Vail Resorts Reports Fiscal 2012 Third Quarter Results & Spring Pass Sales Results
Vail Resorts Reports Fiscal 2012 Third Quarter Results and Spring Pass Sales Results
BROOMFIELD, Colo., June 6, 2012 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the third quarter of fiscal 2012 ended April 30, 2012 and the results of its spring pass sales for the 2012/2013 ski season.
Fiscal Third Quarter 2012 Highlights & Season Pass Commentary •Lift ticket revenue increased by 0.7% over the prior year and ancillary revenue from ski school and retail/rental was up 1.1% and 1.3%, respectively, while dining revenue was down 1.1% driving an 11.6% increase in total ancillary revenue per skier visit. •Total Mountain net revenue increased by 0.9% over the prior year with a 9.8% decline in skier visits more than offset by a 12.8% increase in season pass revenue and a 9.4% increase in Effective Ticket Price ("ETP") excluding season pass holders. •Mountain Reported EBITDA increased 0.6% and Resort Reported EBITDA (which includes the Company's Mountain and Lodging segments) decreased by 0.5% from the prior year. •Net income attributable to Vail Resorts, Inc. of $79.6 million increased 3.5% from the prior year. •During the quarter we closed on four Ritz-Carlton Residence units; post quarter-end we closed on two additional Ritz-Carlton Residences and one additional One Ski Hill Place unit, realizing net cash proceeds of $34.6 million from real estate sales since the beginning of fiscal 2012 through June 1, 2012. •Spring season pass sales for the 2012/2013 ski season were up approximately 17% in units and approximately 22% in sales dollars through May 29, 2012 compared with the prior year period ended May 31, 2011 (adjusted as if Kirkwood were owned in both periods).
Commenting on the Company's fiscal 2012 third quarter results, Rob Katz, Chief Executive Officer said, "We are pleased with our third quarter results as they evidenced our ability to successfully navigate the most challenging winter in the history of the United States ski industry. Cumulative snowfall levels for the 2011/2012 ski season were down more than 50% across our resorts, compared with the prior year, and snowfall at our Colorado resorts was down more than 70% in March. The lack of snow, combined with unseasonable temperatures, affected visitation levels during the key spring break and Easter vacation periods. Yet, despite these unprecedented conditions, we delivered an approximate 1% increase in Mountain Reported EBITDA in the third quarter compared with the prior year. This performance demonstrates the stability and resiliency of our business model, which benefitted from our growing season pass business, as well as the quality of our resorts and the breadth of the experience we offer, which attracted guests throughout the season."
Continuing on the third quarter performance, Katz added "There were several positive indicators in the third quarter that contributed to our performance and bode well as we look toward the 2012/2013 ski season. Our Mountain net revenue increased 0.9% to $354.6 million as higher spending per skier visit, improved lift ticket pricing and strong season pass revenue more than offset the decline in skier visits. Lift ticket revenue increased 0.7% during the quarter despite a drop of 9.8% in visitation benefitting from a 12.8% increase in season pass revenue and a 9.4% gain in ETP, excluding season pass holders. On a per visit basis, our ski school revenue per visit increased 12.1%, dining revenue per visit was higher by 9.7% and retail/rental revenue per visit was up 12.3%, reflecting the high income demographic of our resort guests enabling us to benefit from enhanced consumer spending, especially in the luxury segment, as well as from our international guests. Over the
I don't know man, someone is cooking the books I think. They confess to this being one of the worst winters for snowfall, yet they somehow increased profits??!! hmmm..... I'm staying true to my short. I think this may go a bit higher, giving certain people their chance to "unload", and then it sells off, back to low 40's. if not lower.