News for the Hospitality Executive
BROOMFIELD, Colo., May 1, 2012 -- Vail Resorts, Inc. (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through April 22, 2012, and for the prior year period from the beginning of the season through April 24, 2011. The data mentioned in this release are interim period data, exclude Kirkwood, which was acquired on April 12, 2012, and are subject to fiscal quarter end review and adjustments.
Commenting on the 2011-12 ski season, Rob Katz, Chief Executive Officer said, "This was one of the most challenging weather seasons in the history of the United States ski industry marked by historically low snowfall and one of the mildest winters on record. These highly unprecedented weather patterns extended over much of the season including the key Christmas, Spring Break and Easter periods, adversely impacting terrain. Cumulative snowfall at our six resorts was down more than 50% over the prior season. In the face of these unprecedented conditions, we were very pleased with the resiliency demonstrated in our business. Season-to-date, our total lift ticket revenue declined 0.3% despite a 12.6% decline in skier visits, with our Colorado resorts off 8.9% in visits and our Tahoe resorts, excluding Kirkwood, down 24.2% in visits. Ski school revenue increased 0.3% while dining and retail/rental decreased 4.0% and 0.3%, respectively, with all categories benefiting from a strengthening consumer spending pattern. Ancillary revenue per skier visit, including ski school, dining, and retail/rental, increased 13.4% per visit buoyed by increased yields from our luxury and international guests. Our performance highlights the strength of our season pass program as well as our industry leading snowmaking capabilities and expertise in grooming and mountain operations, further differentiating our resorts by exceeding guest expectations in both terrain availability and quality. Additionally, we saw a critical benefit in the current year's environment from the investments we have made across our resorts in constantly improving and broadening the activities and amenities both on mountain and in our base villages, as well as our steadfast commitment to delivering the best possible guest service experience."
Regarding guidance, Katz added, "Rather than improving, weather conditions and snowfall in late March and April continued to be very challenging, particularly in Colorado. As such, we currently believe that our Resort Reported EBITDA results for fiscal 2012 will fall slightly below the low end of the guidance range issued on March 6, 2012, but would represent only a mid-single-digit percentage decline over the prior year after adjusting for one-time acquisition and litigation settlement related items in both years."
Discussing spring season pass sale results, Katz continued, "Despite the challenges this past season, I am pleased to report that our spring season pass sales for the next ski season (2012-2013) have been strong and will exceed our prior year total spring season pass sales in both units and sales dollars, adjusted as if Kirkwood were owned in both periods. This is particularly heartening considering the record high season pass sales we reported in spring 2011. This creates early momentum for next year and reflects the loyalty and commitment we have from our customer base and their confidence that we will again deliver an exceptional experience in the coming ski season."
About Vail Resorts
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements, except as may be required by law. Investors are also directed to other risks discussed in documents filed by us with the Securities and Exchange Commission.
Vail Resorts, Inc.
Resorts Reports Net Income of $46.4 million for 2nd Qrt. Fiscal 2012,
Down 15% From 2nd Qrt. Fiscal 2011; 14.6% Decline in Skier Visits
Offset by 13.5% Increase in Season Pass Revenue / March 2012
Resorts Reports Net Loss of $55.7 million for 1st Qrt. Fiscal 2012
Compared to Net Loss of $43 million the Prior Year Quarter; Early
Season Indicators Show Season Pass Sales Up 5% / December 2011
Resorts Reports Net Income of $34.5 million for Fiscal 2011 Compared to
Net Income of $30.4 millioin the Prior Year; Season Pass Sales Up 9%
and Lodging Revenue Up 9.9% / September 2011
Resorts Reports Net Income of $30.4 million for Fiscal 2010 Compared to
Net Income of $49.0 millioin the Prior Year; Skier Visits Up 2.5% but
Lodging Revenue Down 4% / September 2010
|Vail Resorts Posts a 4th Qtr Net Loss of $38.7 million Compared with a Loss of $11.1 million a Year Ago; Skier Visits Declined 5.3% for the 2008/2009 Ski Season / September 2009|