Friday, June 10, 2011

Vail Resorts Has Record Season

Vail Resorts reported Thursday an increase in net income, a record number of skier visits and its first quarterly cash dividend in the company's history.
The publicly traded Broomfield-based ski resort, lodging and real estate company reported net income of $76.9 million for the three-month period that ended April 30, or $2.08 per share. That was up from $72.8 million, or $1.98 per share for the same period the year earlier.
Skier visits at Vail Mountain alone grew by 150,000 skiers in the 2010-2011 ski season to an all-time record of 1.75 million, the company said in its quarterly earnings report.
"The investments we made at our resorts, our focus on driving lift revenue and ancillary spending, as well as shifting guests to advanced purchased products, allowed us to report strong growth in Resort Reported EBITDA, despite an economy that continues to be in flux", said Rob Katz, Vail's Chief Executive.
At the same time, Vail Resorts said its first ever quarterly cash dividend would be 15 cents per share of common stock.
Across the Colorado ski industry, skier visits topped 12 million for the first time since the 2007-2008 ski season, according to the trade group Colorado Ski Country USA. Total skier visits at Colorado resorts this winter likely topped 12 million for the first time since the 2007-2008 season,according to the trade group. The trade group records skier visits at 22 member resorts, excluding the Vail Resorts properties. There were close to 6.9 million skiers at all other Colorado resorts for the season, a 2.6 percent increase over the 2009-2010 season, Vail Resorts said.
Vail Resorts is the leading mountain resort operator in the United States. Vail Resorts owns and operates the six premier year-round resorts of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado and the Heavenly Ski Resort and and Northstar-at-Tahoe Resort in the Lake Tahoe area of California and Nevada.

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