Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended April 20, 2014 - kcentv.com - KCEN HD - Waco, Temple, and Killeen

Vail Resorts Reports Certain Ski Season Metrics for the Season-to-Date Period Ended April 20, 2014

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SOURCE Vail Resorts, Inc.

BROOMFIELD, Colo., April 24, 2014 /PRNewswire/ -- Vail Resorts, Inc. (NYSE:  MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through April 20, 2014, and for the prior year period through April 21, 2013, adjusted as if Canyons was owned in both periods.  The reported ski season metrics do not incorporate the urban ski areas of Afton Alps and Mt. Brighton.  The data mentioned in this release is interim period data and subject to fiscal quarter end review and adjustment.

Highlights

  • Season-to-date total lift revenue at the Company's eight mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up approximately 7.6% compared to the prior year season-to-date period. 
  • Season-to-date ancillary spending outpaced skier visitation, with ski school revenue up 7.5% and dining revenue up 3.1% at the Company's eight mountain resorts compared to the prior year season-to-date period. Additionally, retail/rental revenue for resort store locations was up 5.1%.
  • Season-to-date total skier visits for the Company's eight mountain resorts were up 2.3% compared to the prior year season-to-date period. 

Commenting on the ski season to date, Rob Katz, Chief Executive Officer, said, "We are very pleased with our results as the 2013-2014 ski season comes to a close.  Our spring results were stronger than we expected and our growth rates finished higher than our previously released metrics from early March.  The trends in Colorado, Utah and Tahoe largely continued as we previously discussed, though our Colorado resorts showed even stronger momentum than we anticipated, despite a late Easter and good results in the spring of 2013.  Our resorts in Tahoe saw improved results in March and April which were in line with our expectations with the benefit of late season snow.  Our performance this year reflects our ability to drive outstanding performance across our business despite varied conditions."  

Regarding guidance, Katz added, "With the strong performance of our Colorado resorts, we expect that our Resort Reported EBITDA for fiscal year 2014 will finish above the high end of our guidance range issued on March 12, 2014.  The Company intends to update guidance with its third quarter earnings announcement."

Discussing spring season pass sales results, Katz continued, "We are pleased with the early results in our spring season pass sales for the 2014-2015 ski season, particularly given last spring's record results and the challenges experienced in Tahoe this season."

The table below highlights our season-to-date metrics compared to the prior year.

Season-to-Date Ski Season Metrics (1)

(% Change from Prior Year Period)




Season-to-Date


4/20/14 vs. 4/21/13

Total Lift Revenue

7.6%

Ski School Revenue

7.5%

Resort Retail/Rental Revenue

5.1%

Dining Revenue

3.1%

Total Skier Visits

2.3%



(1) Adjusted as if Canyons was owned in both periods
and excludes Afton Alps and Mt. Brighton from both periods

About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado; 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 resort hotel 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 (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

Forward-Looking Statements
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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully initiate, complete, and sell real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our capital expenditures, growth strategy and future real estate development; our reliance on government permits or approvals for our use of Federal land or to make operational and capital improvements; demand for planned summer activities and our ability to successfully obtain necessary approvals and construct the planned improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; negative publicity which diminishes the value of our brands; our ability to integrate and successfully realize anticipated benefits from the lease of Canyons operations or future acquisitions; the outcome of pending litigation regarding the ski terrain of Park City Mountain Resort; adverse consequences on lease payment obligations for Canyons due to increases in consumer price index, or CPI; our ability to realize the anticipated tax benefits from Canyons transaction; implications arising from new Financial Accounting Standards Board ("FASB")/governmental legislation, rulings or interpretations; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2013.

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 whether as a result of new information, future events or otherwise, except as may be required by law.

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