SANDUSKY -- Cedar Fair LP, which opens its season this weekend at its hallmark Cedar Point amusement park in Sandusky, today reported better first-quarter earnings and forecast its "seventh consecutive year of record-setting performance."

For the three-month period ending March 27, the company which owns amusement and water parks across the United States and in Canada, said it had revenues of $58.4 million, up from $46.8 million for the same period a year ago.

It had a quarterly loss of $48 million, or 87 cents a share, down from a loss of $84 million, or $1.50 a share, a year earlier. The first quarter is the company's worst because most of its parks are closed. It said it performance improved this year on the strength of its year-round park, Knott's Berry Farm in California.

Matt Ouimet, Cedar Fair's president and chief executive officer, said he is optimistic about the company's financials this year based on advance seasonal pass sales, group bookings and other indicators.

As Cedar Point today shows off to the news media its newest ride, the Valravn, the world's tallest, fastest and longest dive coaster, Mr. Ouimet said, "We expect our investments in world-record-breaking roller coasters, water park expansions, family attractions, and digital innovations to be key factors in producing another record year for Cedar Fair in 2016."

The company also announced a quarterly cash distribution of 82.5 cents per limited partner unit, payable June 15 to holders of record on June 3.

First Published May 4, 2016, 11:40 a.m.