Vail Resorts 4th-quarter loss widens
October 3, 2011
Broomfield, COLO. – Vail Resorts Inc. lost more money in its fiscal fourth quarter than it did a year ago, weighed down by seasonal losses at a resort that was acquired.
The company, which runs ski resorts, golf courses, luxury hotels and condominiums, reported a loss of $53.9 million, or $1.49 per share, for the period ended July 31. That compares with a loss of $41.9 million, or $1.16 per share, a year earlier.
The performance was slightly better than what analysts polled by FactSet expected, as they were looking for a loss of $1.51 per share.
Revenue dropped 25 percent to $108.7 million from $144.2 million, hurt by less revenue from its real estate segment.
The results still managed to beat Wall Street’s estimate of $97.7 million.
Sales of season passes for the current ski season climbed 9 percent as of Sept. 20. The figure was adjusted to reflect if the Northstar-at-Tahoe resort was owned in both periods. Vail Resorts purchased the resort in October.
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For the year, Vail Resorts net income rose 14 percent to $34.5 million, or 94 cents per share, from $30.4 million, or 83 cents per share, in the previous year.
Annual revenue increased to $1.17 billion from $894.8 million.
Vail Resorts, which is based in Broomfield, Colo., also declared a quarterly dividend of 15 cents per share on Thursday. The dividend will be paid on Oct. 27 to shareholders of record on Oct. 12.
CEO Robert Katz said in a statement that the company is optimistic about the upcoming ski season, with bookings up and strong demand at its higher-end properties.
For fiscal 2012, the Vail Resorts anticipates net income between $30 million and $40 million.