Vail Resorts sees increases in mountain revenue, decline in lodging
Vail, CO Colorado
Vail Mountain’s early season snow, or lack thereof, affected its fiscal 2010 second quarter skier visits with a 7.7 percent decline over the same period in 2009.
Mountain and resort reported EBITDA, or earnings before interest, tax, depreciation and amortization, for the second quarter improved from the same period last year by 3.6 percent and 2 percent respectively, according to the company’s earnings report released Wednesday.
Overall, the company’s net revenue for the second quarter was 22.7 percent lower than the same period last year, mostly because of the timing of real estate closings, Vail Resorts Chief Executive Officer Rob Katz said.
Katz said he’s pleased with his company’s performance in the second quarter, which includes the three months leading up to Jan. 31, 2010, “particularly given the low early season snowfall levels at our Colorado resorts and a still challenging economy.”
Skier visits at the company’s five ski resorts for the season through March 7, 2010, are up .4 percent over last year. The numbers show that visitation improved as the season has progressed, Katz said.
Ski school and retail revenues through March 7 are also up overall compared to last year, with 3.8 percent and 5.5 percent respectively.
“While we are experiencing a number of favorable operating trends during this year, we currently believe the slow start to the ski season, which lasted through the beginning of the Christmas holiday period, will make it challenging for us to reach the top end of the guidance we issued in September 2009 and reiterated on Dec. 8, 2009 for resort reporter EBITDA and net income attributable to Vail Resorts, Inc.,” Katz said.
This story will be updated.
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