Research: Okay great. That’s all I had, thanks.

Thank you. Our next question is from the line of Sri Raja with Deutsche Bank. Please go ahead. Sri Raja – Deutsche Bank: Congratulations on a good quarter. I know results through August 5th speaks for itself. But given other consumer discretionary businesses talk about a pull back in spending, what are you seeing in terms of your consumer – I know you did take pricing action in some of the parks but what is the overall reactions been?

You know, it’s a great question because we are asking ourselves whether there is something else out there that we haven't seen. And quite honestly we haven't seen a pull back from the consumer. The people who are coming are spending money as evidenced by the per caps, and candidly, without overstating it, it really was a tough year-over-year comparison in July and the weather had an impact. So the macro that’s out there at least in the media has not yet rolled through us. Sri Raja – Deutsche Bank: Great. Do you think it’s a combination of the priced value proposition that you offer or is it generally loyalty to the brand?

I believe, as I know others in the industry do these days, we continue to provide a compelling price value option for consumers. And that is playing itself favorably with us in two points. One is the overall season pass growth which has been dramatic, which is real strong value proposition for the consumers and the opportunities for them to make that purchase in installment payments which we first introduced this year, which I think plays to the fact, okay, it’s a great value proposition, finally a way to budget it and we’ve been able to address both of those issues. Sri Raja – Deutsche Bank: All right, that's all I had, thank you.

Thank you. [Operator Instruction] We have a question from the line of Michael Walsh with Wells Fargo. Please go ahead. Michael Walsh – Wells Fargo: Good morning. Just filling in here for Tim. Now, I think you made it clear at the beginning of the call that what gives you guys confidence and reiterating your guidance for the rest of the year is weather is going to even out over the full year. It sounds like July was pretty tough with the hot temperatures and some other weather disruption. And then your initiatives are starting to gain traction, is that kind of how to think about it?

Yeah I think Michael. You know there is two things in this business, two key levers, right. One is your per cap, the other is admissions. What I have been pleased about, uncontrollable factors are by definition uncontrollable. But having the new initiatives in place during this particularly difficult period has clearly shown us value. As it relates to our – confirming our guidance for the year, the strength of our per cap, the growth in our season pass program with deferred revenue as Brian mentioned, still sitting in the balance sheet a substantial portion that increase still sitting in the balance sheet along with our high confidence in both the value proposition as well as the quality of the product for Halloween hot season, allows us to confirm our guidance with a good degree of confidence. Michael Walsh – Wells Fargo:

Thank you and I am showing no additional questions at this time, please continue.

Well, first of all, thank you for joining us this morning and thank you for the questions. In closing we have a plan in place and as you can see we are executing on the plan. We are pleased with our results today and remain committed to the opportunities before us in the long term successes of this company. We will continue to actively engage both existing and new investors and look forward to updating you on our progress. In the mean time I hope you and your families will have the opportunity to visit one or more of our parks this summer, so you can enjoy firsthand the experience and the value that we have been talking about today. Stacy, I will turn it back over to you.

Thank you. Thanks everyone for joining us on the call today. Should you have any follow up questions please feel free to call me at 419-627-2227 and we look forward to speaking with again in about three months discuss our third quarter results.

Thank you all ladies and gentlemen that does conclude our conference for today. Thank you for your participation, you may now disconnect.