Banking & Finance  December 7, 2017

Vail Resort posts improved revenue, but still had customary Q1 loss

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) on Thursday reported a net loss of $28.4 million for its first quarter of fiscal 2018 that ended Oct. 31.

The loss for the quarter was less than a loss of $62.6 million for the name period a year ago.

“Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period,” said Rob Katz, Vail Resort’s chief executive.

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The quarter’s results are primarily driven by operating results from the company’s resorts’ summer activities — dining, retail/rental and lodging operations, and administrative expenses.

For the quarter, revenue increased $42.6 million, or 23.9 percent, to $220.9 million for the three months compared with the same period a year ago, primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.

The loss included a tax benefit of approximately $51.8 million, or $1.29 earnings per diluted share, related to employee exercises of equity awards, primarily attributable to the CEO’s exercise of expiring stock appreciation rights.

Vail Resorts said in its quarterly earnings report that season-pass sales through Dec. 3 for the upcoming 2017-2018 North American ski season increased approximately 14 percent in units and 20 percent in sales dollars as compared with the period in the prior year through Dec. 4.

The company announced a capital program at Whistler Blackcomb with a new gondola and two new high-speed chairlifts, and major improvements at Park City to the culinary experience and to family and beginner terrain.

 

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) on Thursday reported a net loss of $28.4 million for its first quarter of fiscal 2018 that ended Oct. 31.

The loss for the quarter was less than a loss of $62.6 million for the name period a year ago.

“Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period,” said Rob Katz, Vail Resort’s chief executive.

The quarter’s results are primarily driven by operating results from the company’s resorts’ summer activities —…

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