Friday, June 7, 2013

Vail Resorts Reports Fiscal 2013 Third Quarter Results and Spring Pass Sales Results

Vail Resorts today reported results for the third quarter of fiscal 2013 ended April 30, 2013, as well as the Company's results of its spring pass sales for the 2013/2014 ski season. Additionally, the Company provided its outlook for the full fiscal year ending July 31, 2013, reflecting the impact of the recently announced Canyons Resort transaction.

Total net revenue in the third quarter of fiscal 2013 was $469.7 million, or an 11.5% increase, when compared to the same quarter in the prior year.
Net Income attributable to Vail Resorts, Inc. increased 22.7% to $97.6 million for the third quarter of fiscal 2013, compared to the same period in the prior year.

Resort (combination of Mountain and Lodging Segments) Reported EBITDA was $202.7 million for the third quarter of fiscal 2013 up 14.2% compared to $177.6 million in the same period in the prior year. Excluding Canyons related transaction fees, Resort Reported EBITDA was $205.3 million for the quarter, up 15.6% from the prior year.
Resort net revenue was $455.9 million for the third quarter of fiscal 2013 up 11.6% compared to $408.6 million in the third quarter of the prior year.  

Lift revenue excluding the Acquisitions and excluding season pass holders, increased $16.4 million, or 13.4%, for the three months ended April 30, 2013 as compared to the same period in the prior year.

ETP excluding season pass holders, and excluding the Acquisitions, increased $4.51, or 5.9% for the quarter as compared to the same period in the prior year.

Mountain Reported EBITDA increased $23.6 million, or 13.8% to $194.3 million for the quarter compared to the same period in the prior year. Excluding Canyons related transaction fees, Mountain Reported EBITDA increased 15.4% to $197.0 million for the quarter.

Mountain Reported EBITDA includes $2.1 million and $1.6 million of stock-based compensation expense for the three months ended April 30, 2013 and 2012, respectively.

Excluding Kirkwood, Afton Alps and Mt. Brighton, all of which were acquired subsequent to the beginning of the third quarter of fiscal 2012 total skier visitation increased 9.1% for the third quarter of fiscal 2013 compared to the same period in the prior year.

Robert Katz, Chief Executive Officer, commented, "We are very pleased with our performance in the third quarter of fiscal 2013. We delivered record revenue and EBITDA, had a solid recovery in skier visits from the prior year and achieved robust increases in spending per guest. Skier visits at our Colorado resorts for the quarter were up 11.8% over the prior year, offset somewhat by a decline of 0.4% in skier visits in Tahoe (excluding Kirkwood), where unusually warm and dry temperatures this spring negatively impacted results. For the quarter, excluding the Acquisitions, lift revenue excluding season pass revenue was up 13.4% compared with the same period in the prior year and we saw continued growth in ancillary revenue, driven by increased guest spend, with dining revenue up 13.9%, ski school revenue up 11.8%, and retail/rental revenue up 7.4%. Retail/rental results were modestly tempered by results in our city store locations".
Regarding Lodging, Katz said, "Our lodging segment benefited from increased visitation, especially during peak holiday periods at our resorts, with total occupancy increasing by 2.3 percentage points along with rate increases as Average Daily Rate ("ADR") increased 2.9% at our owned hotels and managed condominiums. As a result of improved operating efficiency, we increased lodging EBITDA margins by 2.9 percentage points, contributing to a 22.1% increase in Lodging Reported EBITDA as compared to the same period in the prior year".

Vail Resorts is the leading mountain resort operator in the United States. Vail Resorts operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, and Heavenly, Northstar and  Kirkwood in the Lake Tahoe area of California and Nevada, Canyons in Park City, Utah; Afton Alps in Minnesota and Mt. Brighton in Michigan; and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company's subsidiary, RockResorts, a luxury resorthotel company, manages casually elegant properties. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange.

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