|
From Solid Performance by the Grand Teton Lodge Company and Summer Activities at Colorado Ski Resorts Investing $57 Million in 2000 Resort Improvements |
VAIL, Colo., Dec. 7, 2000 - Vail Resorts, Inc. (NYSE: MTN) today announced
financial results for the first quarter of fiscal 2001, which ended October
31, 2000.
Resort Revenue, which excludes revenue from real estate operations, for the quarter increased 8.1% to $61.5 million from $56.9 million in the comparable period of fiscal 2000. Total Revenues for the quarter, which includes revenues from real estate operations, grew 7.0% to $70.4 million versus $65.8 million in the fiscal first quarter last year. For the first quarter of fiscal 2001, the Company reported a loss from resort operations before interest, income taxes, depreciation and amortization (�Resort EBITDA�) of $18.5 million compared to a loss of $20.4 million last year, an improvement of 9.5%. Losses in the fiscal first quarter are anticipated due to the seasonality of the Company�s ski resort operations. The net loss for the quarter was $21.2 million, or $0.61 per diluted share, compared to last year�s first quarter net loss of $22.4 million, or $0.64 per diluted share. At the Company�s Colorado ski resorts, Keystone was first to kick off the season by opening on October 28, followed by Breckenridge on November 3. Vail opened 2 days earlier than expected on November 15, and Beaver Creek opened on schedule on November 17. As a result of minimal ski operations in the first fiscal quarter, total skier days were nominal as expected. Adam Aron, Chairman and Chief Executive Officer of Vail Resorts said, �Vail Resorts performed well during the first quarter of fiscal 2001, benefiting from continued solid performance by the Grand Teton Lodge Company as well as the expansion of summer activities at our Colorado ski resorts, including the opening of the River Course and the expanded Conference Center at Keystone.� Commenting on the current ski season, Aron said, �We are pleased with early ski season results so far this year. All four of our Colorado ski resorts have excellent skiing conditions and have enjoyed skier visits well ahead of last year. Although, given that only about 5% of the ski season has been completed to date, it is far too early to draw any firm conclusions from this early ski season success.� Aron further added, �Looking ahead, season pass sales, which take place
mostly within Colorado, are up more than $15 million over last year (it
is important to note, however, that most of this increase will likely represent
lift tickets that were sold on a daily basis last year). As for destination
guests visiting our resorts, we only have advance bookings data from a
small portion of the overall bed base at our four resorts, and only half
of ski season bookings are made prior to December 1. As such, the
current indications we have about advance lodging bookings are inconclusive,
nonetheless such bookings appear strong with an approximate 20% increase
across our Colorado resorts as of the end of November compared to last
year. Conversely, air bookings into Vail�s Eagle County airport are
up only modestly. In summary, we are quite pleased with the direction
of the season so far, and are encouraged as we head into our busy holiday
season.�
Vail Resorts, Inc. is the premier destination mountain resort operator in North America. The Company�s subsidiaries operate the Colorado resorts of Vail, Breckenridge, Keystone and Beaver Creek, as well as the Grand Teton Lodge Company in Jackson, Wyoming. The Vail Resorts website is www.vailresorts.com. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. |
Eric Resnick Vice President of Strategic Planning/Investor Relations Vail Resorts, Inc. 970-845-2490 http://www.snow.com http://www.vailresorts.com |