Vail Resorts 4th-quarter loss widens |

Vail Resorts 4th-quarter loss widens

The Associated Press

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.

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.

Support Local Journalism

Support Local Journalism

Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

For tax deductible donations, click here.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User